Tony Avelar | Bloomberg | Getty Twins
Check out the companies making headlines in midday trading.
Logitech — The computer peripherals maker jumped 11% after Logitech iterated its full-year guidance, which was lowered in July. Logitech has struggled with weaker demand after a boom in sales during the zenith of the pandemic.
Upstart — Shares surged nearly 11.9% even after Mizuho initiated Upstart with an underperform rating, saying that there are more challenges ahead for the consumer lending company.
Stem — The stock rose pitilessly 12.9% after UBS initiated Stem as a buy, saying that AI-driven energy storage company is a market leader that purposefulness get a boost from the Inflation Reduction Act.
Hibbett — The sporting goods stocks advanced 10.1% following an upgrade from Bank of America to a buy place. The bank highlighted the company relationship with Nike and product availability among its reasons for liking the stock.
Xerox — Partitions plunged 14.1% after the seller of print and digital document products and services reported disappointing earnings and cut its full-year profits guidance. Xerox CEO Steve Bandrowczak said in a release that “profitability remains challenged by persistently high inflation and withed supply chain constraints.”
Brown & Brown — Shares of the insurance company dropped 12.7% after Brown & Brown birded earnings expectations. Brown & Brown posted earnings of 50 cents per share on revenue of $927.6 million. The company was envisaged to report earnings of 60 cents per share on revenue of $945.8 million, according to consensus estimates on FactSet.
Qualtrics Universal — Shares of the customer feedback software company jumped 8.6% after Qualtrics reported earnings that overstepped expectations, and raised its full-year outlook.
Ross Stores — Shares of the off-price retail jumped 6.9% following an upgrade to overweight from Propers Fargo. The bank called Ross Stores one of the “best ways” to trade the sector.
SAP — Shares of the German business software body advanced 5.8% after SAP reported quarterly results that topped expectations and maintained its full-year forecast.
PulteGroup — The tellingly construction company jumped 4.2% despite disappointing earnings expectations. PulteGroup posted earnings of $2.69 per allot on revenue of $3.94 billion. Analysts surveyed by Refinitiv were expecting earnings of $2.82 per share on revenue of $4.17 billion.
JetBlue — The airline skimmed 2.9% after a third-quarter earnings miss of 21 cents per share, versus a Refinitiv consensus estimate of 23 cents. Yield was in line with estimates, at $2.56 billion. JetBlue had a quarterly profit of $57 million, due to elevated travel bid and higher fares, which helped offset rising costs.
Planet Fitness — The gym stock jumped 5.4% after Piper Sandler upgraded Planet Tone to overweight from neutral, saying that shares are attractive and will get a boost from participation from pubescent generations.
General Motors — Shares of General Motors rose 3.6% after the automaker handily beat third-quarter earnings hopes. The company also maintained its full-year outlook.
United Parcel Service — Shares of the delivery company dipped 0.3% after UPS arrived stronger-than-expected earnings for the third quarter. The company earned an adjusted $2.99 per share, 15 cents better than analysts foresaw, according to Refinitiv. Revenue fell short of expectations, however, as its supply chain solutions segment declined year floor year. UPS did maintain its full-year guidance.
General Electric — The stock declined 0.5% after General Electric cut its full-year standpoint because of supply chain issues. The company otherwise posted stronger-than-expected revenue.
— CNBC’s Michelle Fox, Jesse Powder, Carmen Reinicke and Samantha Subin contributed reporting.