Stocks making the biggest moves midday: MGM Resorts, AIG, Marathon Oil & more - Recent News from USA
Traders work on the floor of the New York Stock Exchange (NYSE) the morning after Donald Trump won a major upset in the presidential election on November 9, 2016 in New York City.

Stocks making the biggest moves midday: MGM Resorts, AIG, Marathon Oil & more

Check out the companies making headlines midday Thursday:

Bloomin’ Brands — Shares of the hospitality company jumped 8 percent on stronger-than-expected quarterly results. Bloomin’ Brands posted earnings per share of 30 cents and revenue of $1.01 billion. Analysts polled by Refinitiv expected a profit of 26 cents a share on sales of $1.001 billion.

Avon Products — The cosmetics maker’s stock dropped about 10 percent after Avon reported mixed results for the fourth quarter. Avon’s profit of 7 cents a share was in line with a Refinitiv estimate. Sales of $1.402 billion missed expectations, however.

MGM Resorts — Shares of MGM fell 6 percent after the casino and resort operator reported a diluted loss per share of 6 cents in the current quarter compared to diluted earnings per share of $2.39 in the prior year quarter. MGM’s fourth-quarter earnings came in one cent above estimates. It also announced an eight percent dividend hike to 13 cents per share from 12 cents.

American International Group — AIG’s stock slid more than 7 percent after the insurance company posted an unexpected loss of 63 cents per share, after consensus forecasts had predicted a profit of 42 cents per share. Its results were hurt by weaker returns in the equity and credit markets.

Marathon Oil — Shares of Marathon Oil surged 9 percent after the company reported better-than-expected earnings and revenues in the fourth quarter as its total oil production rose 17 percent year-over-year. The oil producer also sees oil output rising 10 percent in 2019.

Six Flags Entertainment — The theme park operator sunk more than 11 percent after the company missed Wall Street’s revenue expectations for fourth-quarter. The quarterly results were mixed though — profit was still well-above consensus expectations. The stock has rallied 12 percent in the past three months compared to an S&P 500 gain of 1.9 percent.

Sleep Number — Shares of mattress firm Sleep Number rose 14 percent Thursday after the company reported better-than-expected earnings and forecast a strong outlook for 2019. The Minneapolis-based company also reported a 13 percent increase in sales from a year ago.

Tempur Sealy – Despite issuing an earnings outlook largely below Wall Street estimates, Tempur Sealy has erased its premarket losses, and was up more than 4 percent in midday trading. The Kentucky-based firm also posted weaker-than-expected earnings, but it did deliver stronger quarterly sales numbers than analysts anticipated.

Coca-Cola —Shares of Coca-Cola fell 7.48 percent after it released a disappointing growth forecast for 2019. The drop is getting close to the company’s worst day since the Great Recession when shares fell 8.67 percent on Oct. 9, 2008. The company reported that it has been battling currency headwinds which it claims hurt its fourth quarter earnings by 10 percent. Coke reported fourth-quarter earnings in line with estimates, and revenues that beat estimates by $22 million.

Cisco Systems — Cisco System’s stock is up 2.93 percent after its second-quarter earnings beat estimates on the top and bottom lines. The hardware company beat analyst estimates by a penny with an adjusted quarterly profit of 73 cents. It’s growth in cyber security and applications software boosted its revenues. Cisco added $15 billion to its company stock buyback program and raised quarterly dividends by 6 percent.

Amazon — Shares of Amazon are down 0.3 percent following the company’s announcement that it will not build a headquarters in New York in response to a large opposition from state and local politicians.

—CNBC’s Nadine El-Bawab, Yun Li, JR Reed and Kate Rooney contributed to this report.

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