Moderna, Nvidia, Etsy and more
The medical syringe is seen with the Moderna company logo displayed on a screen in the background in this illustrative photo taken in Poland.
Jakub Porzycki | NurPhoto | Getty Images
Find out which companies are making the midday headlines.
Moderna – Moderna shares fell 19% after a weaker than expected quarterly report. The drugmaker slashed its Covid-19 vaccine sales forecast for the year and missed its third-quarter profit and revenue expectations. Moderna earned $ 7.70 per share for its most recent quarter against Refinitiv’s consensus estimate of $ 9.05.
Penn National Gaming – Shares of Penn National Gaming fell about 20% after the quarterly results were released. The company reported adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) of $ 480.3 million against StreetAccount’s consensus estimate of $ 537.8 million. Penn management said the third quarter was affected by Hurricane Ida and delta Covid variant outbreaks.
Nvidia – Shares of Nvidia rose 12% after Wells Fargo raised its share price target to a high of $ 320 per share from $ 245, citing a bullish outlook on the company’s Omniverse. “We see NVIDIA Omniverse as a key catalyst / platform for the development of the Metaverse across a wide range of vertical applications,” analysts said.
Etsy – Shares in the online craft market jumped 14% after reporting third-quarter earnings beating analysts’ expectations. Etsy posted a profit of 62 cents per share, beating StreetAccount’s consensus estimate of 55 cents.
Qualcomm – Shares of the chipmaker climbed more than 12% after a better-than-expected earnings report. The company reported fourth quarter earnings and revenue that exceeded analysts’ expectations. Qualcomm reported a 56% year-over-year increase in smartphone chip sales despite a global chip shortage.
Planet Fitness – Shares of Planet Fitness rose 12% after the fitness center chain beat both top and bottom results. The company posted adjusted earnings of 25 cents per share against the StreetAccount consensus of 18 cents per share. Planet Fitness has also raised its revenue forecast for the year as a whole.
Roku – Roku shares fell 8.3% after a weaker than expected quarterly earnings report. The streaming company posted revenue of $ 680 million, while Refinitiv forecast $ 683.4 million. Roku also released a lower than expected fourth quarter revenue forecast.
Lumen Technologies – Lumen shares gained 12% after the telecommunications company reported better-than-expected quarterly results for earnings per share. The company reports adjusted earnings of 49 cents per share against StreetAccount’s consensus estimate of 38 cents per share.
Qorvo – Semiconductor stock fell 14% after the company’s sales forecast fell well below expectations. Bank of America lowered the stock to neutral from buy, saying Qorvo’s revenue growth through 5G is slowing, which could lead to a significant decrease in revenue growth in the years to come.
Take-Two Interactive – Take-Two shares rose 2.6% after the video game company’s quarterly earnings beat expectations. The company had revenue of $ 984.9 million, against a Refinitiv consensus of $ 867.5 million. Take-Two has 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 exceeded revenue expectations and raised its outlook for the full year.
ViacomCBS – Shares of ViacomCBS fell 3.6% despite the media firm’s better-than-expected earnings report. The company posted revenue of $ 6.61 billion against a StreetAccount consensus of $ 6.56 billion. ViacomCBS results were in line with estimates.
Wayfair – Shares of Wayfair fell 4.7% after the online home goods seller reported lower than expected earnings. Wayfair beat the consensus on StreetAccount’s earnings per share. The company said consumers are turning more to physical stores as Covid restrictions ease.
MGM Resorts – MGM shares fell more than 2% after announcing it would sell operations at its Mirage casino in Las Vegas. Bloomberg first reported the news. No sales deal has been reached, MGM said, and the company has not disclosed the names of potential buyers.
Capri Holdings – Shares of the fashion brand climbed more than 5% after Capri beat earnings estimates for its second quarter. Parent company Versace has also raised its annual profit and sales forecast. JPMorgan upgraded the title from neutral to overweight after the report, saying the company was showing strength in several brands.
SunPower – Shares of the residential solar company fell more than 1% after SunPower missed revenue expectations in the third quarter. The company’s sales were $ 324 million for the period, below the $ 333 million expected by analysts polled by Refinitiv. SunPower recently announced a restructuring to double the residential solar marketing.
– CNBC’s Tanaya Macheel, Jesse Pound, Yun Li and Pippa Stevens contributed reporting