Check out the companies making headlines in midday trading.
Five Below — The retail stock tumbled 13% after the company reported a quarterly revenue miss. Five Below posted $646.6 million in revenue in the second quarter, compared to forecasts of $648.3 million, according to Refinitiv. Its second-quarter earnings came in above expectations, however.
Chewy — Shares of the pet retailer took a 9.3% hit after reporting quarterly results late Wednesday. Chewy recorded a loss of 4 cents per share, which was greater than the 2 cents estimated by analysts. It also missed revenue expectations, reporting $2.16 billion for the quarter compared to estimates of $2.2 billion. Chewy pointed to a higher-than-usual level of out-of-stock products and issued a weaker-than-expected outlook.
C3.ai — Shares of the software company ticked 10.2% lower after reporting a loss of 37 cents per share, compared to analyst estimates of 28 cents, according to Refinitiv. C3.ai made $52.4 million in revenue last quarter, topping estimates of $51.2 million.
Okta — The identity management software company’s stock rose 2.6% after the company reported a smaller-than-expected loss for its second quarter. Okta reported an adjusted loss of 11 cents per share on $315.5 million in revenue. Analysts surveyed by Refinitiv were expecting a loss of 35 cents per share on $296.5 million in revenue. Investment firm Needham upgraded the stock to buy from hold following the report, citing strong growth.
ChargePoint — Shares popped 8.2% after the company gave strong third-quarter revenue guidance and raised its full-year revenue estimates. The company reported a quarterly loss of 13 cents per share on revenue of $56.1 million. Earnings matched estimates and revenue topped estimates.
Lands’ End — The clothing retailer’s stock dropped 9.1% after Lands’ End said its profit margins would moderate in the back half of its fiscal year due to supply chain challenges.Earnings beat on the top and bottom lines of quarterly results.
Hormel Foods — The food company fell 4.6% after giving full-year earnings guidance below analyst expectations. The company said it expects earnings between $1.65 and $1.69 per share, while Wall Street estimated $1.71 per share. Hormel did beat analysts’ forecasts for revenue.
Signet Jewelers — Shares of the jewelry company popped 5.7% after Signet reported earnings of $3.57 per share, well above the $1.69 per share expected by Wall Street, according to Refinitiv. Signet made $1.79 billion in revenue, topping forecasts of $1.64 billion.
— with reporting from CNBC’s Yun Li, Tanaya Macheel and Jesse Pound.
Source: Finance - cnbc.com
