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Stocks making the biggest moves midday: JetBlue Airways, Shopify, Biogen and more
Check out the companies making headlines in midday trading. WK Kellogg — The cereal company's shares surged 8.1% after posting a beat on both top and bottom lines in the fourth quarter. The recently spun-off company also raised its 2024 forecast. Shopify — The e-commerce company saw...
Check out the companies making headlines in midday trading. WK Kellogg — The cereal company’s shares surged 8.1% after posting a beat on both top and bottom lines in the fourth quarter. The recently spun-off company also raised its 2024 forecast. Shopify — The e-commerce company saw shares slide nearly 15% after it gave a mixed forecast for the current quarter. Shopify said it expects free cash flow margin to be in the high single digits, below Wall Street’s projected 13.6%. The company did beat fourth-quarter earnings and revenue estimates. Arista Networks — The computer networking stock fell 5.5% despite topping fourth-quarter estimates. Arista Networks said it expected first-quarter revenue to range between $1.52 billion and $1.56 billion, versus an estimate of $1.53 billion. Many on Wall Street, including Goldman Sachs, had expected the company to raise its full-year outlook. Marriott International — The hotel chain stock declined 5.6% after missing fourth-quarter revenue estimates. Marriott’s first quarter and full-year earnings guidance was also lower than what analysts had estimated. ZoomInfo Technologies — Shares rallied 14.3% following strong earnings and a slightly better-than-expected first-quarter earnings per share outlook. ZoomInfo reported earnings of 26 cents per share, excluding items, on $316 million in revenue. Analysts polled by LSEG, formerly known as Refinitiv, had forecast earnings per share of 25 cents and revenue of $311 million. JetBlue Airways — The airline stock rallied more than 21% after activist investor Carl Icahn unveiled a roughly 10% stake in the company and called shares undervalued. Biogen — The biotechnology stock slumped around 7.4% after missing Wall Street’s fourth-quarter estimates as revenue and profit declined from a year ago. The company’s performance was hurt by the discontinuation of its Alzheimer’s drug Aduhelm and a drop in sales within its multiple sclerosis therapies category. Tripadvisor — Shares jumped 13.8% after Tripadvisor formed a special committee to evaluate proposals that may be pitched for a ” potential transaction .” Hasbro — Shares dropped 1.3% after the toymaker missed Wall Street expectations for the fourth quarter. Hasbro recorded 38 cents per share in earnings, excluding items, and $1.29 billion in revenue. Analysts polled by LSEG forecast earnings of 66 cents per share on revenue of $1.36 billion. The company behind Dungeons & Dragons and My Little Pony also expects weak gross margins and a drop in full-year revenue from its consumer products unit. Housing stocks — Housing stocks slid as a group Tuesday after the January consumer price index came in hotter than expected, driven by high shelter prices. Homebuilders such as Toll Brothers dropped more than 5%. Shares of D.R. Horton and Lennar slid around 4% each. PulteGroup shares declined 3.5%. Cadence Design Systems — The software company slid 4% after issuing weak first-quarter guidance. Cadence Design Systems topped Wall Street’s fourth-quarter estimates but said it expects revenue to fall to a range between $990 million and $1.01 billion in the current period. That was short of the consensus estimate of $1.09 billion, per FactSet. Bruker — The biotech company gained 8.8% after posting a revenue beat and in-line earnings per share in the fourth quarter. Guidance for organic growth for the full year also topped estimates. Crypto stocks — Companies whose performance is tied to the price of bitcoin were lower after the cryptocurrency retreated in the wake of a hotter-than-expected January CPI report. The crypto exchange Coinbase fell 4.7%, while bitcoin proxy Microstrategy lost 4.4%. Miners pared big gains from the previous session. CleanSpark and Iris Energy were by less than 1% each. Marathon Digital and Riot Platforms , the two largest mining stocks, retreated 5.7% and 3%, respectively. — CNBC’s Tanaya Macheel, Samantha Subin, Yun Li, Sarah Min and Alex Harring contributed reporting.
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