Palantir, Novavax, Under Armor and more

A person poses in front of a banner with the logo of Palantir Technologies (PLTR) on the New York Stock Exchange (NYSE) on the day of its initial public offering (IPO) in Manhattan, New York City, U.S., September 30, 2020.

Andrew Kelly | Reuters

Check out the companies making headlines in the midday trade.

Palantir – Palantir shares rose nearly 20% after the software company beat first-quarter estimates and said it expects full-year profitability. CEO Alex Karp said the company is seeing strong demand for its new artificial intelligence platform.

3D Systems — Shares fell 10.2% after the 3D printer maker reported weak first-quarter earnings. 3D Systems reported an adjusted loss of 9 cents per share on revenue of $121 million, while analysts polled by Refinitiv expected a loss of 7 cents per share and revenue of $128 million. The firm also reaffirmed full-year revenue guidance and raised its full-year adjusted EBITDA expectations, while cutting 6% of its workforce.

Novavax — The biotech stock surged 44% on news of promising vaccine data and a major cost-cutting initiative that includes broad layoffs.

Skyworks Solutions — Shares fell about 6% and posted weaker-than-expected fiscal guidance for the third quarter. The semiconductor firm estimated non-GAAP earnings per share of about $1.67, lower than the consensus estimate of $2.06, according to StreetAccount.

Under Armor — The apparel company fell 5.3% after the company forecast that earnings per share and revenue would fall short of Wall Street’s expectations for the full year. But Under Armor was able to beat the expectations of analysts polled by Refinitiv on the top and bottom lines for its fiscal fourth quarter.

Fisker — Shares fell 4.8% after the auto company’s first-quarter earnings came in below Wall Street forecasts. Fisker said it lost 38 cents a share, more than the projected loss of 30 cents from analysts polled by Refinitiv.

Plug Power — The hydrogen fuel company fell 14.1% after posting a bigger first-quarter loss per share than analysts expected. Plug Power reported a loss of 35 cents per share, while analysts polled by FactSet expected a loss of 26 cents. Revenue came in above expectations at $210.3 million against a consensus estimate of $206.9 million.

Western Digital — The chip maker’s stock fell nearly 3% after the company posted a bigger-than-expected third-quarter loss. Western Digital also expects fourth-quarter revenue to be in the range of $2.4 billion to $2.6 billion, lower than analysts’ expectations, according to Refinitiv data.

PayPal — Shares in the digital payments company fell 11% even as it posted a hit to its top and bottom lines. PayPal lifted its full-year guidance, but shared weaker-than-expected guidance for the current period.

International Flavors & Fragrances – Shares fell 7% after the company missed first-quarter earnings expectations, according to FactSet, citing impacts from soft end-market demand and customer destocking. Financial guidance for the current quarter was weaker than Wall Street estimates, according to FactSet, and the company cut full-year guidance.

DaVita – The health care provider saw shares rise 13.5% after the company beat its first-quarter earnings and revenue guidance, according to FactSet, and raised its full-year earnings guidance. The company highlighted better volume trends and meaningful improvement in labor costs as well as an improved macro environment.

Lucid Group — The electric car maker fell 7.7% on the back of a poor earnings report. Lucid reported a bigger-than-expected quarterly loss, while revenue missed analysts’ consensus estimates, according to Refinitiv.

Trex Company – Trex Company jumped 8.1% after the maker of wood-alternative decking and railings topped analysts’ expectations for the first quarter and provided stronger-than-expected second-quarter revenue guidance. Trex estimated second-quarter revenue between $310 million and $320 million, beating expectations of $309.0 million, according to FactSet.

McKesson – McKesson rose 7.4% after beating expectations for the fourth quarter. The healthcare company posted adjusted earnings of $7.19 per share, slightly higher than analysts’ forecasts of $7.18 per share, according to FactSet. It reported revenue of $68.91 billion, which beat forecasts of $68.08 billion.

Shopify — Shares fell 1.5% after a downgrade to neutral from overweight by Atlantic Equities. The firm said the downgrade was mainly due to valuation, while noting that the company is a “best-in-class product performer with strong long-term growth prospects.”

Alphabet — Google parent Alphabet rose less than 1% ahead of its annual developer conference this week, where the company will announce its new major general-purpose language model called PaLM 2. Meanwhile, Google is also set to unveil advances to Bard and Search with “generative experiences.”

Shoal Technologies — The solar technology company’s shares rose 19% after a first-quarter earnings and revenue beat. Guggenheim upgraded its rating on the stock to buy in a Tuesday note, citing an attractive valuation and promising market share.

Ferguson — The building products company added 1.8% after an upgrade to buy from Jefferies. The firm said the company’s discount to peers is reducing.

Boeing — Shares rose 2.4% after Ryanair said it would buy at least 150 of the planemaker’s 737 Max 10s with options for 150 more.

DISH Network – DISH lost 5.8% after reporting first quarter earnings. Earnings per share were in line with analyst estimates of 35 cents, while revenue came in just under $3.96 billion against a forecast of $4.06 billion from analysts polled by FactSet. The company lost more pay-TV subscribers than in the same quarter a year ago, but lost fewer retail wireless subscribers than a year earlier.

— CNBC’s Samantha Subin, Michelle Fox, Sarah Min, Hakyung Kim, Tanaya Macheel and Yun Li contributed reporting

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