Friday, September 22, 2023
HomemarketsStocks making the biggest moves midday: Snowflake, Palantir, Vroom and more

Stocks making the biggest moves midday: Snowflake, Palantir, Vroom and more

Here are the companies making headlines in midday trading.

Snowflake – Shares of Snowflake rose 0.8% and outperformed the broader tech sector despite losing nearly $199 million in the fourth quarter, more than double the year-ago loss for the cloud database software company. Snowflake made $190.5 million in revenue, topping estimates of $178.5 million, according to Refinitiv.

Palantir – Shares of Palantir jumped 4.8% after Cathie Wood bought a combined 2.65 million shares of the stock on Wednesday, Ark Invest's daily trading wrap revealed. Wood's purchases included about 2 million shares for her flagship ETF, ARK Innovation, and about 650,000 shares in her ARK Next Generation Internet ETF. Based on Wednesday's closing price of Palantir, Wood's purchases were worth about $62.5 million.

Vroom – The used car retail stock dropped 28% on Thursday after the company reported a wider-than-expected loss for its fourth quarter. Research firm Piper Sandler, which has an overweight rating on the stock, said Vroom was "in the penalty box" after the quarter and pointed to a slow sales process that hurt profit margins.

Exxon – Shares of the oil giant advanced 3.9% as CEO Darren Woods reiterated the company's commitment to its dividend. "We're going to continue to return cash to shareholders through a very strong dividend," Woods said Thursday on CNBC's "Squawk Box." The stock also got a boost from oil prices, which advanced more than 4% as OPEC and its oil-producing allies met to discuss production output. Energy was the top-performing S&P sector for the day. Diamondback Energy jumped more than 9%. APA Corporation also climbed more than 5%, while EOG Resources was up more than 6%.

Tanger Factory Outlet Centers – Shares of the real estate investment trust finished down more than 3% after jumping more 20% earlier in the session. The stock is among the most heavily shorted U.S. and was the focus of chatter among traders on social media, making it the latest in a string of heavily shorted stocks to see dramatic price swings.

Planet Fitness – Shares of fitness chain slipped more than 6% after research firm Cowen downgraded the stock to market perform from outperform. The firm said in a note that it expects "subdued member growth" in the months ahead.

Ciena – The networking equipment stock finished with a loss of 3.3% after being solidly higher in midday trading. Ciena beat estimates on the top and bottom lines for its first quarter. The company reported 52 cents in adjusted earnings per share on $757 million of revenue. Analysts surveyed by Refinitiv were expected 45 cents in earnings per share and $750 million in revenue.

Burlington Stores – The retailer's stock surged more than 11% after an earnings beat. Burlington reported adjusted quarterly earnings of $2.44 per share, 32 cents above estimates, according to Refinitiv. Its revenue also came in above Wall Street forecasts. 

Splunk – The analytics software company saw its shares fall 2.6% after trading higher earlier in the day. The rise came after Splunk reported quarterly results that topped expectations. Splunk posted adjusted quarterly profit of 38 cents per share, well above the consensus estimate of 4 cents, according to Refinitiv. The company also delivered stronger-than-expected sales in the last quarter.

Marvell Technology – Shares of Marvell slid 12% after the company warned its supply could be hindered by a global chip shortage throughout the year. The company's fourth-quarter earnings per share matched expectations, according to FactSet, but Marvell widened its revenue guidance range for the first quarter.

–CNBC's Michael Bloom, Yun Li, Maggie Fitzgerald, Richard Mendez and Pippa Stevens contributed to this story.


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