Mondelez Reiterates Guidance, Booking Holdings Lukewarm Forecast, Chart Industries Soars
On this edition of Stock Movers:
- Mondelez (MDLZ) shares are down in after hours trading. While the company posted quarterly results that topped estimates, they reiterated their guidance. Mondelez reported better-than-expected sales for the second quarter, citing strong pricing execution in its chocolate business. The owner of the Oreo, Ritz and Cadbury brands reported adjusted earnings per share of 73 cents, topping analysts’ expectations for 68 cents. Sales totaled $8.98 billion, better than the $8.84 billion that analysts had expected. Chief Executive Officer Dirk Van de Put said the company remained confident in its ability to deliver “amid a challenging environment” and cited “robust growth across the vast majority of our geographies.”
- Booking Holdings (BKNG) shares are down in after hours trading. The company delivered a disappointing forecast for the third quarter, citing “increased uncertainty in the geopolitical and macroeconomic environment.” The online travel agent, which operates the Kayak, Priceline and Booking.com brands, said that room nights growth will be roughly 4.5% in the period. Analysts had estimated 5.5% on average, according to data compiled by Bloomberg. The underwhelming report signals that travelers may be reining in spending as they face trade conflicts and an unpredictable economy.
- Chart Industries (GTLS) shares soared today. The reason why the stock was up is because Baker Hughes Co. agreed to buy the industrial equipment maker for about $9.6 billion in cash, expanding the oilfield service giant’s reach into liquefied natural gas, data centers and other technologies. The deal announced early Tuesday calls for Chart investors to receive $210 per share, a 22% premium over Monday’s closing price. The agreement puts an end to Chart’s previous plan to merge with Flowserve Corp. The move consolidates Baker Hughes’ position in the booming LNG sector and is a significant bet on the outlook for US energy growth amid a slowdown in domestic oil drilling. Electricity demand in the world’s biggest economy is expected to surge in coming years, driven by the expanding artificial intelligence industry.
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