A Peloton Interactive Inc. logo on a stationary bike at the company’s showroom in Dedham, Massachusetts, US, on Wednesday, February 3, 2021.
Adam Glanzman | Mayor Bloomberg | fake images
Take a look at the companies that make the headlines for midday trading.
platoon – Shares fell 12% after the equipment maker revealed it is stockpiling excess inventory and spending cash on a disappointing earnings report. Peloton also issued a weak fiscal fourth-quarter sales outlook and expects an upcoming price increase could cause the company to lose some subscribers.
Novavax – Shares fell 2% after the vaccine maker missed headline and earnings estimates for its last trimester. However, the first quarter was Novavax’s first profitable quarter. The company also reiterated its previous revenue forecast for 2022, anticipating vaccine sales to accelerate during the current quarter.
Vroom – The online used-vehicle seller saw shares rise 19% after posting a lower-than-expected quarterly loss and better-than-expected earnings. Vroom also announced that COO Thomas Shortt would become CEO.
BioHaven Pharmaceutical – Shares of the drugmaker surged nearly 70% after Pfizer announced an agreement buy BioHaven, whose main product is a migraine pill called Nurtec. Pfizer shares rose less than 1%.
Upstart – AI lending platform shares collapsed almost 59% despite better-than-expected quarterly results. Upstart cut its outlook for the full year, saying rising interest rates will hurt its lending volume.
AMC Entertainment – The stock fell 6.7% after the cinema operator published a lower-than-expected quarterly loss as well as revenue that exceeded analyst forecasts. AMC was helped by the release of popular big-budget movies like “The Batman,” and the company saw revenue per user rise above pre-pandemic levels.
Palantir – Palantir shares fell 4% on Tuesday, extending a 21% drop from Monday that came on the heels of a disappointing Q1 report with weak guidance. RBC Capital Markets downgraded Palantir underperforming, saying the company would struggle to meet its revenue growth goals.
Sunrun – Shares of the solar company fell more than 8% after KeyBanc downgraded the stock to a sector weight rating from overweight. The firm cited “significant uncertainty presented by the recent proposed decision related to net metering reform in [California].”
— CNBC’s Jesse Pound and Sarah Min contributed reporting