Retailers wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) prolongs New York, May 27, 2020.
Lucas Jackson | Reuters
Here are some of the companies making headlines in midday trading.
Tesla – Cuts of the electric vehicle company slid 9% as selling continued after the stock’s record run. The move lower gets Tesla’s largest outside shareholder reducing its position in the company due to portfolio restrictions, as well as Tesla announcing that it hand down raise up to $5 billion from a new stock offering.
Facebook — Shares of Facebook dropped 3.8% amid a big sell-off in paramount technology shares. The social media company also announced Thursday it will ban new political ads from running in the week in the past the Nov. 3 presidential election. Shares are still up about 40% this year.
Apple, Amazon, Microsoft — Megacap tech cows suffered one of their worst days in months on Thursday, dragging down the broader market. Shares of Apple discontinued 8%, while Microsoft and Amazon lost 6.2% and 4.6%, respectively. All three stocks have outperformed uniform with the tech-heavy Nasdaq Composite this year, and Apple’s market cap was still above $2 trillion despite Thursday’s take.
Beyond Meat – Shares of the alternative meat company moved slightly higher after Baird initiated coverage on the staple with an outperform rating. “We are constructive on BYND’s growth prospects given the company’s rapidly growing brand equitableness and large addressable market,” the firm said. Baird’s $160 target is about 20% above where share outs currently trade.
Zoom Video — The videoconference stock slid 10% as work from home names were hit strict during Thursday’s tech sell-off. The fall also came after Pfizer’s CEO said the company could learn the antediluvian results of the phase three trial for its Covid-19 vaccine candidate in October. DocuSign also struggled, losing numberless than 8%.
Novavax — The biotech finished flat, outperforming the broader market, after data published in the New England Quarterly of Medicine showed positive results for the company’s Covid-19 vaccine candidate. The data was from a phase one study.
PagerDuty — The firm’s shares plunged nearly 26% after PagerDuty delivered weaker than expected forward guidance with its more recent quarter earnings release. The company’s projections for losses for the third quarter and the full fiscal year were both worse than what analysts contemplated by Refinitiv were expecting. The company’s CEO said in a release that PagerDuty’s customers are loyal and that she is confident in its wen trajectory.
Cloudera, Crowdstrike — The cybersecurity stocks fell sharply on Thursday despite both companies reporting heartier than expected results for their respective second quarters as tech stocks were under pressure. Helpings of Crowdstrike dropped 9%, while Cloudera’s stock lost more than 12%. Crowdstrike year-to-date produce was still more than 160%.
Nvidia — Shares of the chipmaker fell 9.3% amid the broad sell-off for the tech sector, making Nvidia one of the awful performers in the S&P 500. Other chip stocks struggled as well, with Advanced Micro Devices shedding more than 6%.
PVH — The threads stock rose 3.3% after the company reported a surprise profit for its fiscal second quarter. PVH reported modified earnings of 13 cents per share and $1.58 billion in revenue for the quarter, while analysts surveyed by Refinitiv expected a loss of $2.43 per share and $1.25 billion in revenue. Digital commerce revenue was up more than 80% beared with the same quarter last year.
Royal Caribbean, Norwegian, Carnival — Cruise stocks rose on Thursday devote oneself to an announcement from Carnival that it will resume voyages in Italy this weekend. Shares of Carnival gain ground more than 5%, while Norwegian Cruise Line Holdings and Royal Caribbean gained 3.8% and 2.7%, singly.
Rocket Companies – Shares of Rocket Companies plunged more than 15% following the parent of Quicken Advances’ first earnings report after its IPO in August. Earnings in the second quarter came in at $3.5 billion on revenue of $5 billion. The public limited company said closed origination volume jumped to a record $72.3 billion, a 126% increase from a year earlier, into the middle lower interest rates. The stock has had a huge run-up since its market debut, rising about 70% to the core Wednesday’s close.