Traders work as screens displaying trading information for Kroger Co. and Albertsons Companies Inc. on the floor of the New York Stock Exchange, Oct. 14, 2022.
Brendan McDermid | Reuters
Check out the companies making headlines in midday trading.
Hudson Pacific Properties — The California-based commercial real estate company slipped 4.2% after suspension of the common stock dividend. Chief Executive Victor Coleman attributed the move to tougher market conditions, including the Hollywood strike.
Avid Bioservices — Shares fell 4.7% after the company reported disappointing quarterly results. Avid reported a loss of 3 cents a share, matching a StreetAccount forecast. The company’s revenue was just above estimates at $37.73 million.
Planet Labs – The satellite imagery company plunged 17% after reporting a bigger-than-expected loss for the second quarter. Planet Labs lost an adjusted 14 cents a share on revenue of $53.8 million. Analysts polled by LSEG, formerly known as Refinitiv, expected a loss of 8 cents per share on revenue of $54.1 million.
Kroger — The supermarket group rose 3% on better-than-expected second-quarter earnings. Kroger earned 96 cents per share on an adjusted basis, beating the LSEG estimate of 91 cents per share. Second-quarter revenue, however, fell short of expectations at $33.85 billion.
DocuSign — Shares slipped 2.7% despite a drop in earnings the day before. DocuSign reported an adjusted 72 cents per share on revenue of $688 million, while analysts surveyed by LSEG forecast an adjusted 66 cents per share and revenue of $678 million.
Snowflake – Cloud data stock rose 3.7% after DA Davidson ushered it in with a buy rating. The company highlighted Snowflake’s potential benefit from the growing demand for artificial intelligence applications.
First solar — Shares of the solar panel maker rose 1.4% after Deutsche Bank upgraded First Solar to “buy” from “hold,” citing the company’s strong ongoing demand. The company said First Solar is at an “attractive entry point.”
RH – The home goods store tumbled more than 13% after a third-quarter profit tumble. This was announced by CEO Gary Friedman to shareholders He expects macroeconomic headwinds to persist for the remainder of 2023, putting further pressure on the luxury real estate market.
Gilead Sciences – Gilead rose 3% on Friday after Bank of America upgraded the stock to “buy” from “neutral” and raised its price target. She pointed to potential catalysts such as stronger-than-expected sales of her drugs to treat HIV/AIDS. The company said it believes shares are oversold, with shares down more than 11% so far this year.
— CNBC’s Pia Singh contributed reporting.
https://www.cnbc.com/2023/09/08/stocks-making-the-biggest-moves-midday-kroger-docusign-planet-labs-first-solar-and-more.html Stocks making the biggest moves midday: Kroger, DocuSign, First Solar