A person poses in front of a banner with the Palantir Technologies (PLDR) logo during the New York Stock Exchange (NYSE) Initial Public Offering (IPO) in Manhattan, New York City, U.S., on September 30, 2020. .
Andrew Kelly | Reuters
Take a look at the companies making headlines in midday trading.
Palantir — Shares of Palantir jumped nearly 20% after the software company beat first-quarter estimates and said it expected full-year profit. The company is seeing strong demand for its new artificial intelligence platform, CEO Alex Karp said.
3D Systems – Shares of the 3D printer maker fell 10.2% after the announcement 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 company 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 included broad layoffs.
Skyworks Solutions — Shares fell 6% after it posted weaker-than-expected fiscal third-quarter guidance. The semiconductor company forecast non-GAAP earnings per share of about $1.67, according to the Street Account.
Under Armor – The apparel company fell 5.3% after the company forecast earnings per share and earnings per share for the full year that fell short of Wall Street expectations. But Under Armor managed to beat analysts’ expectations polled by Refinitiv on both 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 estimates. Fisker said it lost 38 cents a share, more than the 30 cent loss expected by analysts polled by Refinitiv.
Plug Power – The hydrogen fuel company fell 14.1% after posting a wider-than-expected loss per share in its first quarter. Plug Power reported a loss of 35 cents per share, while analysts polled by FactSet expected a 26-cent loss. Revenue came in at $210.3 million versus the consensus estimate of $206.9 million.
Western Digital — Shares of the chipmaker fell nearly 3% after the company posted a wider-than-expected loss in the fiscal third quarter. Western Digital expects its fourth-quarter revenue to be in the range of $2.4 billion to $2.6 billion, according to Refinitiv data.
PayPal — Shares of the digital payments company fell 11% after posting a beat on top and bottom lines. PayPal raised its guidance for the full year but shared weaker-than-expected guidance for the current period.
International Flavors and Fragrances – Shares fell 7% after the company missed revenue expectations for the first quarter, citing softer end-market demand and the effects of customer inventory disposal, according to FactSet. According to FactSet, current-quarter financial guidance was weaker than Wall Street estimates, and the company lowered its full-year guidance.
DaVita – Shares of the healthcare provider rose 13.5% after the company beat revenue and earnings guidance for the first quarter, according to FactSet. The company is looking at better volume trends and meaningful labor cost improvement and improving macro environment.
Lucid Group – The electric vehicle maker fell 7.7% on the back of a poor earnings report. Lucid posted a bigger-than-expected quarterly loss, while earnings missed analysts’ consensus estimates, Refinitiv said.
Trex Company — The wood-substitute decking and railing maker beat analysts’ expectations by 8.1% in the first quarter, and provided stronger-than-expected second-quarter earnings guidance. Trex forecast second-quarter revenue of $310 million to $320 million, beating expectations of $309.0 million, according to FactSet.
McKesson — McKesson rose 7.4% after beating fourth-quarter expectations. According to FactSet, the health care company posted adjusted earnings of $7.19 per share, slightly topping analysts’ estimates of $7.18. It reported revenue of $68.91 billion, beating estimates of $68.08 billion.
Shopify – Shares fell 1.5% following a downgrade from overweight to neutral by Atlantic Equities. The rating was downgraded, citing the company as a “best-in-class product enabler with strong long-term growth prospects.”
Alphabet — Google parent Alphabet rose less than 1% this week ahead of its annual developer conference, where the company will announce its new general-purpose large-language model, PalM 2. Meanwhile, Google is set to roll out improvements to Bart and Search. “Formative Experiences.”
Shoal Technologies – Shares of the solar energy technology company soared 19% in the first quarter following a decline in revenue and earnings. Citing attractive valuation and promising market share gains, Guggenheim upgraded the stock to Buy in a note on Tuesday.
FERGUSON – The building materials company added 1.8% following an upgrade to buy by Jefferies. The company said the company’s discount to peers is declining.
Boeing — Shares advanced 2.4% after Ryanair said it would buy at least 150 of the planemaker’s 737 Max 10s.
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 short of $3.96 billion versus the $4.06 billion forecast of 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 Machil and Yun Li contributed reporting
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