MoneyGram, Constellation Brands, Marriott and more
The MoneyGram logo seen at a wound in San Ramon, California on March 26, 2019.
Smith collection | gado | Getty Images
Find out which companies are making headlines in the midday business.
MoneyGram International — Shares of the global money transfer company jumped nearly 19% after news broke that private equity firm Madison Dearborn Partners had acquired MoneyGram in a deal valued at around $1.8 billion dollars.
National Loyalty Information — Financial services technology company FIS fell more than 8% and was one of the biggest decliners in the S&P 500 after reporting its results for the last quarter. Revenue was $3.67 billion, versus FactSet estimates of $3.71 billion. Earnings and revenue forecasts for the current quarter also fell short of estimates.
Constellation Brands — Shares of the alcoholic beverage maker fell nearly 4% following a Bloomberg News report that talks on a merger with Monster Beverage are progressing and that a deal between the two companies could be reached by a few weeks. Monster shares rose slightly.
Arista Networks — Shares jumped 7% after the software company reported quarterly earnings of 82 cents per share, 9 cents above analysts’ estimates. The company also reported an increase in revenue and issued an upbeat forecast.
Marriott International — Shares of the hotel chain jumped 5% after Marriott beat estimates on higher and lower results for the fourth quarter. The company reported adjusted earnings per share of $1.30 on revenue of $4.45 billion, fueled by the continued recovery in global travel. Analysts polled by Refinitiv had expected 99 cents in earnings per share on $3.96 billion in revenue.
Avis Budget Group — The car rental company saw its shares fall more than 11%, even after posting better-than-expected profit and revenue for its latest quarter and posting increases in rental activity and revenue per day that have helped to offset the increase in expenses. For the quarter, Avis earned $7.08 per share, beating 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 rating on the stock, as GE continues to make progress in narrowing legacy issues, the company said Tuesday. These issues include the end of factoring reimbursement, normal pension levels, lower long-term care risks, lower business costs and less cash restructuring.
Airbnb — The stock rose more than 3% after KeyBanc reiterated its overweight rating on the company ahead of its earnings report on Tuesday afternoon. “While we believe there is a risk to near-term booking growth due to omicron headwinds, we believe pent-up demand for U.S. and overseas travel may drive upside incremental revenue and EBITDA in 2022E,” KeyBanc analysts said.
International restaurant brands — Shares of the restaurateur gained about 3% after the company released its latest quarterly results. Its profit was 74 cents per share, beating estimates by 4 cents, and it reported better revenue. The company also reported a beat in same-store sales for Burger King.
Oil stocks — Oil company shares were among the main decliners on Tuesday as oil prices fell from a 7-year high following a report that tensions between Ukraine and Russia appeared to be easing. Occidental fell 3% and Marathon, Diamondback and Devon Energy lost about 2%.
– CNBC’s Hannah Miao and Jesse Pound contributed reporting.