3M, McDonald’s, Tesla, Eastman Kodak and more

Check out the companies making headlines in midday trading. 

McDonald’s — Shares of the restaurant chain slipped more than 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the company reported a 30{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} decline in revenue during the second quarter. Global comparable restaurant sales slid 23.9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, which was wider than the 22.8{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} decline expected by analysts. U.S. comparable sales fell 8.7{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, which was, however, ahead of the expected 10.6{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} decline.

Pfizer — Shares of the drug maker jumped 3.5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after reporting better-than-expected quarterly earnings. The company reported adjusted earnings of 78 cents per share, higher than the 66 cents per share projected by analysts surveyed by Refinitiv. Revenue fell 11{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to $11.8 billion from $13.26 billion during the same quarter last year, but Wall Street saw it as good news since it was more than the $11.5 billion analysts expected. Pfizer also raised its full-year outlook. 

3M — Shares of 3M dropped 4.5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the industrial conglomerate reported disappointing quarterly profit and revenue. The company earned $1.78 per share in the last quarter, 2 cents a share below estimates, according to Refinitiv. Its net sales also fell to $7.2 billion from $8.2 billion a year ago as the pandemic dented demand across its business units.

Eastman Kodak  — Shares of the photography pioneer rallied more than 250{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} and were on pace for their best day ever after the U.S. government awarded the company a $765 million loan to manufacture generic drug ingredients. The stock had exchanged hands more than 139 million times by midday trading, easily topping Kodak’s 30-day average volume of 280,169. 

JetBlue — Shares of the airline ticked more than 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} lower following its disappointing quarterly results. JetBlue reported a loss of $2.02 per share on revenue of $215 million. Analysts polled by Refinitiv expected a loss of $1.92 per share on revenue of $222 million. 

Altria Group — The tobacco stock gained 1.2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after Altria reported better-than-expected results for the second quarter and raised its dividend. The company reported $1.09 in adjusted earnings per share on $5.06 billion of revenue. Analysts surveyed by Refinitiv had forecast $1.06 in earnings per share and $5.04 billion of revenues. 

Tesla — Shares of the electric car company fell 1.6{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after Bernstein’s Toni Sacconaghi downgraded the stock to underperform from market perform. Sacconaghi said in a note that the decision was a “valuation call,” with the stock trading roughly 70{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} above Bernstein’s target price of $900 per share.

Harley-Davidson — Shares of Harley-Davidson tanked nearly 8{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the motorcycle maker posted an unexpected quarterly loss. The company reported a loss of 60 cents per share, compared to expectations of a 4 cents per share profit, according to Refinitiv. Its revenue also came in well below analyst forecasts as its motorcycles and related products sales dived 53{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} year over year.

Sherwin-Williams — Shares gained more than 3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the paint and coatings maker beat top and bottom line estimates in the second quarter. The company earned $7.10 per share on an adjusted basis, compared with the $5.85 expected by analysts polled by Refinitiv. The company said it saw higher do-it-yourself paint sales in the U.S. and Canada as consumers stayed home amid the pandemic.

— With reporting from CNBC’s Yun Li, Jesse Pound, Fred Imbert and Pippa Stevens.