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Home»Finance»Stocks making the biggest moves midday: LULU, S, MDB
Finance

Stocks making the biggest moves midday: LULU, S, MDB

June 2, 2023No Comments4 Mins Read
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Stocks making the biggest moves midday: LULU, S, MDB
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A boarded up T-Mobile location in New York, after looting occurred the previous night, June 2, 2020.

Dan Magan | CNBC

Check out the companies making headlines in midday trading.

Lululemon — The athleisure apparel company rallied 12% on strong fiscal first-quarter earnings results. The company posted a top- and bottom-line beat and a 24% year-over-year increase in sales. Lululemon also raised its guidance for the full year.

Wireless phone providers, Amazon — Shares of wireless phone service providers struggled after a report from Bloomberg News that Amazon is weighing offering wireless service to Prime members. Amazon later said in a statement it’s not planning to add wireless “at this time.” Shares of AT&T and Verizon fell more than 3% each, while T-Mobile lost 7.2%. Amazon traded 1.8% higher, while Dish Network popped 19%.

MongoDB — Shares of the data developer rocketed 27% after the company forecast strong fiscal first-quarter earnings and boosted its full-year guidance. MongoDB also surpassed Wall Street’s estimates for the recent quarter, with adjusted earnings coming in at 56 cents per share, nearly three times the Refinitiv consensus estimate of 19 cents per share.

SentinelOne — The cybersecurity stock sank more than 36% after SentinelOne’s revenue fell short of expectations. SentinelOne posted revenue of $133.4 million, below a FactSet forecast of $136.6 million. The company cited macroeconomic pressure as a contributor to slowing sales growth in a shareholder letter and cut its full-year revenue guidance.

Broadcom — Shares of the chipmaker added 2.8% in midday trading on the back of better-than-expected quarterly results. Broadcom earned $10.32 per share on revenue of $8.73 billion. Analysts expected a profit of $10.08 per share on revenue of $8.71 billion. Bank of America also reiterated a buy rating on the stock and raised its price target, citing an undervalued artificial intelligence segment.

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Dupont de Nemours — The chemicals products stock added 8% after DuPont reached a settlement with the U.S. Water Systems to rectify PFAS-related claims in drinking water. PFAS stands for per- and polyfluoroalkyl substances. Chemours Co. and Corteva, also involved in the settlement, rose 23% and 3.5%, respectively.

Zscaler — Zscaler shares gained 7% on fiscal third-quarter results that beat Wall Street’s expectations and better-than-expected guidance. Earnings per share came in at 48 cents, 6 cents above a Refinitiv consensus.

Five Below — The value retailer’s shares jumped 6% following a mixed earnings report for the previous quarter. Bank of America reiterated its buy rating on Five Below shares in a Friday note, citing the company’s “recession resilience.”

The Trade Desk — The online ad company saw its shares jump over 3.7% after a Morgan Stanley upgrade to overweight from equal weight. The bank said The Trade Desk is a top pick poised to thrive in a stabilizing market for sales. Its $90 price target represents a more than 20% upside for the stock.

PagerDuty — Shares slumped 17% after the IT cloud company issued second-quarter revenue guidance that missed expectations. PagerDuty sees revenue for the quarter as high as $105.5 million. Analysts polled by StreetAccount expected guidance around $108 million.

Dell — The tech stock climbed more than 3% after the company posted quarterly earnings and revenue that beat Wall Street expectations. Dell posted a profit of $1.31 per share for the latest quarter, beating a Refinitiv estimate of 86 cents. Revenue of $20.92 billion also came in higher than an estimate of $20.27 billion.

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Samsara — The cloud company popped 30% after reporting a smaller-than-expected first-quarter loss and lifting its full-year sales guidance. Samsara reported a loss of 2 cents a share on $204.3 million in revenue. That’s above the expected loss of 5 cents a share and $191.9 million in revenue, according to FactSet.

FibroGen — Shares rose 6.2% following an upgrade to buy from hold by Stifel. The firm said the company is focused on the development of two potentially “first-in-class” drugs.

Ginkgo Bioworks — The biotech stock dropped 6.7% on the back of a downgrade to sell from neutral by Goldman Sachs. Goldman said the company could see slower growth in new programs given the macro environment and cooling spending.

— CNBC’s Yun Li, Hakyung Kim, Brian Evans and Alex Harring contributed reporting.

Biggest LULU Making MDB midday Moves Stocks
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