Roku, Penn National Gaming, Western Digital & more

Check out the companies making headlines in midday trading. 

Roku — Shares of Roku dropped nearly 7{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the streaming video company issued a bleak outlook. The company said the advertising industry outlook remains uncertain in the second half of the year, and that it believes total TV ad spend won’t recover to pre-Covid-19 levels until “well into 2021.” Roku, however, reported a smaller-than-expected loss and beat revenue estimates.

Penn National Gaming — Shares of Penn National Gaming soared more than 14{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the gaming company posted quarterly revenue that topped analyst estimates. Penn National reported sales of $305.5 million in the second quarter, compared with Refinitiv estimates of $249.1 million. The company also said its launch of Barstool Sportsbook betting app remains on track for the third quarter.

Western Digital — Western Digital shares dropped more than 16{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} on the back of mixed results for the company’s fiscal fourth quarter. The hard disk drive and data storage company reported earnings per share of $1.23, topping a FactSet estimate of $1.22 per share. However, Western Digital’s revenue of $4.29 billion was below a forecast of $4.34 billion. The company added it expects fiscal first-quarter earnings to range between 45 cents per share and 65 cents per share. That’s well below a FactSet median estimate of $1.35 per share.

ViacomCBS — Shares of ViacomCBS jumped nearly 5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the media company reported results that surpassed Wall Street expectations. The company earned $1.25 per share, beating analysts’ estimates of $0.93 per share, according to Refinitiv. Revenue also came in above estimates. ViacomCBS Chief Executive Bob Bakish said on earnings call that the second quarter was the bottom for ad declines.

Bausch Health — Shares of Bausch Health popped nearly 8{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the company said it would spin off its Bausch & Lomb eye care unit into a separate publicly traded company. The firm said it is hoping to unlock value from the eye business.

Etsy — Shares of the online marketplace dipped nearly 5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} despite beating on the top and bottom lines of its quarterly results. Etsy earned 75 cents per share on revenue of $429 million. Wall Street expected earnings of 39 cents per share on $330 million of revenue, per Refinitiv. Etsy also gave strong current quarter guidance.

Wix — Shares of Wix plunged 10{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the website building platform reported an unexpected quarterly loss. Wix said it lost 26 cents per share in the second quarter, while Wall Street analysts were expecting a profit of 24 cents per share. The company posted better-than-expected revenue, however. 

Becton, Dickinson and Company – Shares of the medical technology name slid more than 9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} following third quarter results. The company earned $2.20 per share for the quarter, excluding items, compared with the $2.03 expected by analysts, according to estimates from FactSet. Revenue fell 11.4{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to $3.86 billion, which was short of the Street consensus for $3.94 billion.

— CNBC’s Maggie Fitzgerald, Fred Imbert, Pippa Stevens and Jesse Pound contributed reporting.

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