Latest News

Stocks making the biggest moves midday: Asana, Brown-Forman, Shake Shack, Shopify and more

0

Check out the companies making headlines in midday trading. Shopify — Shares fell 4.8% on the back of the company’s investor day, which took place Tuesday. A lack of concrete long-term guidance left some analysts muted on the stock. The company’s strong performance in 2023 — shares have more than doubled year to date — also had some analysts forecasting a potential pullback in 2024. Asana — The software company shed 16.7% after management warned investors warned investors that macroeconomic headwinds are ongoing. On Tuesday, Asana beat analysts’ expectations in the third quarter, reporting a smaller-than-anticipated adjusted loss. Brown-Forman – Shares of the alcoholic beverage manufacturer shed 10% after Brown-Forman missed analysts’ expectations for the fiscal second quarter. Brown Forman posted earnings of 50 cents per share on revenue of $1.11 billion, while analysts polled by FactSet called for 51 cents per share in earnings and $1.15 billion in revenue. Campbell Soup – Shares of Campbell jumped 7% after the food manufacturer beat earnings estimates for the fiscal first quarter. Campbell Soup posted adjusted earnings of 91 cents per share, while analysts polled by LSEG anticipated 88 cents per share. Revenue of $2.52 billion was in line with estimates. Discover Financial — The stock added 1.6% after Bank of America upgraded the consumer financial services firm to buy from neutral. “We are in the latter stages of the current credit cycle and expect losses to peak in 2H2024,” the bank said. Sphere Entertainment — The live entertainment company added 10% following an upgrade to buy from neutral at Guggenheim. The firm cited strong demand as a catalyst for the move. Plug Power — Shares slipped nearly 6% following a downgrade by Morgan Stanley to underweight from equal weight . The bank said it sees significant risks around Plug Power’s business model given the operational challenges it has encountered with its green hydrogen facilities. Morgan Stanley also cut its price target by 50 cents to $3 per share. Signet Jewelers — Shares added 6% after Citi upgraded the name to a buy rating from neutral, stating that the “jewelry recession” is nearly over. Shake Shack — Shares of the burger chain gained 2% following an upgrade to strong buy from outperform at Raymond James. “We believe the company is still in the early innings of driving improved margins and lowering development costs and see idiosyncratic opportunities into 2024 to increase margins and potentially stimulate traffic, which could create upside to consensus 2024 expectations,” the bank said. Robinhood — The financial technology firm rose more than 7% after Mizuho reiterated the stock as a buy. “Following strong November crypto data, it was nice to hear that management is equally bullish on continuing to gain share in crypto,” the firm wrote. Toll Brothers — Shares of the homebuilder rose nearly 2% after Toll’s fiscal fourth quarter topped Wall Street estimates. Late Tuesday, the company beat analysts’ expectations on the top and bottom lines. Toll’s gross margin on home sales increased year over year. Box — The cloud company slid more than 10% a day after issuing disappointing third-quarter earnings. Box reported adjusted earnings of 36 cents per share on $262 million in revenue, lower than the 38 cents per share in earnings and $264 million of revenue that analysts polled by LSEG had expected. — CNBC’s Michelle Fox, Hakyung Kim, Jesse Pound and Darla Mercado contributed reporting.

Charlie Munger’s Final Advice For Investors Is About Embracing Value In Unlikely Places: ‘If Something Is Really Cheap, Even Though It’s A Crappy Company, I’m Willing To Consider Buying It’

Previous article

Container ship crashes in Suez Canal

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News