Stocks making the biggest moves midday: DocuSign, Didi, Nvidia, Tesla and more
Check out the companies making headlines in midday trading.
DocuSign — The software stock plunged 40% after the company issued fourth-quarter sales guidance that was lower than what analysts expected. DocuSign gave a range of $557 million to $563 million, while analysts surveyed by Refinitiv expected $573.8 million.
Asana — Shares of the work management platform tumbled 26% despite beating expectations in its third-quarter results. Asana recorded an adjusted loss of 23 cents per share, which was narrower than the loss of 27 cents per share estimated by analysts, according to StreetAccount.
Ollie's Bargain Outlet — Shares of the discount retail chain tanked 20% after Ollie's missed estimates on the top and bottom lines for the third-quarter. Ollie's said that supply chain issues hurt its results. Guidance for earnings and revenue was also weaker than expected.
Didi — Shares of the Chinese ride-hailing giant fell 16% after company announced plans to delist from the New York Stock Exchange "immediately" amid Beijing's crackdown on oversea listings. The company said it will pursue a listing in Hong Kong instead. Didi said its U.S. shares will be converted into "freely tradeable shares" on another international exchange.
Marvell Technology — The chipmaker's shares jumped 18% after reporting quarterly results that beat estimates on the top and bottom lines. Marvell's adjusted earnings came in at 43 cents per share on revenue of $1.21 billion of revenue, while analysts surveyed by Refinitiv were expecting 39 cents per share on revenue of $1.15 billion.
Nvidia — The chipmaker's share price fell 5% as its planned $40 billion acquisition of chip designer Arm looks increasingly unlikely to go through. The deal was set to close in March but is facing a growing number of regulatory probes around the world.
Big Lots — The retailer saw its shares rise 5.9% after it reported a narrower-than-expected loss per share for the third quarter, at 14 cents, compared to analysts' expectations of 16 cents. Big Lots also beat revenue expectations, bringing in $1.34 billion, versus estimates of $1.32 billion, according to StreetAccount.
Peloton — Shares of the at-home exercise company slid more than 4%, giving back an earlier gain that had been fueled by Deutsche Bank initiating coverage on the stock with a buy rating. The firm said that while it was a "tough ride in 2021," ultimately "patience gets rewarded." From a fundamental standpoint, Deutsche Bank believes Peloton can exhibit earnings power even in a fully reopened economic environment.
Zillow — The digital real estate company's shares jumped 8% after it said it has sold or is in the process of selling about half of the dwellings it purchased for its home-flipping business, which it announced in early November it would shutter. Zillow also announced Thursday it plans to buy back up to $750 million in stock, about 5.5% of its current market cap, Bloomberg reported.
Tesla — Tesla shares fell more than 6% after CEO Elon Musk sold another $1 billion in Tesla shares, bringing his recent stock sales to $10.9 billion.
— CNBC's Jesse Pound, Pippa Stevens and Yun Li contributed reporting
Source: Read Full Article