A look at companies making waves in midday trading: Intel — The chipmaker’s shares rose 8.5% on news that the company is working with banks to explore options to address weaknesses in its core business. Elastic NV — Shares plummeted more than 27% after the company’s second-quarter revenue forecast fell short of Wall Street expectations. The artificial intelligence search company now expects revenue of between $353 million and $355 million for the quarter. Analysts surveyed by LSEG had expected $361 million. Mongo DB — The developer data platform’s shares jumped nearly 16% after the company reported second-quarter earnings and revenue that beat expectations. Mongo DB earned 70 cents a share (excluding items) on revenue of $478 million, compared with analysts’ expectations of 49 cents a share and $464 million in revenue, according to LSEG. The company also expects third-quarter revenue to be between $493 million and $497 million, well above analysts’ expectations of $479 million. Current-quarter revenue is also expected to beat expectations. Alnylam Pharmaceuticals – Shares fell about 9% after the company reported positive results from a Phase 3 trial of its heart treatment butrisiran, sold under the name Ambutra. But the results were disappointing for investors. Cantor Fitzgerald wrote in a note that the data does not indicate a clear “win” compared to rival treatments such as BridgeBio Pharma’s Acoramidis. BridgeBio shares rose about 10.6% following the results. Marvel Technology – Shares rose more than 8% after the company’s third-quarter forecast beat expectations. Marvel expects adjusted earnings of 40 cents a share on revenue of $1.45 billion. Analysts surveyed by LSEG had expected earnings of 38 cents a share and sales of $1.4 billion. Alibaba – The e-commerce company’s U.S.-listed shares rose nearly 3% after China’s market regulator said the company had completed a three-year oversight process. Alibaba had been fined by regulators in 2021 as part of an antitrust investigation. Dell – Shares rose more than 5% after the company reported second-quarter profit and sales that beat expectations. Dell also expects sales to be in line with expectations for the current quarter, according to Street accounts. Ulta Beauty – Shares of the beauty retailer fell more than 2% after it missed profits for the first time in four years. Ulta also lowered its full-year guidance following a decline in same-store sales last quarter. Second-quarter same-store sales fell 1.2%, down from an 8% increase in the same period a year ago and well below the 1.2% increase Wall Street analysts had expected, according to Street accounts. — CNBC’s Yun Lee, Hakyung Kim and Jesse Pound contributed to the report.
INTC, ESTC, MDB, etc.
Services
© 2024 Business Investopedia. All Rights Reserved.