Earnings news provided a crucial driver in Thursday’s midday trading. Southwest Airlines (NYSE:LUV) was among the key movers, slumping after its quarterly loss came in even worse than analysts had feared.
McCormick (MKC) also suffered following the release of its financial figures. Higher costs and disruptions in China cut into the bottom line.
On the other side of the spectrum, Seagate Technology (STX) and Mobileye (MBLY) gained ground after both reported Street-topping results.
Decliners
Southwest Airlines (LUV) dropped in midday trading following the release of a wider-than-expected Q4 loss, as the company suffered an $800M setback related to the high-profile wave of cancellations that rocked the airline during the Christmas holiday.
LUV reported a Q4 loss of $0.38 per share, compared to the $0.11-per-share loss that analysts were predicting. Meanwhile, revenues surged 22% to reach $6.17B. Hurt by the earnings news, shares dropped almost 4% in intraday action.
The release of financial figures also put pressure on McCormick (MKC). Shares of the spice manufacturer slumped more than 5% after the firm issued disappointing quarterly results.
MKC reported a quarterly profit that came in below what analysts were predicting, as sales dropped 2% from last year and the company suffered a margin contraction in the face of supply chain issues and inflationary pressures. The firm also took a hit from disruptions in China and the impact of foreign currency exchange.
Gainers
Seagate Technology (STX) received significant buying interest in the wake of its quarterly results. The company exceeded expectations with both its top and bottom lines, even as its revenue figure dropped nearly 40% from the previous year.
Looking ahead, STX predicted revenue for the current quarter of $1.85-$2.15B. Shares rallied almost 10% on the news.
Mobileye (MBLY) also saw gains following its Street-beating results. The maker of technology for autonomous vehicles posted earnings and revenue that both surpassed Wall Street’s consensus estimates. Shares of the recent Intel spinoff climbed about 6% in midday action.
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