FTNT, SHOP, LYFT and more
Check out the companies making headlines in midday trading. Fortinet – The cybersecurity stock was the biggest advancer in the S & P 500 on Wednesday, surging 26% after Fortinet posted a strong second-quarter report, as well as upbeat current quarter guidance. The cybersecurity company posted adjusted quarterly earnings of 57 cents per share on revenue of $1.43 billion. Analysts polled by LSEG had anticipated earnings of 41 cents per share on revenue of $1.40 billion. Shopify – The stock popped more than 22% after the Canadian e-commerce company beat expectations for the second quarter. For the third quarter, Shopify said it anticipates revenue growth in the low-to-mid-20s percentage rate range compared to the same period last year. Analysts had expected year-over-year sales growth of 20.9%, per FactSet. Lyft – The stock declined more than 12% after the ride-hailing company posted softer-than-expected third-quarter guidance . Lyft sees adjusted earnings before interest, taxes, depreciation and amortization coming in between $90 million and $95 million. Analysts anticipated a forecast of $103.4 million, per FactSet. Airbnb – Shares plummeted more than 13% after the company issued weaker-than-expected revenue guidance for the third quarter. Airbnb expects revenue to come in between $3.67 billion and $3.73 billion, while analysts polled by FactSet were expecting $3.84 billion. Super Micro Computer – Shares of the server company sank 16% after posting an earnings miss and drop in gross margins during its fiscal fourth-quarter results. That overshadowed strong guidance due to ongoing artificial intelligence demand. Super Micro Computer also announced a 10-for-1 stock split. Lumen Technologies – Shares surged 40% after the cloud network data company posted second quarter revenue that topped the Street’s expectations. Lumen reported $3.27 billion in revenue, while analysts polled by LSEG sought $3.25 billion. Goldman Sachs also upgraded the stock to neutral from sell. Lumen has been on a hot streak this week after announcing $5 billion in new business, driven by AI demand. Upstart Holdings – The stock soared 49% after the company reported better-than-expected quarterly results. Upstart posted an adjusted loss of 17 cents per share on revenue of $128 million. According to LSEG, analysts were expecting a loss of 39 cents per share on $125 million in revenue. Novo Nordisk – Shares tumbled 8% after the Wegovy drugmaker posted disappointing second-quarter results and lowered its operating profit outlook for the full year. While the stock has run up more than 25% year to date thanks to optimism around its weight-loss drugs, the latest report is raising concerns it is seeing pressure from Eli Lilly’s Zepbound and Mounjaro. V.F. Corporation – The stock jumped around 12% following the company’s better-than-expected first-quarter earnings results. V.F. Corp posted an adjusted loss of 33 cents per share on revenue of $1.91 billion. That’s better than the consensus estimate of a loss of 37 cents per share on $1.85 billion in revenue, per FactSet. Sunrun – Shares spiked more than 12% after CEO Mary Powell revealed that the company is having conversations with many of SunPower’s former dealers and even bringing some of them on as partners. This comes after SunPower filed for Chapter 11 bankruptcy protection on Monday. Global Payments – The stock rose around 8% after the company beat the Street’s second-quarter earnings estimates. Global Payments posted adjusted earnings of $2.93 per share for the period. Analysts polled by FactSet were expecting $2.91 per share. Amgen – Shares moved more than 5% lower after the biotech company missed Wall Street’s earnings expectations. Amgen posted adjusted earnings of $4.97 per share, below the $4.98 per share that analysts polled by FactSet were expecting. The company also narrowed its full-year earnings outlook. Rivian Automotive – The electric vehicle stock dipped more than 2% after the company’s net losses in the second quarter widened to $1.46 billion from $1.2 billion in the year-ago period. The company did top expectations for certain metrics, with an adjusted loss of $1.13 per share. Analysts surveyed by LSEG were looking for a loss of $1.21 per share. Advanced Micro Devices – Shares rose nearly 2% on Piper Sandler reiterating it as a top pick , anticipating “significant” market share gains within the traditional server market. Analyst Harsh Kumar sees upside for the stock of more than 30%. Reddit – Shares of the social news company sank 5.7% even after Reddit posted second-quarter results that beat estimates on top and bottom lines. Reddit also issued its third-quarter outlook, saying it now expects sales to range between $290 million and $310 million, while analysts expected $278.7 million. — CNBC’s Sarah Min, Jesse Pound, Samantha Subin, Pia Singh and Michelle Fox contributed reporting.
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