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Stocks making the biggest moves midday: Cisco Systems, Twilio, Super Micro Computer and more
Check out the companies making headlines in midday trading. Cisco Systems — The tech company's shares dropped 2.4% after it posted declining fiscal second-quarter revenue. Cisco also issued a lighter-than-expected forecast for the third quarter and announced a downsizing plan that...
Check out the companies making headlines in midday trading. Cisco Systems — The tech company’s shares dropped 2.4% after it posted declining fiscal second-quarter revenue. Cisco also issued a lighter-than-expected forecast for the third quarter and announced a downsizing plan that would lead to a 5% reduction in jobs . Twilio — The cloud communications stock shed 15% after issuing disappointing first-quarter guidance. Twilio topped fourth-quarter expectations but said it anticipated revenue to range between $1.025 billion and $1.035 billion, versus the $1.049 billion expected by analysts polled by LSEG. EPS estimates also fell short. Super Micro Computer — The technology name added 14% after Bank of America said shares could rise to $1,040, a Wall Street high. That call comes amid a period of monster gains for the stock and in spite of many analysts expecting a sizable pullback ahead. Applovin — The game developer surged nearly 25% after posting strong fourth-quarter results and current-quarter guidance that surpassed Wall Street’s estimates. For the recent quarter, Applovin reported earnings of 49 cents per share and $953 million in revenue. Wells Fargo — Shares of the bank popped 7% after it said the Office of the Comptroller of the Currency ended a 2016 consent order. This is the sixth consent order that regulators ended since 2019. The consent orders were put in place following a fake accounts scandal, and required the bank to revamp how it sells and markets products. Deere — Shares sank 5.2% after the agricultural machinery manufacturer cut its 2024 profit forecast to a range of $7.50 billion to $7.75 billion, versus the previous forecast of $7.75 billion to $8.25 billion. Deere said high borrowing rates hit demand. However, the company beat first-quarter earnings and revenue estimates. Tripadvisor — Shares jumped more than 9% to a 52-week high following better-than-expected earnings. Tripadvisor earned 38 cents per share, excluding items, on $390 million in revenue. Analysts polled by LSEG forecast a profit of 22 cents per share and revenue of $374 million. Shake Shack —The fast food stock surged 26% after a stronger-than-expected fourth quarter report. Shake Shake earned an adjusted 2 cents per share on revenue of $286.2 million, while analysts surveyed by LSEG expected profit of 1 cent per share on $280.3 million of revenue. The company also said it expected revenue to grow by at least 11% in 2024. Albemarle — Shares of the lithium producer rose 2.7% despite a 10% net sales decline in the fourth quarter. Albemarle’s sales of $2.36 billion was above the $2.18 billion expected by analysts, according to StreetAccount. Coinbase — Coinbase rallied 3% after JPMorgan upgraded shares to neutral, citing the recent rise in cryptocurrency prices. Stellantis — Shares rallied 6.6% after the parent company of Chrysler and Fiat announced a new share buyback program. JFrog — The software development stock skyrocketed 28% after topping Wall Street’s fourth-quarter estimates. JFrog earned 19 cents per share, excluding items, on $97 million in revenue. That topped FactSet estimates 12 cents per share in earnings on $93 million in revenue. Zebra Technologies — Shares jumped 12% on strong earnings and better-than-expected guidance. The company posted fourth-quarter earnings of $1.71 per share, excluding items, on $1.01 billion in revenue and said it expects a smaller-than-expected decline in revenue growth in the first quarter. Penn Entertainment — Shares fell more than 13% after the ESPN Bet parent missed Wall Street estimates on the top and bottom line in the fourth-quarter. The results were hurt by higher-than-expected promotions and advertising spending for ESPN Bet, which Penn plans to introduce in North Carolina next month. — CNBC’s Jesse Pound, Hakyung Kim, Alex Harring, Michelle Fox, Brian Evans and Christina Cheddar Berk contributed reporting
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