Midday Trading Update: WK Kellogg, Shopify, Arista Networks, Marriott International, ZoomInfo Technologies, JetBlue Airways, Biogen, Tripadvisor, Hasbro, Housing Stocks, Cadence Design Systems, Bruker, and Crypto Stocks
Here are the latest updates on some companies making headlines in midday trading:
WK Kellogg
Shares of cereal company WK Kellogg surged 11% after it reported better-than-expected results for the fourth quarter. The company also raised its forecast for 2024.
Shopify
E-commerce company Shopify saw its shares drop over 10% as it provided a mixed forecast for the current quarter. While it beat earnings and revenue estimates for the fourth quarter, it expects its free cash flow margin to be lower than projected by Wall Street.
Arista Networks
Despite surpassing fourth-quarter estimates, computer networking stock Arista Networks fell 4%. The company’s first-quarter revenue outlook was slightly below expectations.
Marriott International
The stock of hotel chain Marriott International declined 5.7% after missing fourth-quarter revenue estimates. The company’s earnings guidance for the first quarter and full year was also lower than analysts’ estimates.
ZoomInfo Technologies
Shares of ZoomInfo Technologies rallied around 10% following strong earnings and a slightly better-than-expected outlook for the first quarter. The company reported higher-than-forecasted earnings per share and revenue for the fourth quarter.
JetBlue Airways
Airline stock JetBlue Airways surged over 11% after activist investor Carl Icahn revealed a roughly 10% stake in the company and expressed that the shares are undervalued.
Biogen
Biotechnology stock Biogen slumped more than 6% after missing fourth-quarter estimates. The discontinuation of its Alzheimer’s drug Aduhelm and a decline in sales within its multiple sclerosis therapies category affected the company’s performance.
Tripadvisor
Tripadvisor’s shares jumped nearly 12% after the company formed a special committee to evaluate potential proposals for a transaction.
Hasbro
Toymaker Hasbro saw its shares drop 6% as it fell short of Wall Street expectations for the fourth quarter. The company recorded lower earnings per share and revenue than anticipated, and also expects weak gross margins and a decrease in full-year revenue from its consumer products unit.
Housing Stocks
Housing stocks experienced a decline as a group following the release of the January consumer price index, which showed higher-than-expected prices for shelter. Homebuilders such as Toll Brothers, D.R. Horton, Lennar, and PulteGroup all saw their stocks slide.
Cadence Design Systems
Software company Cadence Design Systems slid 3.7% after providing weak first-quarter guidance. Although it exceeded fourth-quarter estimates, the company expects a decrease in revenue for the current period.
Bruker
Biotech company Bruker gained 8% after reporting better-than-expected revenue and in-line earnings per share for the fourth quarter. Its guidance for organic growth for the full year also exceeded estimates.
Crypto Stocks
Companies tied to the price of bitcoin experienced losses as the cryptocurrency retreated following the release of the hotter-than-expected January consumer price index. Crypto exchange Coinbase, bitcoin proxy Microstrategy, and mining stocks such as CleanSpark, Iris Energy, Marathon Digital, and Riot Platforms all saw their stocks decline.
Sources: CNBC Twitter
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