Coinbase, SoFi, DoorDash and more

Check out the companies making headlines in midday trading.

Toyota Motor — Shares rose 1.7%, hitting a new 52-week high, after the company reported a revenue beat in the fiscal first quarter. Toyota posted operating income of 1.12 million yen ($7.84 billion), which was 94% higher than a year prior. Analysts polled by Refinitiv had expected 9.878 trillion yen.

Coinbase – Shares of the crypto exchange dropped 8% after a federal judge said some crypto assets are securities regardless of the context in which they are sold. The opinion came from the same Manhattan federal court that handed down a controversial ruling in the Securities and Exchange’s suit against Ripple in July, which said the opposite in the case of Ripple’s XRP token and gave investors optimism that Coinbase might prevail in its own battle with the SEC.

ResMed — The health technology stock advanced 1.9% after RBC upgraded shares to outperform, citing an appealing risk-reward profile.

Gap, American Eagle— Shares of Gap were up 2% during midday trading after Barclays upgraded the stock to overweight from equal weight. Analyst Adrienne Yih assigned a $13 price target to the company, which suggests shares could rally 26.2% from Monday’s close. Barclays also upgraded retailer American Eagle, which gained 2.8%.

DoorDash — Shares tumbled about 4% ahead of the company’s quarterly earnings announcement Wednesday after the bell.

ZoomInfo Technologies – Shares tumbled 25% after the data company reported a weak revenue outlook for the third quarter in its financial update late Monday. ZoomInfo forecast $309 million to $312 million in revenue for the quarter. Analysts expect $326 million, according to Refinitiv. The company also missed revenue expectations for the most recent quarter.

JetBlue Airways – The airline saw shares fell more than 8% after it cut its 2023 outlook and warned of a potential loss in the current quarter, pointing to challenges from a shift toward international travel and the the end of its partnership with American Airlines in the Northeast. Earnings and revenue for the second quarter were in line with analysts’ estimates.

Zebra Technologies — The stock slid more than 18% after the company posted disappointing results for the second quarter. While earnings topped analyst estimates, revenue came below expectations. The company’s third-quarter earnings guidance of 60 cents to $1 also missed analyst estimates of $3.76 earnings per share from FactSet. 

Norwegian Cruise Line Holdings, Carnival — Shares of Norwegian Cruise Line plunged 13% Tuesday. While the company posted an earnings and revenue beat in the second quarter, its third-quarter guidance missed analyst estimates. Carnival’s shares also shed 5.7% in tandem.

Rockwell Automation — The industrial automation company’s stock fell 9% after a disappointing earnings report. The company reported $3.01 earnings per share and revenue of $2.24 billion. Analysts had estimated $3.18 earnings per share on $2.34 billion in revenue, according to FactSet. 

Monolithic Power Systems — The semiconductor-based electronics company’s stock lost 2.54.6% following its earnings announcement Monday after the bell. Despite reporting better-than-expected earnings and revenue in the second quarter, its third-quarter revenue guidance was lower than analysts were expecting.

Molson Coors Beverage — Shares fell 4% after the brewing and beverage company reported mixed quarterly results before the bell. Its second-quarter revenue of $3.27 billion fell short of the $3.29 billion expected from analysts polled by StreetAccount. Adjusted earnings per share, however, topped expectations.

Leidos Holdings — The defense solutions company’s shares rallied 6.7% after its second-quarter results topped analyst estimates. The company posted $1.80 earnings per share on $3.84 billion in revenue. Analysts polled by FactSet had expected $1.57 earnings per share on $3.72 billion in revenue. 

Eaton Corporation — The power management company’s shares increased 5.6% after beating analyst expectations on both earnings and revenue in the second quarter. The company’s full-year earnings guidance also came above estimates. 

Global Payments — Shares jumped 7.1% following the company’s second-quarter earnings announcement. Global Payments reported $2.62 adjusted earnings per share on $2.2 billion in adjusted net revenue. Meanwhile, analysts had estimated $2.59 earnings per share on $2.19 billion in revenue, according to FactSet. 

— CNBC’s Alexander Harring, Yun Li, Pia Singh, Tanaya Macheel, Michelle Fox and Sarah Min contributed reporting