Check out the companies making headlines in midday trading Thursday.
Coinbase – The cryptocurrency exchange was up 10.7% after Oppenheimer said Coinbase was well-positioned while the larger sector was having its “Lehman Brothers moment.” The failed deal between Binance and FTX caused a “calamitous hurricane,” the firm said.
Rivian – The electric vehicle maker jumped 17.4% after the company reported a smaller-than-expected quarterly loss and said its production would remain on track despite supply chain snafus.
Six Flags – Shares of the theme park operator surged 13.5%. It missed top and bottom line expectations when reporting quarterly results, but announced an agreement with the investment firm H Partners that raised the cap on the firm’s stake to 19.9% from 14.9%.
Bumble – Shares of the company known for its dating platforms added 10% even after Bumble issued a weak current quarter revenue forecast and missed expectations.
Fair Isaac – The analytics company soared 30.7% after it posted better-than-expected earnings for its fiscal fourth quarter. Fair Isaac also issued guidance that beat a StreetAccount forecast.
Vacasa – Shares of the vacation booking platform plummeted 48% on the back of disappointing third-quarter earnings. The company’s fourth-quarter revenue guidance also came in below expectations.
ZipRecruiter – The hiring platform jumped 16.4% after it beat expectations for the quarter and raised its full-year forecast. ZipRecruiter also announced a $200 million increase in its share repurchasing program.
Apple – Shares of the technology giant gained 8.9% as rates dropped, lifting the broader tech sector. Additionally, Morgan Stanley reiterated it as overweight, noting hardware subscriptions as a key catalyst for moving the market toward a loan-to-value valuation.
Tapestry – The retailer behind Coach and Kate Spade added 4.2% after it beat top and bottom line estimates. Still, Tapestry cut the full-year outlook due to the surging dollar and restrictions in China.
Nio — Shares of Nio jumped more than 11.8% after the Chinese electric vehicle maker reported a surge in revenue in its third quarter and projected strong production heading into the year-end.
Target — The retail giant saw its stock climb more than 7.4% after Jefferies reiterated its buy rating on the company. The Wall Street firm said its survey checks indicated sales growth has accelerated ahead of Target’s earnings next week.
Dutch Bros – Shares of coffee chain Dutch Bros surged 23.4% after the company reported solid quarterly earnings that beat Wall Street expectations. In addition, Bank of America said the chain is poised for success in the short and long-term.
AstraZeneca – The pharmaceutical company added 6.6% after it raised full-year profits, pointing to strong sales among its cancer drugs.
— CNBC’s Carmen Reinicke, Sarah Min and Yun Li contributed reporting
Source: Finance - cnbc.com
