Movers: Arista Networks, Caterpillar, Pfizer, Uber Technologies

Scott Peters
01 Aug, 2023
New York City

Caterpillar Inc soared 7.2% to $283.09 after the heavy equipment maker reported higher sales on rising demand in the second quarter. 

Revenue in the second quarter increased 22% to $17.3 billion from $14.2 billion and net income rose to$2.9 billion from $1.7 billion and diluted earnings per share advanced to $5.67 from $3.13 a year ago. 

The company reported sales increase in all regions of the world and sales in North America rose 31% to $1.3 billion and jumped in Asia Pacific increased 18% to $1.1 billion. 

Sales in the oil and gas industry jumped 43% to $1.7 billion and power generation soared 39% to $1.6 billion. 

Uber Technologies declined 4.6% to $47.11 after the company said gross bookings rose 16% to $33.5 billion and reported quarterly profit of 18 cents a share. 

Revenue in the second quarter rose 14% to $9.2 billion from $8.1 billion a year ago. 

The company swung to operating profit of $326 million from a loss of $726 million, first ever operating income on GAAP basis.

Net income attributable to shareholders was $324 million compared to a loss of $2.6 billion and diluted earnings per share was 18 cents compared to ($1.33) a year ago. 

Pfizer Inc increased 0.9% to $36.27 after the pharmaceutical company reported mixed quarterly results in the second quarter. 

Revenue in the second quarter declined 54% to $12.7 billion from $27.7 billion and net income plunged 77% to $2.3 billion from $9.9 billion and diluted earnings per share dropped to 41 cents from $1.43 a year ago. 

Expected decline in Paxlovid and Comirnaty (Covid vaccine) revenues drove a 53% decline in operating revenues. 

Arista Networks, Inc soared 22% to $186.86 after the company reported higher-than-expected sales and earnings in the second quarter and also estimated higher-than-expected third quarter sales. 

Second quarter sales increased to $1.5 billion from $1.1 billion and net income jumped to $491.9 million from $299 million and diluted earnings per share advanced to $1.55 from 94 cents a year ago. 

The company forecasted third quarter revenue between $1.45 billion and $1.50 billion and non-GAAP margin of 62%. 

ZoomInfo Technologies Inc dropped 25.6% to $19.0 after the company forecasted a decline in revenue in the third quarter. 

Revenue in the second quarter increased 16% to $308.6 million from $267.1 million and net income rose to $38.1 million from $15.9 million and diluted earnings per share advanced to 9 cents from 4 cents a year ago. 

The company guided third quarter revenue between $309 million and $312 million.  

The company revised lower fiscal year 2023 revenue range between $1.275 billion and $1.285 billion from the previous range of $1.225 billion and $1.235 billion.