Stocks making the biggest moves midday: Novavax, Taiwan Semiconductor, Sweetgreen and more
Check out the companies making headlines in midday trading: Novavax — The biotech company soared 98.7% after announcing a multibillion-dollar deal with French drugmaker Sanofi to co-commercialize its Covid vaccine starting next year. The companies will also develop combination shots targeting the coronavirus and flu. Taiwan Semiconductor Manufacturing — The chipmaker jumped 4.5% after reporting a 60% surge in year-over-year April revenues , helped by ongoing demand for artificial intelligence. Sweetgreen — Sweetgreen popped 34% after surpassing first-quarter revenue expectations. The salad chain posted revenue of $158 million, slightly beating an LSEG estimate of $152 million. The company also raised its full-year guidance for revenue and adjusted earnings before interest, taxes, depreciation and amortization. Unity Software — The video game software stock lost 10%. Unity posted a wider-than-expected first-quarter loss of 75 cents a share, versus the 63 cents expected by analysts polled by LSEG. Unity Software said it expects adjusted EBITDA for the second quarter to range between $75 million and $80 million, versus Wall Street’s consensus estimate of $98 million. Akamai Technologies — The cloud company sank 11% on a weak outlook and mixed quarterly results. Akamai Technologies said it expects revenue for the year to range between $3.95 billion and $4.02 billion. Analysts polled by LSEG called for revenue of $4.08 billion for the year. Array Technologies — The solar energy stock advanced 2% on better-than-expected quarterly results. Array’s first-quarter adjusted earnings came in at 6 cents per share on revenue of $153.4 million. Analysts polled by FactSet called for a loss of 4 cents a share on revenue of $141.2 million. Victoria’s Secret — Shares rose more than 5% after the intimate apparel maker reported better-than-expected preliminary first-quarter results and reaffirmed its guidance. The company said it expects adjusted earnings to range between 7 cents and 12 cents per share. Prior guidance ranged from a loss of 15 cents to earnings of 10 cents per share. Yelp — Shares of the restaurant review site dipped close to 7% after the company provided a weak second-quarter revenue forecast. Yelp’s first-quarter earnings performance was solid, however, coming in at 20 cents per share versus the Street’s estimates of 6 cents a share, per LSEG. Revenue was in line with estimates. Natera — The DNA testing company popped 10%. Natera posted a first-quarter loss of 56 cents per share and revenue of $367.7 million. The results beat the Street’s expectations for a loss of 71 cents per share and $316.3 million in revenue, per FactSet. Gen Digital — Shares jumped 15% on strong quarterly results. The owner of Norton and LifeLock reported adjusted earnings of 53 cents for the fiscal fourth quarter on revenue totaling $967 million, an improvement from the year-ago period. The company also upped its share repurchase program to $3 billion. Insulet — The medical device stock slipped 6.6%. Insulet said higher marketing expenses pressured first-quarter profits. The company also expects full-year revenue growth to range between 14% and 18% in 2024, versus a StreetAccount estimate of 15.5%. Dropbox — The cloud storage stock finished flat after reporting. on strong first-quarter results. Dropbox surpassed estimates on the top and bottom lines, posting adjusted earnings of 58 cents per share on $631 million in revenue. Cheesecake Factory — Shares climbed 4.4% after Citi upgraded the restaurant chain stock to buy due to an “increasingly de-risked unit growth outlook.” JFrog — The software company slid 18.7%. On the company’s earnings call, JFrog management noted that the first quarter was a period of “digestion,” with customers thinking about project spend more toward later quarters. Nevertheless, JFrog posted adjusted earnings of 16 cents per share on revenue of $100 million in the first quarter. LSEG consensus estimates were for earnings of 14 cents a share and revenue of $99 million. Mettler-Toledo — The manufacturer of lab instruments jumped 14%. Mettler-Toledo posted first-quarter adjusted earnings of $8.89 per share on revenue of $925.9 million. Analysts called for earnings of $7.64 per share and revenue of $879.7 million, per FactSet. — CNBC’s Yun Li, Michelle Fox, Brian Evans, Hakyung Kim and Darla Mercado contributed reporting. This post has been syndicated from a third-party source. View the original article here.
