Midday Stock Market Update: Cisco, Twilio, Super Micro Computer, Applovin, Wells Fargo, Deere, Tripadvisor, Shake Shack, Albemarle, Coinbase, Stellantis, JFrog, Zebra Technologies, Penn Entertainment
In midday trading, several companies are making headlines in the stock market. Here are the key updates:
Cisco Systems
Cisco Systems’ shares have dropped by 4.4% after reporting a decline in fiscal second-quarter revenue. The tech company also issued a weaker-than-expected forecast for the third quarter and announced plans for job cuts that would result in a 5% reduction in workforce.
Twilio
The stock of cloud communications company Twilio has fallen by 14% after issuing disappointing guidance for the first quarter. Although Twilio exceeded expectations for the fourth quarter, it projected lower revenue of $1.025 billion to $1.035 billion compared to the expected $1.049 billion.
Super Micro Computer
Super Micro Computer’s stock has risen by 8.5% after Bank of America predicted that shares could reach $1,040, marking a Wall Street high. Despite analysts’ expectations of a significant pullback, the technology company has experienced significant gains recently.
Applovin
Game developer Applovin saw its stock surge by 22% following strong fourth-quarter results and current-quarter guidance that surpassed Wall Street’s estimates. Applovin reported earnings of 49 cents per share and $953 million in revenue for the recent quarter.
Wells Fargo
The shares of Wells Fargo increased by 5% after announcing that the Office of the Comptroller of the Currency had ended a 2016 consent order. This is the sixth consent order that regulators have terminated since 2019, as part of the bank’s efforts to revamp its sales and marketing practices following a fake accounts scandal.
Deere
Agricultural machinery manufacturer Deere saw its shares decline by 5.4% after lowering its 2024 profit forecast due to high borrowing rates impacting demand. However, the company surpassed earnings and revenue estimates for the first quarter.
Tripadvisor
Tripadvisor’s shares surged by over 6% to a 52-week high following better-than-expected earnings results. The company reported earnings of 38 cents per share, excluding items, and $390 million in revenue, surpassing analysts’ projections.
Shake Shack
The stock of fast food chain Shake Shack rose by 21% after reporting stronger-than-expected fourth-quarter results. Shake Shack earned 2 cents per share on $286.2 million in revenue, exceeding analysts’ expectations. The company also projected at least an 11% revenue growth for 2024.
Albemarle
Despite a 10% decline in net sales for the fourth quarter, shares of lithium producer Albemarle increased by 2%. The company’s sales of $2.36 billion exceeded analysts’ expectations of $2.18 billion.
Coinbase
Coinbase’s stock rallied by 3% after JPMorgan upgraded its shares to neutral, citing the recent surge in cryptocurrency prices.
Stellantis
Shares of Stellantis, the parent company of Chrysler and Fiat, rallied by 6% following the announcement of a new share buyback program.
JFrog
Software development company JFrog experienced a 25% surge in its stock after surpassing Wall Street’s fourth-quarter estimates. The company reported earnings of 19 cents per share on $97 million in revenue, exceeding FactSet estimates.
Zebra Technologies
Shares of Zebra Technologies jumped by 12% after posting strong earnings and providing better-than-expected guidance. The company reported fourth-quarter earnings of $1.71 per share on $1.01 billion in revenue and anticipated a smaller decline in revenue growth for the first quarter than previously expected.
Penn Entertainment
The shares of Penn Entertainment fell by over 13% after missing Wall Street estimates for the fourth quarter. Higher-than-expected promotions and advertising spending for ESPN Bet, which the company plans to introduce in North Carolina next month, contributed to the disappointing results.
Conclusion
In midday trading, several companies have made significant moves in the stock market. Cisco Systems and Twilio faced declines after reporting weaker-than-expected results and guidance. On the other hand, Super Micro Computer, Applovin, Wells Fargo, Deere, Tripadvisor, Shake Shack, Albemarle, Coinbase, Stellantis, JFrog, Zebra Technologies, and Penn Entertainment experienced positive developments that impacted their stock prices. Investors should continue to monitor these companies as they navigate through various challenges and opportunities in their respective industries.
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