A look at companies catching our eye in midday trading: Cava Group — Shares of the fast-casual restaurant chain soared more than 21% after better-than-expected quarterly results. Cava posted second-quarter earnings of 17 cents a share on revenue of $233 million. That beat LSEG’s expectations of 13 cents a share in earnings and $220 million in revenue. Intuit — Shares of the financial software company fell 7% after its current quarterly outlook missed Wall Street expectations and beat fourth-quarter sales and earnings expectations. Intuit now expects adjusted earnings of $2.33 to $2.38 a share, while analysts surveyed by FactSet expect $2.78 a share. Warby Parker — The eyewear retailer rose 12% after JMP Securities upgraded the stock to market outperform from market perform. Analyst Nicholas Jones cited consensus expectations for Warby’s “consistent market share trends” as triggering the drop as being too low. Las Vegas Sands – The casino resort company’s shares fell 2% after UBS downgraded the stock to “neutral” from “buy”. The investment bank cited ongoing challenges in the Macau division’s recovery. Bill.com – The financial software company’s shares fell 5% despite the company’s fourth-quarter earnings report beating expectations. Goldman Sachs downgraded the company’s shares to “neutral” from “buy” following the report, citing guidance on earnings and Bill.com’s internal investments. Bill.com reported quarterly adjusted earnings per share of 57 cents on revenue of $344 million. Analysts surveyed by LSEG had expected earnings per share of 46 cents on revenue of $328 million. Ross Stores – Shares of the off-price retailer rose 1.4% after the company beat second-quarter profit by 9 cents a share. LSEG said Ross matched expectations of $5.25 billion in sales. Workday – Shares of the enterprise management cloud company rose about 11% after fourth-quarter results beat Wall Street expectations. Workday reported adjusted earnings per share of $1.75 and revenue of $2.09 billion, while analysts surveyed by LSEG had expected earnings per share of $1.65 and revenue of $2.07 billion. Some tech companies – Nvidia and Tesla rose more than 2% after Federal Reserve Chairman Jerome Powell sounded optimistic about future interest rate cuts. Investors hoped lower interest rates would boost the group. The VanEck Semiconductor ETF (SMH) rose more than 1%.Pet retailer Chewy — The stock rose 1% after Piper Sandler upgraded it to overweight from neutral. The company said it expects the stock to rise due to growing gross margins and increased automation and efficiency. — CNBC’s Hakyung Kim, Jesse Pound, Brian Evans, Samantha Subin, Lisa Kailai Han and Michelle Fox contributed reporting.
Biggest movers at midday: CAVA, INTU, ROST, WDAY
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