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Find out which companies are making headlines in the midday business.
Logitech — The computer peripherals maker jumped 11.8% after Logitech reiterated its full-year guidance, which was lowered in July. Logitech struggled with weaker demand after a sales boom at the height of the pandemic.
Reached – Shares jumped 9.8% even after Mizuho launched Upstart with an underperforming rating, saying there are more challenges ahead for the consumer loan company.
Stem – The stock rose 12.3% after UBS launched Stem as a buy, saying the AI-based energy storage company is a market leader that will benefit from the Stem Act. reduction in inflation.
hibett — Sporting goods stocks rose 9.2% following an upgrade by Bank of America to a buy rating. The bank pointed to the company’s relationship with Nike and product availability among its reasons for liking the stock.
Photocopy – Shares fell 15% after the seller of print and digital materials products and services reported disappointing earnings and cut its full-year revenue forecast. Xerox CEO Steve Bandrowczak said in a statement that “profitability remains challenged by persistently high inflation and continuing supply chain constraints.”
Brown & Brown – Shares of the insurance company fell 11% after Brown & Brown missed earnings expectations. Brown & Brown reported earnings of 50 cents per share on revenue of $927.6 million. The company was expected to report earnings of 60 cents per share on revenue of $945.8 million, according to consensus estimates on FactSet.
Qualtrics International — Shares of the customer feedback software company jumped 7.7% after Qualtrics reported better-than-expected earnings and raised its full-year outlook.
Ross Stores – Off-price retail stocks jumped 5.8% following an upgrade to overweight Wells Fargo. The bank called Ross Stores one of the “best ways” to trade in the industry.
SAP — Shares of the German enterprise software company rose 6% after SAP reported better-than-expected quarterly results and maintained its full-year guidance.
Pulte Group — The homebuilding business jumped 5.9% despite disappointing earnings expectations. PulteGroup posted earnings of $2.69 per share on revenue of $3.94 billion. Analysts polled by Refinitiv had expected earnings of $2.82 per share on revenue of $4.17 billion.
JetBlue – The airline slid 3.6% after a 21-cent-per-share shortfall in the third quarter, versus a Refinitiv consensus estimate of 23 cents. Revenue was in line with estimates at $2.56 billion. JetBlue posted a quarterly profit of $57 million, due to strong travel demand and higher fares, which helped offset rising costs.
Planet Fitness – Gym stock jumped 4.5% after Piper Sandler upgraded Planet Fitness from neutral to overweight, saying the stock is attractive and will benefit from participation by younger generations.
General Motors – General Motors shares rose 3.6% after the automaker easily beat third-quarter profit expectations. The company also maintained its outlook for the full year.
United Parcel Service — Shares of the delivery company gained 1% after UPS reported stronger-than-expected third-quarter earnings. The company earned an adjusted $2.99 per share, 15 cents better than analysts had expected, according to Refinitiv. Revenues, however, fell short of expectations as its supply chain solutions segment declined year-on-year. UPS maintained its full year guidance.
General Electric — The stock fell 1.8% after General Electric cut its full-year outlook due to supply chain issues. The company also reported higher-than-expected revenues.
– CNBC’s Michelle Fox, Jesse Pound, Carmen Reinicke and Samantha Subin contributed reporting.
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