Check out the companies making headlines in midday trading.
Moderna — Moderna shares tumbled 19% after a weaker-than-expected quarterly report. The drug maker cut its Covid-19 vaccine sales forecast for the year and missed third-quarter earnings and revenue expectations. Moderna earned $7.70 per share for its latest quarter versus the $9.05 Refinitiv consensus estimate.
Penn National Gaming — Shares of Penn National Gaming sank about 20% after issuing quarterly results. The company reported adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) of $480.3 million versus the StreetAccount consensus estimate of $537.8 million. Penn management said the third quarter was affected by Hurricane Ida and flare-ups of the delta Covid variant.
Nvidia — Shares of Nvidia rallied 12% after Wells Fargo raised its price target on the stock to a Street high of $320 per share from $245, citing a bullish outlook on the company’s Omniverse. “We see NVIDIA Omniverse as a key enabler/platform for the development of the Metaverse across a wide range of vertical apps,” analysts said.
Etsy — The online crafts marketplace’s shares surged 14% after reporting third-quarter earnings that beat analysts’ expectations. Etsy recorded a profit of 62 cents per share, beating StreetAccount’s consensus estimate of 55 cents.
Qualcomm — Shares of the chipmaker popped more than 12% after a better-than-expected earnings report. The company reported its fiscal fourth-quarter earnings and revenue that exceeded analysts’ expectations. Qualcomm reported a 56% year-over-year boost in smartphone chip sales despite a global chip shortage.
Planet Fitness — Shares of Planet Fitness rose 12% after the fitness center chain beat on the top and bottom lines. The company posted adjusted earnings of 25 cents per share versus the StreetAccount consensus of 18 cents per share. Planet Fitness also raised its full-year revenue forecast.
Roku — Roku shares slid 8.3% after a weaker-than-expected quarterly revenue report. The streaming company posted revenue of $680 million, while Refinitiv forecast $683.4 million. Roku also issued a fourth-quarter revenue forecast below expectations.
Lumen Technologies — Lumen shares gained 12% after the telecommunications company posted better-than-expected quarterly results for per-share earnings. The company report an adjusted profit of 49 cents per share versus the StreetAccount consensus estimate of 38 cents per share.
Qorvo — The semiconductor stock fell 14% after the company’s sales guidance came in well below expectations. Bank of America downgraded the stock to neutral from buy, saying that the boost to Qorvo’s revenue from 5G was slowing, possibly creating a significant decrease in revenue growth in the years ahead.
Take-Two Interactive — Take-Two shares added 2.6% after the video game company’s quarterly revenue beat expectations. The company posted revenue of $984.9 million, versus the Refinitiv consensus of $867.5 million. Take-Two also raised its outlook.
Electronic Arts — Shares of Electronic Arts gained 2.7% after the video game maker beat Wall Street’s quarterly earnings expectations. The video game maker also topped revenue expectations and hiked its full-year outlook.
ViacomCBS — ViacomCBS shares fell 3.6% despite the media company’s better-than-expected revenue report. The company posted revenue of $6.61 billion versus the StreetAccount consensus of $6.56 billion. ViacomCBS’s earnings results were in line with estimates.
Wayfair — Shares of Wayfair slid 4.7% after the online home goods seller reported lower-than-expected revenue. Wayfair did beat the StreetAccount earnings-per-share consensus. The company said consumers are trending more toward brick-and-mortar stores as Covid restrictions ease.
MGM Resorts — Shares of MGM fell more than 2% after it announced it will sell the operations of its Mirage casino in Las Vegas. Bloomberg first reported the news. No sales agreement has been reached, MGM said, and the company didn’t disclose the names of potential buyers.
Capri Holdings — Shares of the fashion brand company climbed more than 5% after Capri beat estimates on the top and bottom lines for its second quarter. The Versace parent company also hiked its full-year guidance for earnings and sales. JPMorgan upgraded the stock to overweight from neutral after the report, saying the company was showing strength across multiple brands.
SunPower — Shares of the residential solar company slid more than 1% after SunPower missed revenue expectations during the third quarter. The company’s sales stood at $324 million for the period, short of the $333 million analysts surveyed by Refinitiv were expecting. SunPower recently announced a restructuring aimed at doubling down on the residential solar market.
— CNBC’s Tanaya Macheel, Jesse Pound, Yun Li and Pippa Stevens contributed reporting