Chewy, Biogen, Snowflake and more
Signage is seen ahead of Chewy’s IPO on the New York Stock Exchange on June 14, 2019.
Andrew Kelly | Reuters
Find out which companies are making the midday headlines.
Snowflake – Shares of the cloud computing company fell almost 4%. The company outlined its financial goals at its Investor Day meeting on Thursday, aiming to reach $ 10 billion in annual product revenue by 2029, up from $ 554 million in its fiscal year which ended. finished in January.
Vertex Pharmaceutical – Shares of the drug company fell more than 10% at midday after announcing Thursday that it would stop developing an investigational drug after it was found unlikely to prove effective against a rare genetic disorder called AAT Deficiency. Vertex said its drug increased levels of a deficient protein, but not enough to ensure material improvement in health.
soft – Shares of the pet e-commerce company fell more than 5% despite an adjusted gain of 9 cents per share for its most recent quarter, compared to consensus expectations for a loss of 3 cents per share. Chewy, which announced its results Thursday night, also saw its earnings exceed estimates and gave a bullish earnings outlook. However, the company warned of labor shortages and supply chain disruptions.
Dave & Buster’s – Shares of Dave & Buster fell around 2% by noon after a rise in pre-market action. On Thursday, the company reported first-quarter earnings of 40 cents per share, surprising analysts who had expected a loss of 16 cents per share. Dave & Buster’s also posted first quarter revenue that exceeded Wall Street analysts’ expectations.
Biogen – Biotech stock shares fell more than 3% despite upgrading the stock to outperform Bernstein’s market performance. Three members of a key Food and Drug Administration advisory committee have resigned after the agency approved Biogen’s new Alzheimer’s disease drug. Biogen’s stock is still up sharply since the drug was approved on Monday.
Zoom video – Shares of the video messaging company rose about 4% after RBC assumed cover of Zoom with a rating of outperformance, while designating the stock as first choice. “The future of work is likely to be hybrid and we believe Zoom will be a critical part of enabling that future,” the company wrote in a note to clients. RBC has a target of $ 450 on the stock, which implies a rally of about 30% from Thursday’s close.
Reddit Favorites – Stocks popular among retail investors flocking to Reddit’s WallStreetBets forum were volatile by midday after massive rallies in recent weeks. Actions of AMC Entertainment traded more than 3% more while Clover Health Investments stocks jumped 5%. Meanwhile, GameStop stocks fell more than 2%, ContextLogic stocks fell more than 5% and stocks of Clean energy fuels almost 2.5%.
– CNBC’s Pippa Stevens, Yun Li, Maggie Fitzgerald, Jesse Pound and Tom Franck contributed reporting.
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