Take a look at the companies making headlines in midday trading. Fortinet — The cybersecurity stock was the biggest gainer on the S&P 500 on Wednesday, soaring 25% after Fortinet reported a strong second-quarter report and upbeat current-quarter guidance. The company reported adjusted quarterly earnings of 57 cents per share on revenue of $1.43 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of 41 cents per share on revenue of $1.4 billion. Shopify — The Canadian e-commerce company’s second-quarter results beat expectations, sending the company’s shares up nearly 18%. Shopify said it expects third-quarter revenue to grow about 20% compared with the same period last year. Analysts had expected sales to rise 20.9% annually, according to FactSet. Lyft — Shares of Lyft 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 expected the figure to be $103.4 million, according to FactSet. Airbnb — Shares plunged more than 13% after the company issued weaker-than-expected third-quarter revenue guidance. Airbnb forecast revenue between $3.67 billion and $3.73 billion, while analysts polled by FactSet expected revenue of $3.84 billion. Super Micro Computer — Server company Super Micro Computer reported lower-than-expected profits and lower gross margins in its fiscal fourth-quarter results, sending the company’s shares down 20%. This overshadowed strong guidance due to continued artificial intelligence demand. The company also announced a 10-for-1 stock split. Lumen Technologies — Shares of Lumen Technologies soared 32.6% after the cloud-based network data company reported second-quarter revenue that beat Wall Street expectations. Lumen posted revenue of $3.27 billion, while analysts polled by LSEG expected revenue of $3.25 billion. Goldman Sachs also raised its rating on the stock to neutral from sell. Lumen has been hot this week as it announced $5 billion in new business, driven by demand for artificial intelligence. Upstart Holdings — Shares of Upstart Holdings soared 39.5% after the company reported better-than-expected quarterly results. Upstart reported an adjusted loss of 17 cents per share on revenue of $128 million. Analysts expected a loss of 39 cents per share on revenue of $125 million, according to LSEG. Novo Nordisk — Wegovy shares fell more than 8% after the drugmaker reported disappointing second-quarter results and lowered its full-year operating profit forecast. While the stock has gained more than 25% so far this year on optimism about its weight-loss drug, the latest report has raised concerns that the company is facing pressure from Eli Lilly’s Zepbound and Mounjaro. VF Corporation — Shares of VF Corporation rose about 7% after the company reported better-than-expected first-quarter earnings. VF Corporation reported an adjusted loss of 33 cents per share on revenue of $1.91 billion. That was better than the FactSet consensus estimate of a loss of 37 cents per share on revenue of $1.85 billion. Sunrun — Shares of Sunrun surged 11% after CEO Mary Powell revealed the company is in talks with many of SunPower’s former dealers and even invited some of them to become partners. This comes after SunPower filed for Chapter 11 bankruptcy protection on Monday. Global Payments — Shares of Global Payments rose about 7% after the company beat Wall Street expectations for second-quarter profit. Global Payments reported adjusted earnings of $2.93 per share. Analysts polled by FactSet expected earnings of $2.91 per share. Amgen — Shares of Amgen fell about 5% after the biotech company missed Wall Street profit expectations. Amgen reported adjusted earnings of $4.97 per share, below the $4.98 per share expected by analysts polled by FactSet. The company also narrowed its full-year profit forecast. Rivian Automotive—The company’s second-quarter net loss widened to $1.46 billion from $1.2 billion in the same period last year, and the company’s electric vehicle shares fell nearly 7%. The company beat expectations on some metrics and reported an adjusted loss of $1.13 per share. Analysts polled by LSEG expected a loss of $1.21 per share. Advanced Micro Devices — Shares of Advanced Micro Devices fell more than 1% despite Piper Sandler reaffirming its top pick and forecasting “substantial” market share growth in the traditional server market. Analyst Harsh Kumar expects upside potential of over 30%. Reddit — Shares of Reddit fell about 6.8% even after the social news company reported second-quarter results that beat revenue and profit estimates. Reddit also issued a third-quarter outlook, saying it now expects sales to be between $290 million and $310 million, while analysts expected $278.7 million. —CNBC’s Sarah Min, Jesse Pound, Samantha Subin, Pia Singh and Michelle Fox contribute.
ABOUT US
Our news website delivers comprehensive coverage on US news, economy, politics, and world events, ensuring you stay informed on the latest developments. We provide timely and accurate news to keep you updated on the most important stories. Stay connected with us for in-depth analysis and breaking news from around the globe.
Contact us: contact@realtimeheadlines.com
© Real Times Headlines - 2024 | All Rights Reserved