A look at companies garnering attention in midday trading: Fortinet — Cybersecurity stocks were the biggest gainers in the S&P 500 index on Wednesday, soaring 25% after Fortinet reported a strong second quarter and an upbeat outlook for the current quarter. The company reported adjusted quarterly earnings of 57 cents per share on revenue of $1.43 billion. Analysts surveyed by LSEG had expected earnings of 41 cents per share and revenue of $1.4 billion. Shopify — Shares of Shopify soared nearly 18% after the Canadian e-commerce company reported better-than-expected second-quarter results. Shopify said it expects revenue growth in the low-to-mid 20% range for the third quarter compared to the same period a year ago. Analysts had expected sales growth of 20.9% year-over-year, according to FactSet. Lyft — Shares fell more than 17% after the ride-hailing company issued weaker-than-expected third-quarter guidance. Lyft expects adjusted earnings before interest, taxes, depreciation and amortization to be between $90 million and $95 million. Analysts had expected $103.4 million, according to FactSet. Airbnb — Shares plummeted more than 13% after the company reported weaker-than-expected third-quarter revenue. Airbnb expects revenue of $3.67 billion to $3.73 billion, while analysts surveyed by FactSet had expected $3.84 billion. Super Micro Computer — Shares of server company Super Micro Computer fell 20% after the company reported weaker-than-expected revenue and a lower gross margin in its fourth-quarter earnings report, overshadowing a solid earnings outlook due to continued demand for artificial intelligence. The company also announced a one-for-one stock split. Lumen Technologies — Shares soared 32.6% after the cloud network data company beat market expectations in second-quarter revenue. Lumen reported revenue of $3.27 billion, while analysts surveyed by LSEG were expecting $3.25 billion. Goldman Sachs also upgraded the stock to neutral from sell. Lumen has been on a roll this week since announcing $5 billion in new business, driven by AI demand. Upstart Holdings — Shares soared 39.5% after the company reported better-than-expected quarterly results. Upstart posted an adjusted loss of 17 cents a share on revenue of $128 million. Analysts were expecting a loss of 39 cents a share on revenue of $125 million, according to LSEG. Novo Nordisk — Shares plunged more than 8% after the Wegobi pharmaceutical company reported disappointing second-quarter results and lowered its full-year operating profit outlook. The company’s shares have risen more than 25% year to date on optimism around its weight-loss drugs, but the latest report raised concerns it is under pressure from Eli Lilly’s Zepbound and Maunjaro. VF Corp — Shares rose about 7% after the company’s first-quarter profit results beat expectations. VF Corp. posted an adjusted loss of 33 cents a share on revenue of $1.91 billion. That’s better than the FactSet consensus estimate of a loss of 37 cents a share on revenue of $1.85 billion. Sunrun — Shares surged 11% after CEO Mary Powell revealed the company is in talks with many of SunPower’s former dealers, bringing some of them on board as partners. This comes after SunPower filed for Chapter 11 bankruptcy protection on Monday. Global Payments — Shares rose nearly 7% after the company beat market expectations in its second-quarter profit. Global Payments posted adjusted earnings per share of $2.93 in the period. Analysts surveyed by FactSet had expected $2.91 per share. Amgen — Shares fell nearly 5% after the biotech company missed Wall Street’s earnings expectations. Amgen posted adjusted earnings per share of $4.97, below the $4.98 per share expected by analysts surveyed by FactSet. The company also lowered its full-year profit outlook. Rivian Automotive — The electric-vehicle stock fell nearly 7% after the company’s second-quarter net loss widened to $1.46 billion from $1.2 billion a year earlier. The company beat expectations in certain metrics with an adjusted loss of $1.13 per share. Analysts surveyed by LSEG had expected a loss of $1.21 per share. Advanced Micro Devices — Shares fell more than 1% even though Piper Sandler reaffirmed the company as a top pick and predicted “significant” share gains in the traditional server market. Analyst Harsh Kumar sees the stock rising more than 30%. Reddit — Shares of the social news company fell about 6.8% even after Reddit reported second-quarter results that beat expectations on revenue and profit. Reddit also issued its third-quarter guidance, saying it expects revenue of $290 million to $310 million, compared with analysts’ expectations of $278.7 million. — CNBC’s Sarah Ming, Jesse Pound, Samantha Sabin, Pia Singh and Michelle Fox contributed to the report.
FTNT, SHOP, LYFT, etc.
Services
© 2024 Business Investopedia. All Rights Reserved.