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Check out the companies making headlines in midday trading.
Scholastic — The publisher jumped 14.2% after announcing it would increase its share repurchase amount by $100 million. Traders also appeared to cheer the company's quarterly results. Scholastic posted $2.26 in earnings per share on revenue of $428.3 million.
American Express — Shares slipped about 4% after the company reported second-quarter revenue of $15.05 billion, falling short of the $15.48 billion expected from analysts polled by Refinitiv. However, American Express' earnings per share beat expectations.
Herc — Herc dropped more than 5% after Bank of America double-downgraded shares to underperform from buy. Analyst Sherif El-Sabbahy cited the impact from the ongoing writers and actors strike in Hollywood will hurt the equipment rental stock.
AutoNation — AutoNation tumbled 7% during midday trading. The car dealer company reported second-quarter results that exceeded expectations on the top and bottom lines. AutoNation posted adjusted earnings of $6.29 per share on revenue of $6.89 billion. Analysts expected per-share earnings of $5.91 on revenue of $6.78 billion.
Knight-Swift Transportation — Knight-Swift Transportation gained more than 2% in midday trading. The move comes even after Knight-Swift reported second-quarter earnings and revenue that were weaker than expected. The company also issued lackluster guidance.
PPG Industries — Shares rose 1.7% after PPG Industries posted strong second-quarter results. The supplier of paints, coatings and other materials posted adjusted earnings of $2.25 on revenue of $4.87 billion. Analysts polled by StreetAccount expected earnings of $2.14 per share and revenue of $4.84 billion. The company also
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