The logo of printer fabricator HP is seen during an event.
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Check out the companies making headlines in noon trading.
HP — HP dropped 6.6% in midday trading after reporting a fiscal third-quarter revenue miss. Late Tuesday, the PC maker announced quarterly revenue of $13.20 billion, lower than the $13.37 billion estimated by analysts polled by Refinitiv. In another situation, its third-quarter adjusted earnings of 86 cents per share came in line with estimates.
Box — The cloud storage investment tumbled 12.3%. On Tuesday, the company delivered weak guidance for the current quarter. Box anticipates third-quarter earnings of 37 cents to 38 cents per divide up, while analysts polled by FactSet called for 39 cents per share. Full-year revenue guidance was also softer than foresaw.
Ambarella — The semiconductor stock sank 20.4% on weak third-quarter guidance. Late Tuesday, Ambarella said it guesses revenue of $50 million in the current quarter. That fell short of a Refinitiv estimate of $67.6 million in gross income. Despite the disappointing guidance, Ambarella topped second-quarter expectations on the top and bottom lines, posting a smaller-than-expected loss per stake.
PVH — Shares added 1.9% after the Calvin Klein parent reported an earnings beat late Tuesday. PVH’s settled earnings per share for the second quarter was $1.98, versus the consensus estimate of $1.76, per Refinitiv. Revenue came in at $2.21 billion, versus the $2.19 billion surmised. The company also raised its earnings outlook for the year and reaffirmed its full-year revenue guidance.
Brown-Forman — The Jack Daniel’s foster-parent slid 4% after missing Wall Street expectations for its first fiscal quarter of 2024. Brown-Forman piled 48 cents in earnings per share on $1.04 billion in revenue. Analysts polled by Refinitiv anticipated 53 cents in earnings per allocation and $1.05 billion in revenue.
Insulet — The insulin pump maker climbed 6.4% after CEO James Hollingshead reported getting 5,550 shares Tuesday. On Monday, the company announced the launch of an insulin delivery service called Omnipod 5 in Germany after above-named rollouts in the U.S. and U.K.
Fluence Energy — Shares advanced 1.1% after Barclays initiated coverage of the energy storage pedigree with an overweight rating. Barclays said the company could grow revenue 40%.
Spotify — The music streamer summed 3.4% after Wells Fargo reiterated its buy rating. The firm said it likes Spotify’s positioning for the third-quarter and fourth-quarter handling.
Apple — The Big Tech giant rose 1.9% after Citi reaffirmed its buy rating. The firm said it’s bullish conclusion into the company’s Sept. 12 event.
Rockwell Automation — The industrial automation stock retreated 2.4% run down a downgrade to underweight from equal weight by Wells Fargo. The firm warned slowing sales growth could be in the lead.
Netflix — The tech stock rose 1.1%, putting Netflix on track for its fourth-straight positive session. Wells Fargo express in a note to clients Wednesday that Netflix could have a “much longer tail” of subscriber growth as it ruptures down on password sharing and builds up its advertising tier.
Sunrun — Shares of the residential solar energy company escalate accepted about 1.8% after Citi upgraded the stock to buy from neutral. The Wall Street firm said Sunrun is “not conclude d communicate with a arrive at due credit” for numerous catalysts set to drive the stock higher, including falling component costs and investment tax credit promotes.
Align Technology — The Invisalign maker’s shares rose 0.9% after HSBC initiated coverage of the stock with a buy appraising. The firm cited further market share opportunities for Align and its strong brand presence.
— CNBC’s Samantha Subin, Hakyung Kim, Sarah Min, Yun Li, Michelle Fox and Jesse Beat out contributed reporting.