An attendee wears a Meta Platforms Inc. Oculus Quest 2 digital actuality (VR) headset on the Telefonica SA stand on day two of the Cell World Congress on the Fira de Barcelona venue in Barcelona, Spain, on Tuesday, Feb. 28, 2023.
Angel Garcia | Bloomberg | Getty Pictures
Take a look at the businesses making headlines in noon buying and selling.
Meta — Shares of the tech big rose greater than 5% after the tech big introduced a dramatic price drop for its higher-end virtual reality headset, the Quest Professional. Wall Street also got bullish on Meta’s artificial intelligence potential. Barclays named Meta as one of many AI beneficiaries, whereas Morgan Stanley included the corporate as a prime choose within the house, saying the know-how is at an inflection level.
Apple — The know-how big superior 2.6% after Morgan Stanley reiterated its top pick rating, noting the inventory has a “catalyst-rich occasion path” over the following 12 months. The agency predicts the inventory may rally greater than 20% within the subsequent 12 months.
Costco Wholesale — The retailer’s shares dropped 3.4% after the corporate’s fiscal second-quarter earnings missed analysts’ expectations. The wholesale retailer reported income of $55.27 billion, lower than the consensus estimate of $55.54 billion, in response to Refinitiv.
Hormel Foods — Shares for the meals processing firm had been down 2.7% after JPMorgan issued a downgrade to underweight for impartial. The agency mentioned that the spam maker’s shares are usually not “absolutely de-risked” but.
Marvell Technology — The chip inventory misplaced 7.3% after Marvell Expertise reported combined quarterly outcomes and offered weak steerage. The corporate mentioned it expects first-quarter earnings of 29 cents, in need of the 41 cents anticipated, in response to StreetAccount. Stock corrections and the ensuing prices are responsible, however administration expects the headwinds to subside later within the 12 months.
First Solar — The photo voltaic inventory gained 5% after UBS said it would be one of the biggest beneficiaries amongst lined shares from the Inflation Discount Act.
Asana — Asana shares jumped 9% after D.A. Davidson upgraded the software program inventory to purchase from impartial. “Sensor Tower app knowledge for Asana exhibits continued progress in lively customers, and a marked acceleration in downloads,” the agency mentioned.
Bumble – Shares of the courting app supplier slid 9.1%. The transfer comes after Bumble introduced it might value a secondary offering of 13.75 million shares of its frequent inventory at $22.80 per share. The promoting events embody sure stockholders affiliated with Blackstone and Bumble’s founder Whitney Wolfe Herd.
Broadcom — Shares of the chipmaker popped 5% on the again of a stronger-than-expected quarterly report. Broadcom earned $10.33 per share on income of $8.92 billion. Analysts anticipated a revenue of $10.10 per share on income of $8.92 billion. The corporate additionally issued fiscal second-quarter steerage that beat expectations.
Integral Ad Science — Shares jumped 10% after the digital advert firm posted an earnings and income beat within the fourth quarter. Income got here in at $117.4 million, topping StreetAccount’ consensus estimate of $111.3 million. Fourth quarter earnings of $40 million additionally beat estimates of $36.9 million. Integral Advert Science additionally posted the next steerage for the primary quarter than what FactSet analysts had anticipated.
Zscaler — Shares of the cybersecurity firm slid practically 10% regardless of Zscaler reporting a stronger-than-expected first quarter. The corporate earned an adjusted 37 cents per share, above the 29 cents anticipated by analysts, in response to Refinitiv. Nevertheless, billings steerage was a priority on Wall Avenue, with Stifel analyst Adam Borg saying in a notice to purchasers mentioned that the steerage was “muted.”
C3.ai — The enterprise synthetic intelligence firm’s shares surged 30% after its fiscal third-quarter outcomes topped Wall Avenue’s expectations. The corporate posted a lack of 6 cents per share, in comparison with Refinitiv analysts’ estimates for a 22 cent loss. It additionally posted income of $66.7 million, beating expectations of $64.2 million.
Norwegian Cruise Line Holdings — Shares of the cruise firm rose greater than 3%, persevering with to bounce again from a post-earnings slide. Norwegian dropped greater than 10% on Tuesday after reporting a wider-than-expected loss for the fourth quarter, however the inventory has now clawed again most of that decline.
JBG Smith Properties — Shares for the true property funding belief and builder had been down 6.2% after Amazon introduced that it might pause development on its Virginia headquarters.
Samsara — Shares of the web of issues firm rallied greater than 18.8% on the again of stronger-than-expected fourth-quarter outcomes. The inventory additionally bought a lift from administration commentary pointing towards breakeven free money move by year-end.
— CNBC’s Jesse Pound, Yun Li, Michelle Fox, Fred Imbert and Darla Mercado and Alex Harring contributed reporting