Jun 30, 2020
Stocks making the biggest moves midday: Micron, Xilinx, Lululemon, Boeing, Uber and more
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Micron Technology's hard drive for data center customers is presented at a product launch event in San Francisco, October 24, 2019.Stephen Nellis | Reuters
Check out the companies making headlines in midday trading.
Micron — Micron traded more than 6% higher after the chip manufacturer posted better-than-expected results for the previous quarter.The company posted an adjusted profit of 82 cents per share, topping a Refinitiv estimate of 77 cents. Revenues rose to $5.44 billion, beating an estimate of $5.31 billion. Micron also issued better-than-expected revenue guidance for the current quarter.
Lululemon — Shares of Lululemon popped more than 4% after the athleisure and activewear company said it is buying the in-home fitness company Mirror for $500 million. The move marks Lululemon's first acquisition and it's seen as a bet on the stay-at-home trend in the wake of the pandemic. The deal, which will be paid for in cash, is expected to close in the second quarter of fiscal 2020.
Boeing — Shares of the plane maker slid more than 6% after Norwegian Air said it was canceling an order for nearly 100 jets. The airline also said that it would seek payment for the grounding of its Boeing 737 Max planes.
Uber — Shares of the ride hailing company jumped 4.5% after the Wall Street Journal reported Uber is in discussions to buy food delivery service Postmates for $2.6 billion. Uber recently lost out on the purchase of food delivery company GrubHub.
Xilinx — Shares of Xilinx soared nearly 7% after the chip maker raised its fiscal first quarter revenue guidance. Xilinx now expects a revenue of $720 million to $734 million, after previously projecting a range of $660 million to $720 million. The company said its revenue strength partially came from loosening of restrictions on sales to its international customers helped its business.
Conagra — Shares of the food producer jumped more than 3% after the company beat top and bottom lines estimates in the fourth quarter. The company also gave upbeat guidance amid elevated demand fueled by the coronavirus pandemic.
Goldman Sachs, JPMorgan, Wells Fargo — Shares of major banks rose on Tuesday after the most of the companies announced on Monday night that they planned to maintain their dividends after the Fed's stress test. Goldman Sachs and JPMorgan both gained more than 1%. Wells Fargo, which said it will likely announce a dividend cut next month, opened in negative territory but has now inched 0.3% higher.
Carnival, Norwegian Cruise Line, Royal Caribbean Cruises — Shares of cruise lines dropped on Tuesday amid an uptick in coronavirus cases and rollback in some reopening measures. Shares of Norwegian Cruise Line fell 1.3% and shares of Carnival Corp. dropped 1.5%. Royal Caribbean ticked 1.4% lower.
FedEx — Shares of the shipping company rose nearly 3% ahead of its fourth quarter earnings, which will be released after the bell on Tuesday. Analysts are expecting the company to earn $1.58 per share on $16.41 billion in revenue, according to Refinitiv. Shares of FedEx are down 8% this year.
Tesla — Shares of the electric car marker jumped 7% on Tuesday after Elon Musk sent an email to employees saying the car company could break even for the quarter, according to an internal memo reviewed by CNBC.
– with reporting from CNBC's Pippa Stevens, Jesse Pound and Yun Li.Related Tags
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Independent Civil Rights Audit Finds Facebook Is Making Everything Worse
Joanna NeliusJust now•Filed to:FacebookFacebookcivil rightssocial mediaSave Facebook CEO Mark Zuckerberg testifies before the House Financial Services Committee on October 23, 2019, in Washington, DC about how his company will handle false and misleading information by political leaders during the 2020 campaign.Photo: Chip Somodevilla (Getty Images)
As noted in Facebook COO Sheryl Sandberg’s post, today is the day the public is supposed to find out the results of its independent civil rights audit, a two-year review of Facebook’s “policies and practices led by noted civil liberties and civil rights expert Laura W. Murphy and Megan Cacace, partner in the civil rights law firm Relman Colfax, PLLC,” said Sandberg. Well, those results are in, earlier than expected, and it confirms what we’ve known for a while about how Facebook handles the spread of discrimination and racism on its platform.
The New York Times first reported on the 100-page audit which details how the social media network failed to build a system in which it could adequately handle civil rights matters, and how it abdicated its responsibilities fighting discrimination. The auditors said Facebook did not seek civil rights expertise in all of its decisions, which set a precedent that could potentially affect the upcoming Presidential election in November. But the report went even further in its assessments by saying that Facebook is not only neglecting the concerns of vulnerable users but that the company’s “vexing and heartbreaking” choices have actively caused “significant setbacks for civil rights.”
This comes as no surprise, especially as we’ve seen employee walkouts and protests in recent months, and several prominent companies pulling their ads from Facebook. CEO Mark Zuckerberg has been widely criticized for allowing President Trump’s inflammatory posts to remain on his Facebook page, where other social media networks like Twitter have either taken them down or slapped a warning label of some kind. Facebook seems to have only started taking its problems seriously due to the backlash. It only recently banned trading historical artifacts even though it’s known about it for years, and only recently purged almost 200 accounts associated with white supremacy groups. But according to its civil rights audit, it’s likely too little too late.
Additionally, Sandberg outright stated in her post that Facebook “won’t be making every change” the proposal calls for, to which she followed up with “We will put more of their proposals into practice soon.” That doesn’t inspire a lot of confidence that Facebook will actually do what it needs to do to combat discrimination and racism, never mind fake news, on its platform. The Stop Hate for Profit campaign, which was started due to Facebook’s inaction on civil rights issues, and is lead by groups like the Anti-Defamation League, Color of Change, Free Press, the NAACP, and Sleeping Giants, told Gizmodo that the company refused to address any of its recommendations, except for possibly hiring for another civil rights position that would not be at a senior level. Its full list of recommendations is available on its website.
While the audit is highly critical of Facebook, it does say that the company has made strides in hiring more in-house civil rights experts over the past two years, and that Zuckerberg himself is personally committed to advancing racial justice by building products. It’s unclear how “building products” will advance racial justice, but if Facebook intends to profit off said products in any way, it would be disingenuous given Facebook’s repeated failure to address its civil rights issues.G/O Media may get a commissionPlay Super Smash Bros. The Only Way That Matters With a $15 GameCube-Style ControllerBuy for $15 from Amazon
“Elevating free expression is a good thing, but it should apply to everyone,” the auditors wrote. “When it means that powerful politicians do not have to abide by the same rules that everyone else does, a hierarchy of speech is created that privileges certain voices over less powerful voices.”
The auditors recommended Facebook build a stronger civil rights infrastructure and that it needed to be more consistent in enforcing its policies. The Times notes that Facebook has pledged to make some commitments in response to the audit, such as creating a senior vice president of civil rights leadership position and developing new internal processes to support the civil rights of users. The old adage ‘I’ll believe it when I see it’ definitely applies here. If Facebook was so unwilling to address the concerns of the Stop Hate for Profit campaign, how much can its users trust that it will listen to the auditors’ recommendations?
In the meantime, Facebook users can do a few things to demand change. The Stop Hate for Profit campaign says to urge businesses to stop spending any money to advertise on Facebook for the rest of July and continuing to speak out against Facebook’s inaction on civil rights issues. When Ben & Jerry’s parent company, Unilever, pulled its ads in late June 2020, Facebook’s stock dropped more than 7%. Since then, 14 companies have either pulled or suspended their Facebook ads, but not enough to affect Facebook’s bottom line.Joanna NeliusPostsEmailTwitter
Staff Reporter, Reviews at Gizmodo. Formerly PC Gamer, Maximum PC.