Employees prepare a window display at a Kate Spade shop in The Shoppes at Marina Bay Sands shopping mall in Singapore on June 19, 2020 as retail shops reopen in Singapore following the further easing of restrictions that were in place due to the COVID-19 novel coronavirus.
Roslan Rahman | AFP | Getty Images
Check out the companies making headlines during midday trading Thursday.
Disney — Shares of the media giant jumped 4%. Late Wednesday, the company said it would raise the price on its ad-free streaming tier in October and that it would crack down on password sharing. Disney reported a 7.4% decline in subscriber count last quarter, however. It also recorded $2.65 billion in one-time charges and impairments, dragging the company to a rare quarterly net loss.
AppLovin — Shares popped more than 23%. On Wednesday, the game developer posted solid second-quarter results and shared stronger-than-expected revenue guidance for the current period. AppLovin said it anticipates revenues to range between $780 million and $800 million, ahead of the $741 million expected by analysts, per Refinitiv. Earnings for the recent quarter came in at 22 cents, versus the 7 cents anticipated.
Alibaba — U.S.-traded shares rose 5.7% on Thursday after the Chinese company beat analysts’ expectations and posted its biggest year-over-year revenue growth since 2021. In the June quarter, the company posted revenue of 234.16 billion yuan versus 224.92 billion yuan expected, per Refinitiv.
Capri, Tapestry — Capri soared more than 56%, while luxury company Tapestry slid 15% during midday trading. The moves come after Thursday’s announcement that Tapestry, which is behind the brands Coach and Kate Spade, is set to acquire Capri Holdings in a roughly $8.5 billion deal. Capri owns the Versace, Jimmy Choo and Michael Kors brands.
Wynn Resorts — Shares of the hotel and casino company climbed 3% after Wynn topped analysts’ estimates in its second-quarter results. Late Wednesday, the company…
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