Stocks making the biggest moves midday: Starbucks, Roku, Eli Lilly, Affirm and more
Check out the companies making headlines in midday trading. Starbucks — Shares jumped more than 10% after the company posted an earnings and revenue beat in the fiscal fourth quarter. Management also reported better-than-expected performance in China, its second-largest market. Roku — The streaming video platform rallied 25% after its latest quarterly announcement. The company’s third-quarter revenue and guidance for the fourth quarter came above analysts’ expectations. Roku reported $912 million in revenue, versus the $855 million Wall Street had forecasted, according to LSEG. SolarEdge — The solar stock dropped 7.5% a day after SolarEdge posted disappointing third-quarter results and slashed its outlook for the current quarter’s revenue. The company was downgraded on Thursday by multiple firms, including Truist, BMO Capital Markets and Guggenheim, on the back of its earnings. Shopify – Shares of the e-commerce company soared 21% after Shopify beat on the top and bottom lines for the third quarter. Shopify, which makes tools for companies to sell products online, also gave upbeat guidance for the remainder of the year. The stellar earnings report came after Shopify sharpened its focus on costs. Palantir — Shares surged 17.2% after the company’s third-quarter results topped estimates from strong demand for its AI offerings. Palantir also raised its revenue guidance to between $2.216 billion and $2.22 billion for the full year. Moderna — Shares of the drugmaker tumbled more than 9% after Moderna posted a steep third-quarter earnings loss amid a decline in demand for its Covid vaccine. The company said it took a big write-down because of unused vaccines. e.l.f. Beauty — The cosmetics company added 2.2% a day after beating expectations of analysts polled by LSEG for its fiscal second quarter. The company also raised its full-year outlook for the second quarter in a row. Eli Lilly — Shares of the drug maker jumped over 4% after the company reported third-quarter revenue and adjusted earnings that topped estimates on strong demand for its diabetes drug Mounjaro . However, the company slashed its full-year profit guidance due to charges primarily related to its recent acquisitions. Clorox — Shares rallied more than 7% Thursday after the company posted an earnings and revenue beat in the fiscal first quarter. Although management cut its 2024 fiscal year earnings and general margins guidance, it said there were no structural issues related to its cyberattack earlier in the year. Penn Entertainment – Shares of the sports betting and casino company jumped more than 13% after the firm reported third-quarter earnings. The rally came even after Penn posted a loss of $4.80 per share. Morgan Stanley said the core beat on margin was enough to trigger a relief rally and investors are shifting focus to its digital launch to ESPN later this month. Affirm Holdings — The digital payments platform surged 16% on news that Amazon would be expanding its partnership with Affirm to include Amazon Business. Marriott International — Shares fell 2.6% after the company offered weak earnings guidance for the fourth-quarter. Earnings in the third quarter came in-line with estimates, while revenue managed to top analysts’ expectations. CyberArk Software — The software solutions company rose 8% after posting a top- and bottom-line beat for the third quarter. CyberArk’s fourth-quarter and full-year earnings guidance also came in above analysts’ estimates. Crocs — The shoe company shed 7.5% despite posting better-than-expected third quarter results. Management lowered the company’s full-year earnings, revenue and operating margins guidance. Rockwell Automation — Rockwell Automation dropped more than 3% after issuing a weak full-year outlook . For the year ending September 2024, the industrial automation company projects per-share adjusted earnings in the range of $12 to $13.50, compared to the FactSet consensus estimate of $13.21 earnings per share. It guided for revenue growth in the range of an year-over-year increase of 0.5% to 6.5%, versus the estimate of a 6.4% increase. Otherwise, the company beat fiscal fourth-quarter earnings and revenue expectations. Papa John’s International – The pizza chain declined more than 6%, hitting a new 52-week low, after missing on both earnings and revenue in the third quarter. Papa John’s reduced its 2023 North America development expectations to 245 net new units, down from 260, due to “the dynamic geopolitical environment.” — CNBC’s Sarah Min, Yun Li, Michelle Fox, Pia Singh and Alex Harring contributed reporting
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