Stocks with the biggest gainers at noon: NVAX, TSM, SG | Wilnesh News
Here’s a look at the companies making headlines in midday trading: Novavax — Shares surged 110% as the biotech announced a multibillion-dollar deal with French drugmaker Sanofi to co-commercialize its COVID-19 vaccine starting next year. . The companies will also develop combination vaccines against coronavirus and influenza. Taiwan Semiconductor Manufacturing — The chipmaker reported a 60% annual revenue increase in April, benefiting from continued demand for artificial intelligence, and its shares rose 5%. Sweetgreen — Sweetgreen’s first-quarter revenue beat estimates, sending its stock price up 36%. The salad chain reported revenue of $158 million, slightly above LSEG’s forecast of $152 million. The company also raised its full-year revenue guidance and adjusted earnings ahead of interest, taxes, depreciation and amortization. Unity Software — The video game software stock fell 7%. Unity reported a first-quarter loss of 75 cents per share, beating expectations, while analysts polled by LSEG expected 63 cents. Unity Software said it expects second-quarter adjusted EBITDA to be between $75 million and $80 million, compared with the Street consensus of $98 million. Akamai Technologies — Shares of the cloud company fell 10% on a weak outlook and mixed quarterly results. Akamai Technologies said it expects revenue this year to be between $3.95 billion and $4.02 billion. Analysts polled by London Stock Exchange Group (LSEG) expected revenue of $4.08 billion this year. Array Technologies — The solar stock gained nearly 2% on better-than-expected quarterly results. Array’s first-quarter adjusted earnings were 6 cents per share on revenue of $153.4 million. Analysts polled by FactSet expected a loss of 4 cents a share on revenue of $141.2 million. Victoria’s Secret — Shares of Victoria’s Secret rose nearly 6% after the lingerie maker reported better-than-expected preliminary first-quarter results and reiterated its guidance. The company said it expected adjusted earnings per share to be between 7 cents and 12 cents. Previous guidance ranged from a loss of 15 cents per share to a profit of 10 cents per share. Yelp — Shares of Yelp fell nearly 4% after the restaurant review site issued a weak second-quarter revenue forecast. However, Yelp’s first-quarter earnings were solid, with earnings of 20 cents per share, compared with Wall Street expectations of 6 cents per share (London Stock Exchange Group). Revenues were in line with expectations. Natera — Shares of the DNA testing company rose nearly 10%. Natera reported a first-quarter loss of 56 cents per share on revenue of $367.7 million. The results beat Wall Street expectations for a loss of 71 cents per share on revenue of $316.3 million, according to FactSet. Gen Digital — Shares rose 15% on strong quarterly results. The owner of Norton and LifeLock reported fiscal fourth-quarter adjusted earnings of 53 cents on total revenue of $967 million, an improvement from the same period last year. The company also increased its stock repurchase program to $3 billion. Insulet – Medical equipment stocks fell 4%. Insulette said higher marketing expenses put pressure on first-quarter profits. The company also expects full-year 2024 revenue growth to be between 14% and 18%, compared with StreetAccount’s forecast of 15.5%. Dropbox — The cloud storage stock rose more than 2% on strong first-quarter results. Dropbox beat revenue and profit estimates, with adjusted earnings of 58 cents per share on revenue of $631 million. Cheesecake Factory – Shares of the cheesecake factory rose nearly 4% after Citi upgraded the restaurant chain stock to buy due to “increasingly diminishing risks to its unit growth outlook.” JFrog — The software company fell 17%. During the company’s earnings call, JFrog management noted that the first quarter was a “digestion” period, with customers considering increasing project spending in later quarters. Nonetheless, JFrog reported first-quarter adjusted earnings of 16 cents per share on revenue of $100 million. LSEG’s consensus forecast was for earnings of 14 cents per share and revenue of $99 million. Mettler-Toledo — Shares of the laboratory instrument maker rose 14%. Mettler-Toledo reported first-quarter adjusted earnings of $8.89 per share on revenue of $925.9 million. Analysts expected earnings of $7.64 per share on revenue of $879.7 million, according to FactSet. —CNBC’s Yun Li, Michelle Fox, Brian Evans, Hakyung Kim and Darla Mercado contributed reporting.
