Applovin falls, Triology Metals soars on govt stake

In early morning action, shares of Applovin (APP) extended Monday declines after a Bloomberg report said the company is facing an SEC investigation over its data collection practices. Meantime, Trilogy Metals (TMQ) shares are spiking after the White House announced the government is taking a 10% stake in the Canadian Mining company. On the earnings front, McCormick (MKC) reported better than expected results ahead of the open, but the company did cut its profit guidance. Constellation Brands (STZ) also on the move on quarterly results, which topped estimates.

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Video Transcript

00:04 Speaker A

Okay, time now for today's trending tickers. First up, shares of App Lovin extending a sell-off from Monday, the mobile advertising tech company reportedly facing an investigation from the Securities and Exchange Commission centered around data collection. According to Bloomberg, the agency is looking into whether App Lovin violated platform partner's service agreement in an effort to push more targeted advertising to consumers.

00:33 Speaker A

The news sending shares down nearly 15% on Monday. Now, App Lovin declined to comment to Bloomberg.

00:41 Speaker A

Check out this eye popping move in shares of Trilogy Metals. Shares soaring roughly 150% as the US government announced it's taking a 10% stake in the miner.

00:53 Speaker A

Keep in mind, this is a small cap stock. It has market value of less than $1 billion and the company does not generate much revenue. The White House announced it has approved the Ambler Ambler Road project in Alaska, and the deal is part of the administration's effort to address critical mineral needs for the United States.

01:14 Speaker A

We're also getting a look at consumer behavior with results from McCormick and Constellation brands. McCormick just reporting earnings, third quarter results topping estimates on the top and bottom lines, but the company did cut its full-year adjusted earnings guidance and said tariffs and higher commodity prices are weighing on its profits.

01:33 Speaker A

As for Constellation brands, the beverage giant rising ahead of the opening bell. The company's fiscal second quarter earnings came in above expectations, but the company still sees a challenging environment ahead. Constellation is facing headwinds from people cutting back on drinking alcohol. And the company noted earlier this year, it's also seeing weaker spending from its Hispanic customers, which account for half of its consumer base for beer.

01:56 Speaker A

shares up almost 4% in pre-market.

02:00 Speaker A

Now, Quantum stocks are riding a wave higher in the last week. Key names in the space were all up double digits on a string of upbeat news. Well, Josh Lipton spoke to benchmark analyst David Williams on market domination and got a closer look at the bullishness on the sector. Related Videos

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