Check out the companies making news on Thursday at noon trade.
After the company’s post-market results release on Wednesday exceeded Wall Street’s forecasts, shares of Cisco System rose 4%. Adjusted profits per share for the company’s fiscal fourth quarter were $1.14, exceeding the $1.06 estimate provided by Refinitiv’s poll of analysts. In contrast to the $15.05 billion forecast, revenue was $15.2 billion.
Walmart — Despite the fact that the big-box retailer’s quarterly results exceeded expectations and its full-year outlook was raised due to strong growth in the grocery and e-commerce sectors, shares of the company plummeted by about 2%.
Hawaii Electric Company — Investors continued to be concerned about the power company’s potential involvement in the Maui wildfires, causing the utility stock to decline 15% and hit a new 52-week low. Late on Wednesday, The Wall Street Journal reported that Hawaiian Electric is in discussions with companies that specialise in restructuring.
Shares of the drugstore behemoth CVS Health fell more than 9% after Blue Shield of California announced it would work with Mark Cuban’s Cost Plus Drugs and Amazon drugstore in place of CVS Caremark as part of its pharmacy benefits strategy to assist members save money on prescription medications.