Quarterly results continued to dominate the market action at midday Tuesday, including a notable gain from Sirius XM (NASDAQ:SIRI) and earnings-inspired new highs from Boston Scientific (NYSE:BSX) and Waste Management (NYSE:WM).
Earnings news wasn't the only driver in Tuesday's intraday action. M&A headlines also inspired notable gains.
APi Group (NYSE:APG) posted a double-digit percentage gain on a deal to acquire the Chubb fire and security business from Carrier Global (NYSE:CARR). Meanwhile, reports surfaced that Inovalon Holdings (NASDAQ:INOV) was in talks to be acquired by a private equity firm.
Sirius XM reported Q2 non-GAAP EPS of $0.10, beating expectations by $0.03. Revenue growth of 15.5% also topped projections. The company also raised its forecast for the full year, saying it now projected total revenue of about $8.55B.
Detailing the results, Sirius CEO Jennifer Witz said that strong auto sales and high growth rates in ad revenue contributed to its standout quarter. Responding to the earnings report, SIRI rose more than 5% in Tuesday's midday action.
Waste Management rallied early in Tuesday's trading, responding to strong Q2 results and raised guidance. Shares moderated from there and by midday trading, WM posted only a fractional advance. Still, the early rally allowed WM to set a fresh 52-week high of $149.95.
APG jumped about 12% on the news. CARR ticked up fractionally.
M&A news also sparked gains in Inovalon Holdings. The company is reportedly in takeover talks with private equity firm Nordic Capital. The Bloomberg report that broke word of the negotiations did not include details about possible terms. INOV was up about 11% in midday action.