Brinker International saw its stock take a hit of around 12% following a weaker-than-expected profit forecast for the full year. The Chili’s parent company also reported disappointing fiscal fourth-quarter earnings, with adjusted earnings per share falling below the StreetAccount consensus estimate. Looking ahead, Brinker anticipates earnings per share for fiscal 2025 to be between $4.35 and $4.75, which is below the analyst consensus of $4.78.
Conversely, Victoria’s Secret experienced a surge of over 16% after the retailer announced Hillary Super as the new CEO, effective Sept. 9. The company also provided preliminary second-quarter results, exceeding previous guidance for adjusted operating income and diluted earnings per share. This positive news drove investor confidence in the brand.
Flutter, the parent company of FanDuel, saw its stock jump more than 9% after reporting better-than-expected second-quarter revenue. The company posted $3.61 billion for the period, surpassing the StreetAccount consensus forecast of $3.4 billion. Additionally, Flutter raised its full-year guidance, reflecting strong performance and market demand.
Kellanova’s shares rose by 7.7% following the announcement of its acquisition by snackmaker Mars in a significant deal valued at around $36 billion. The transaction, which is expected to close in the first half of 2025, marks a strategic move for both companies in the competitive market landscape.
Despite the overall positive momentum in the market, Alphabet observed a 3.5% decline in its stock price. This drop came after reports suggested that the Department of Justice is considering breaking up the tech giant, focusing on potential divestment targets such as the Android operating system and Chrome browser.
Meanwhile, Arm Holdings experienced a 4.3% increase in its U.S.-listed shares after Intel divested its stake in the British chip designer. Intel’s decision to sell its 1.18-million stake comes amidst a broader restructuring and cost-cutting effort, leading to a slight decline in Intel’s own stock value.
Cardinal Health witnessed a more than 5% increase in its stock price following the release of strong fiscal fourth-quarter results that exceeded Wall Street expectations. The company reported earnings of $1.84 per share, excluding items, on revenue of $59.87 billion, surpassing analyst projections. Cardinal also raised its full-year earnings guidance, indicating confidence in continued growth.
On the other hand, Starbucks saw a 4% decrease in its stock value after a significant surge the previous day, driven by the announcement of a new CEO. Despite the positive response from investors, the stock faced a slight correction, highlighting the volatility of the market and investor sentiment.
The midday trading highlights provide a snapshot of the dynamic nature of the stock market, where companies can experience significant gains or losses based on a range of factors including financial performance, strategic announcements, and market speculation. It is essential for investors to stay informed and analyze the underlying trends driving these fluctuations to make informed decisions in the ever-changing market environment.