Earnings season has begun to heat up, with quarterly results playing a significant role in Thursday's midday trading. The release of financial figures spurred gains in Philip Morris ( NYSE: PM ), Nokia ( NOK ) and Danaher ( DHR ).
On the other side of the spectrum, American Airlines ( AAL ) suffered a step back following its quarterly update. Investors worried about capacity limitations curtailing its post-COVID recovery.
Gainers
Philip Morris International ( PM ) showed strength in intraday trading, rising nearly 4% following the release of quarterly results. The tobacco products maker topped consensus with its Q2 profit, with revenue that rose 3% from last year.
The company said cigarette volume advanced 1.1%, with a surge in the Middle East & Africa region making up for declines elsewhere in the world, including the EU, Eastern Europe and Southeast Asia. PM raised its forecast for full-year revenue growth even while trimming its earnings projection.
Earnings news also prompted buying in Nokia ( NOK ). The telecom equipment maker reported Q2 results that exceeded analysts' consensus .
Revenue rose 11% from last year, boosted by 12% growth in network infrastructure. Thanks to the quarterly results, NOK jumped 9% in intraday action.
Danaher ( DHR ) also made the list of earnings-inspired gainers, rising 8% following the release of its quarterly update.
The science and technology company surpassed estimates with its Q2 earnings and revenue. The top line expanded 7%, despite a decline in sales for COVID-related products.
Decliner
American Airlines ( AAL ) experienced selling pressure following its quarterly results, dropping by nearly 8% in intraday action. The company beat expectations with its Q2 results, but investors focused on the firm's capacity struggles .
AAL predicted that its Q3 capacity would come in 8%-10% lower than pre-pandemic levels. Meanwhile, the firm's CEO reportedly told staff that it would "limit capacity" and "build additional buffer into our schedule."
For more of the day's biggest winners and losers, head over to Seeking Alpha's On The Move section .
For further details see:
Hot Stocks: PM, NOK, DHR rally on earnings news; AAL drops on capacity worries