Stocks making the biggest moves midday: Peloton, Toast, Illumina and more
Check out the companies making the biggest moves midday:
Peloton — Shares of Peloton jumped 6% after the company told employees it was cutting about 780 jobs, raising prices on some equipment and closing a number of retail stores.
Illumina — The gene-sequencing technology company dropped more than 9% after reporting lower-than-expected second-quarter profit and revenue. Illumina also issued an outlook that fell short of analyst estimates.
New York Times — Shares of the newspaper fell 3%, retreating from a near 11% rally in the previous session. Thursday’s rally came after activist investor ValueAct Capital took a 6.7% stake, pushing the publisher to charge more for subscriber-only content.
Toast — Shares of the payment tech company jumped more than 12% after it raised its earnings outlook for the year. The company also reported a loss for the latest quarter, but it was narrower than what analysts had anticipated.
Rivian — Shares of the electric vehicle maker added nearly 1% after beating revenue expectations in the most recent quarter and posting a smaller-than-expected loss per share. Rivian reiterated its delivery guidance for the year said it expects a bigger-than-anticipated loss.
Poshmark — The online fashion retailer saw its shares tumble almost 10% after issuing weaker-than-expected revenue guidance for the current quarter. While it reported a loss in the second quarter, sales beat analyst expectations.
Teladoc — Shares of Teladoc gained more than 5% after DA Davidson initiated coverage of the telehealth company with a buy rating.
Olo — The restaurant software maker plummeted 33% following a weaker-than-expected current quarter and full-year revenue outlook. Additionally, Olo second-quarter revenue missed expectations.
Alliant Energy — The Wisconsin utility moved almost 2% higher after being upgraded by Bank of America to buy from neutral. The firm increased its price target to $70 from $62, noting that Alliant Energy is poised to be one of the winners from the Inflation Reduction Act.
LegalZoom – Shares rose nearly 22% after the online legal platform reported quarterly results after the bell on Thursday that beat analyst expectations. While second-quarter revenue climbed 9% year-over-year, the company reported a net loss of $13.2 million for the quarter.
Six Flags – Shares of the theme park company started to recover an 18.7% loss on Thursday, up almost 8% on Friday. Six Flags posted second-quarter earnings that sharply missed expectations Thursday and was downgraded by Keybanc on Friday to sector weight from overweight.
China ADRs — Five China ADRs saw their shares fall after applying to delist their ADRs in the U.S. China Life Insurance dropped 3%, and oil giant China Petroleum & Chemical, known as Sinopec, fell 2.79%. Aluminum Corporation of China dropped 2.6%, PetroChina fell 3.2% and a separate Sinopec entity, Sinopec Shanghai Petrochemical Co, shed 2.8%.
— CNBC’s Carmen Reinicke, Samantha Subin, Sarah Min, Yun Li and Tanaya Macheel contributed reporting.