Stocks making the biggest moves midday: SolarEdge Technologies, Pool Corp., Carnival and more
Check out the companies making headlines in midday trading: SolarEdge Technologies — Shares of the company tumbled 20.6% following the announcement that it will offer $300 million worth of convertible notes due 2029. The company also revealed in a U.S. Securities and Exchange Commission filing on Monday that a customer won’t be able to pay about $11.4 million that it owes after filing for bankruptcy. Pool Corp . — The stock plunged 8% after the company updated its earnings guidance for the full year on Monday after the bell. The wholesale pool supplies distributor expects full-year earnings between $11.04 and $11.44 per share. This is lower than its prior guidance of between $13.19 and $14.19 per share and below FactSet’s consensus estimate of $13.05. Pentair and Leslie’s fell in sympathy following the revision, declining 7.1% and 4.8%, respectively. Carnival — Shares added 8.7% after the cruise company posted a second-quarter earnings and revenue beat. Carnival reported profit of 11 cents per share, excluding items, on revenue of $5.78 billion, while analysts surveyed by LSEG had expected a loss of 2 cents per share on revenue of $5.68 billion. Carnival also offered strong third-quarter and full-year outlooks. Sea Limited — U.S. shares of the Singapore-based consumer internet stock retreated 2.2% on the heels of a JPMorgan downgrade to neutral from overweight. The bank said Sea could be hurt by more competition. Penn Entertainment — The casino operator and online gambling platform’s stock fell about 5.6% after Raymond James downgraded it to market perform from outperform. The firm believes its current valuation is “appropriate” and sees upside being capped around $20 a share. The stock has surged more than 14% in one month. Airbus — The stock was down more than 9% in France after the company announced it was slashing its financial targets for 2024. Airbus said Monday that it is expecting lower earnings and fewer commercial aircraft to be delivered this year. Nvidia — Shares of the chipmaker moved about 6.8% higher after falling more than 6% in the previous session. Its sell-off on Monday marked its biggest one-day slide since April 19. Enovix — Shares of the advanced silicon battery company surged around 35% after it agreed to deliver silicon batteries and packs for a mixed reality headset. Enovix will receive a one-time payment for tooling to support battery pack dimensions, which will then be followed by other payments for the delivery of both sample and production quantities. Novo Nordisk — The stock rose more than 3% following news that its weight loss treatment, Wegovy, has been approved for long-term weight management in China. The drug will initially be available to patients with a body mass index of 30, which is the threshold for obesity, and at least one weight-related comorbidity. Rivian — The electric vehicle stock jumped 8.6% after Guggenheim initiated coverage with a buy rating. The investment firm said Rivian’s margins and cash burn appear to be improving. Spirit AeroSystems Holdings — Shares of the Boeing supplier fell about 4% following a Bloomberg report that Boeing is switching its acquisition offer from cash to stock. The bid to buy the company is reportedly valued at around $35 per share. — CNBC’s Alex Harring, Lisa Kailai Han and Jesse Pound contributed reporting. This post has been syndicated from a third-party source. View the original article here.
