Stocks making the biggest moves midday: UiPath, Coupa Software, ChargePoint, Twitter and more
Check out the companies making headlines in midday trading.
UiPath — The stock tumbled 12.9% after UiPath issued weaker-than-expected third-quarter and full-year revenue guidance. Still, the robotic process automation software company beat earnings and revenue expectations in its most recent quarter.
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Coupa Software — Coupa Software climbed 13% after posting earnings that exceeded expectations in its most recent quarter, as well as outlining strong full-year earnings and revenue guidance.
ChargePoint — ChargePoint spiked 8.2% after Credit Suisse initiated coverage of the operator of electric vehicle charging stations with a buy rating, saying shares can jump roughly 50% from here. The firm’s analyst said ChargePoint stations should get a boost from favorable U.S. regulatory policies.
Gitlab — Shares jumped 6.7% after the software developer reported a smaller loss than expected in its most recent quarter. Gitlab also issued better-than-expected third-quarter guidance.
Pinterest — The social media stock rose 4.6% after Wolfe Research upgraded it to outperform. The firm was positive on Pinterest’s new CEO, who analysts say could improve execution on the company’s long-term user and monetization goals.
Twitter — Twitter shares jumped 4.8% after a Delaware court shut down Elon Musk’s request to postpone a trial focused on his move to abandon a $44 billion deal to purchase the social media company. The court, however, said it would allow Musk to add claims from a Twitter whistleblower to his countersuit.
Starbucks — Shares of the coffee chain jumped 3% after Barclays said there was buying opportunity for the stock ahead of its upcoming investor day. Barclays said in a note to clients that it is confident in incoming Starbucks CEO Laxman Narasimhan.
Petco Health and Wellness — Shares of the pet products retailer jumped 4.5% after RBC initiated coverage with an outperform rating. Analysts noted that much of the weakening consumer environment is already reflected in the share price and believes Petco is well-positioned to take share of the U.S. pet category “given its revised company strategy, structurally advantaged real-estate portfolio and vet expansion opportunity.”
Baker Hughes — Energy stocks fell as oil prices fell to seven-month lows, with Brent crude futures and U.S. West Texas Intermediate crude sliding by more than $3 each. Shares of Baker Hughes dropped 3.2%. Halliburton declined 2.5% and Occidental Petroleum and Marathon Oil both eased 2.1%.
— CNBC’s Jesse Pound, Samantha Subin, Michelle Fox Theobald contributed reporting.
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