The MoneyGram logo seen at a sore spot in San Ramon, California, on March 26, 2019.
Smith Collection | gado | Getty Images
Check out the companies that make headlines during afternoon trading.
MoneyGram International † Shares of the global remittance company rose nearly 19% following news that private equity firm Madison Dearborn Partners will acquire MoneyGram in a deal worth about $1.8 billion.
Loyal national information † Financial services tech company FIS fell more than 8% and was one of the biggest decliners in the S&P 500 after reporting results for its most recent quarter. Revenue came in at $3.67 billion, compared to FactSet estimates of $3.71 billion. Earnings and revenue expectations for the current quarter also fell short of estimates.
Zodiac Signs † Shares of the alcoholic beverage company fell nearly 4% after a Bloomberg News report that talks over a merger with Monster Beverage are progressing and that an agreement between the two companies could be reached within weeks. Shares of Monster have risen slightly.
Arista Networks † Shares rose 7% after the software company reported quarterly earnings of 82 cents a share, which was 9 cents higher than analysts’ estimates. The company also reported a decline in sales and issued an optimistic forecast.
Marriott International † Shares of the hotel chain rose 5% after Marriott beat expectations for the fourth quarter. The company reported adjusted earnings per share of $1.30 on revenue of $4.45 billion, fueled by the ongoing recovery in global travel. Analysts polled by Refinitiv expected earnings per share of 99 cents on revenue of $3.96 billion.
Avis Budget Group † The rental car company saw its shares fall by more than 11% even after it posted better-than-expected earnings and sales for the last quarter and showed an increase in rental activity and revenue per day that helped offset higher costs. For the quarter, Avis earned $7.08 per share, better than a Refinitiv estimate of $6.15 per share.
General Electric † Shares of the industrial conglomerate rose about 4% after Bank of America reiterated its buy recommendation for the stock, as GE continues to make progress in mitigating legacy issues, the company said Tuesday. Those issues include the end of factoring paybacks, normal pension levels, lower long-term care risks, falling operating costs and reduced cash restructuring.
Airbnb † The stock rose more than 3% after KeyBanc reiterated its overweight rating for the company ahead of its earnings report Tuesday afternoon. “While we believe there is some risk to near-term booking growth from omicron headwinds, we believe pent-up demand for US and international travel could lead to further revenue and EBITDA increase in 2022E,” analysts said. from Key Banc.
Restaurant brands International † Shares of the restaurant operator gained about 3% after the company released its most recent quarterly results. Earnings came in at 74 cents a share, beating estimates by 4 cents, and it scored a sales knock. The company also reported a beat in comparable store sales for Burger King.
oil stocks † Oil company shares were some of the biggest decliners Tuesday as oil prices fell from a 7-year high after a report that tensions between Ukraine and Russia appeared to be easing. Occidental dropped 3% and Marathon, Diamondback and Devon Energy lost about 2%.
— Slice Mag’s Hannah Miao and Jesse Pound contributed coverage.