Check out the companies making headlines in midday trading: Shake Shack — The stock gained more than 15% after the burger chain's revenue topped estimates. Shake Shack earned 27 cents per share, excluding items, on revenue of $316 million, above the LSEG estimate of $314 million. Shake Shack also narrowed its full-year revenue estimate to between $1.22 billion and $1.25 billion from a prior range of $1.24 billion to $1.25 billion, per FactSet. C.H.
Meta — The tech giant's shares jumped more than 6% after the company reported second-quarter earnings that beat Wall Street's expectations and offered a rosy revenue forecast. The Facebook parent said net income soared 73% year over year, reflecting hefty cost-cutting initiatives that started in late 2022. Meta executives also showed how the company's heavy spending on artificial intelligence is already starting to pay off.
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