Business

Check out the companies making headlines in midday trading: Genuine Parts — Shares fell about 21% on the back of the company's weaker-than-expected earnings for the third quarter. During the period, Genuine Parts earned $1.88 per share, excluding items, below the $2.42 per share that analysts polled by FactSet were expecting. It also slashed its full-year forecast. The stock was headed for its worst day on record. General Motors — The stock jumped nearly 10% after the automaker posted better-than-expected third-quarter results and raised its full-year forecast. For the period, GM earned an adjusted $2.96 per share on $48.76 billion in revenue. Analysts had expected $2.43 in earnings per share on $44.59 billion in revenue, per LSEG. Shares were headed for their biggest one-day gain in nearl...

A McDonald's located on Route 66 in Azusa, California, on April 1, 2024.Robert Gauthier | Los Angeles Times | Getty ImagesMcDonald's shares dropped in extended trading Tuesday after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death.The agency said 49 cases have been reported in 10 states between Sept. 27 and Oct. 11, with most of the illnesses in Colorado and Nebraska. "Most" sick people reported eating a McDonald's Quarter Pounder, the CDC added.One of the patients developed hemolytic uremic syndrome, which is a serious condition that can cause kidney failure. An older adult in Colorado died. McDonald's shares dropped about 7% in after-hours trading Tuesday.In a statement Tuesda...

Check out the companies making headlines in extended trading: Texas Instruments — The semiconductor company added 2%. Third-quarter results topped analysts' estimates, as Texas Instruments reported earnings of $1.47 per share on revenue of $4.15 billion. Analysts sought earnings of $1.38 per share and revenue of $4.12 billion, per LSEG. Seagate Technology — The data storage company slipped 3.6%. Seagate's guidance for $2.3 billion in revenue for the fiscal second quarter was about in line with the Street's estimate for $2.29 billion, per LSEG. The company topped analysts' estimates on the top and bottom lines in the first quarter, however. Manhattan Associates — The supply chain software company declined nearly 7%. Manhattan Associates forecast full-year revenue in the range of $1.039 bill...

Starbucks cups are pictured on a counter in Manhattan, New York, on Feb. 16, 2022.Carlo Allegri | ReutersStarbucks on Tuesday posted preliminary quarterly results, which showed its sales fell again.The company's preliminary net sales fell 3% to $9.1 billion. It reported preliminary adjusted earnings per share of 80 cents.Analysts surveyed by LSEG were expecting the company to report fiscal-fourth quarter earnings per share of $1.03 and revenue of $9.38 billion.Starbucks' same-store sales fell for its third consecutive quarter. Worldwide, its same-store sales slid 7%.Nearly two months ago, CEO Brian Niccol took the helm of the coffee giant after two quarters of same-store sales declines.He aims to reverse slowing demand for Starbucks' drinks, particularly in its two largest markets: the Uni...

Spotify (SPOT) has been unofficially crowned the winner of the streaming music wars, besting much bigger brother mega-caps Apple Music and Amazon, as well as Sirius XM, and others. The stock is consolidating just below all-time highs and if Netflix's move after earnings is any indication, I think SPOT should punch through to new all-time highs. I hold SPOT in the Tactical Alpha Growth (TAG) portfolio as well as the Active Opportunities portfolio. If we see strong third-quarter earnings on November 12, I will look to increase my holdings. I first wrote about SPOT in July as the stock was trading at $343. We're currently trading at $386, just below the all-time highs of $387 set back in 2021. Looking at the weekly chart of SPOT on the approach of all-time highs looking at the trend channel (...

In this photo illustration, ZYN nicotine cases are seen on a table on January 29, 2024 in New York City. Michael M. Santiago | Getty ImagesPhilip Morris International shares reached record highs on Tuesday after the tobacco company's Zyn brand reported soaring demand.Shares of the Connecticut-based company jumped above $130 at session highs, marking a new intraday record. The stock is also tracking to notch an all-time closing high and see its biggest one-day gain since March 2020.Tuesday's pop comes after the company touted an eye-popping jump in shipments of its Zyn oral nicotine pouches. It's the latest milestone in the stock's breakout this year as Wall Street catches wind of how the product has captured consumer interest.The stock saw little action between 2013 and 2023 with investors...

Jeff Smith, chief executive officer and chief investment officer of Starboard Value LP.Chris Goodney | Bloomberg | Getty ImagesSalesforce shares jumped 98% in 2023 in part after the business software maker increased its adjusted operating margin after Starboard Value and other activist investors raised concerns about the company's financial performance. Starboard now sees more room for improvement."They've been doing a great job executing, improving their margins, moving up in the Rule of 40 or Rule of 50 for their for their industry, and we think there's a lot more to go," Starboard CEO Jeff Smith told CNBC's David Faber at the 13D Monitor Active-Passive Investor Summit in New York on Tuesday.The rule of 40 refers to the idea that a company's revenue growth rate and profit margin should a...

A general view of atmosphere during 'Sonic Desert' presented by Coca-Cola Spiced and Topo Chico in partnership with BPM Music on April 13, 2024 in Thermal, California. Randy Shropshire | Getty ImagesThe hottest food and drink trend this year isn't just spicy — it's also sweet."Swicy," a portmanteau of sweet and spicy, has taken over restaurant marketing. While the term hasn't actually appeared on menus, the shorthand has become a popular way to describe the resurgence of foods and drinks marrying sweet and spicy flavors. The Food Institute even dubbed it the "Summer of Swicy" this year.Nearly 10% of restaurant menus have "sweet and spicy" items, up 1.8% over the last 12 months, according to market research firm Datassential. Over the next four years, its menu penetration is expected to ris...

Walmart will start to deliver prescriptions to customers' doorsteps. Customers can also get additional items dropped off along with medications, such as groceries.Courtesy of WalmartAs CVS and Walgreens shutter hundreds of stores nationwide to shore up profits and investor sentiment, Walmart said Tuesday that it is offering a new option for customers: delivering prescriptions to their doorsteps.The nation's largest retailer said deliveries are now available in six states: Arkansas, Missouri, New York, Nevada, South Carolina and Wisconsin. The company said in a news release that it expects to deliver prescriptions in 49 states by the end of January. Prescription deliveries will not be available in North Dakota due to state laws, Walmart said.The prescription delivery service is another exam...

Qatar Airways Group CEO Badr Al Meer (center) and Qatar Tourism Chairman Saad bin Ali Al Kharji (left) speak with Elon Musk (right) via Starlink on board the flight.Qatar AirwaysQatar Airways launched Tuesday its inaugural Boeing 777 flight equipped with Elon Musk's Starlink internet, paving the way for a new era of in-flight connectivity across its entire fleet by next year. To demonstrate the milestone, Qatar Airways CEO Badr Al Meer held a video call with Starlink founder Musk while flying at 35,000 feet from Doha to London."We're literally just talking over Starlink right now - that's super cool," Musk said on the call from his home, which was filmed and released by the Qatari airline. "It's Starlink across the laser links of the satellites all the way to your aircraft."Qatar Airways' ...