A medical worker wearing a mask walks near the AMC movie theater in Times Square amid the coronavirus pandemic on May 7, 2020 in New York City.
Check out the companies making headlines in midday trading.
Exxon Mobil – Exxon shares advanced 6.5% after the company's fourth-quarter profit topped analysts' estimates. The oil giant earned $2.05 per share on an adjusted basis, which was ahead of the $1.93 analysts surveyed by Refinitiv were expecting. Revenue came in at $84.97 billion, which was below the expected $91.85 billion. The company said it paid down $9 billion in debt during the period, bringing its debt level to prepandemic levels.
UPS – Shares of the delivery company surged 14% following the company's fourth-quarter results and upbeat guidance. The company earned an adjusted $3.59 per share, while analysts surveyed by Refinitiv were expecting $3.10. Revenue also topped expectations, and UPS announced a 49% dividend increase.
AMC Entertainment – Shares of the movie theater chain rose 5% after the company announced fourth-quarter preliminary results that topped expectations. AMC said it was able to cap off 2021 with "the strongest quarter in two years," which was led by movies like "Spider-Man: No Way Home."
Sirius XM – Shares of the satellite radio and streaming audio service company jumped 6.3% after a better-than-expected earnings report. Sirius beat estimates by a penny with quarterly earnings of 8 cents per share, according to Refinitiv. Its revenue also surpassed expectations. Sirius also announced a special dividend of 25 cents per share.
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Carnival Corp. — Shares of the major cruise operators rose in midday trading on Tuesday. Carnival Corp. added 5.7%. Norwegian Cruise Line and Royal Caribbean rose 3.7% and 4.4%, respectively.
Pitney Bowes — Shares of the mailing company cratered 15.4% in midday trading after missing Wall Street's estimates for its quarterly earnings. Pitney Bowes reported EPS of 6 cents per share, below the 11 cents per share forecasted by analysts, according to Refinitiv.
Money Report
AT&T — Shares of AT&T fell 4.3% after the telecom company announced it will spin off WarnerMedia in a $43 billion merger with Discovery. AT&T also said it will cut its dividend by nearly half. Meanwhile, Discovery shares rose 1.7%.
UBS Group — Shares of UBS Group rallied 9.3% in midday trading after the Zurich-based bank announced plans to increase its dividend as well its boost its share buyback program. UBS also posted net profit attributable to shareholders of $1.35 billion for the fourth quarter, down from $1.64 billion a year prior.
Cirrus Logic — Shares of the semiconductor company fell 7.3% despite beating on the top and bottom lines of its quarterly results. The company also gave strong fiscal fourth-quarter revenue guidance.
Stanley Black & Decker — Shares of the toolmaker dropped rose 0.9% after Stanley Black & Decker reported fourth-quarter revenue that was well below expectations. The company said supply chain issues hurt sales volume.
— with reporting from CNBC's Yun Li, Pippa Stevens, Jesse Pound and Hannah Miao.
