Check out the companies making headlines in midday trading.
Hudson Pacific Properties — The California-based commercial real estate company slid 4.2% after suspending its common stock dividend. Chief Executive Officer Victor Coleman attributed the move to tougher market conditions including the Hollywood strike.
Avid Bioservices — Shares slid 4.7% after the company reported underwhelming quarterly results. Avid reported a loss of 3 cents per share, matching a StreetAccount forecast. The company’s revenue of $37.73 million came in just above estimates.
Planet Labs — The satellite imaging company plummeted 17% after reporting a greater-than-expected loss for the second quarter. Planet Labs lost an adjusted 14 cents per 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 conglomerate climbed 3% on the back of better-than-expected earnings for the second quarter. Kroger earned an adjusted 96 cents per share, beating an LSEG estimate of 91 cents per share. Second-quarter revenue of $33.85 billion did miss expectations, however.
DocuSign — Shares slipped 2.7% despite an earnings beat a day earlier. DocuSign reported an adjusted 72 cents per share and $688 million in revenue, while analysts polled by LSEG forecast an adjusted 66 cents per share and $678 million in revenue.
Snowflake — The cloud data stock added 3.7% following DA Davidson initiating it with a buy rating. The firm highlighted Snowflake’s potential benefit from growing artificial intelligence application demand.
First Solar — Shares of the solar panel maker gained 1.4% after Deutsche Bank upgraded First Solar to buy from hold, citing the company’s strong ongoing demand. The firm said First Solar is at an “attractive entry point.”
RH — The home goods store slipped more than 13% after a third-quarter earnings miss. Chief Executive Officer Gary Friedman told shareholders he expects macroeconomic headwinds to persist throughout the remainder of 2023, further pressuring the luxury housing market.
Gilead Sciences — Gilead gained 3% Friday after Bank of America upgraded the stock to buy from neutral and raised its target price, noting potential catalysts such as stronger-than-expected sales of its HIV/AIDS treatment medication. The firm said shares look oversold in its view, as the stock has declined more than 11% so far this year.
— CNBC’s Pia Singh contributed reporting.
Source: Finance - cnbc.com
