Clover, Stitch Fix, Biogen and more
A person skateboard in front of the headquarters of Biogen Inc. in Cambridge, Massachusetts on Monday, June 7, 2021.
Adam Glanzman | Bloomberg | Getty Images
Point correction – Stitch Fix shares jump 12% after online styling service posted better-than-expected financial results for the third quarter. The company posted a loss of 18 cents per share, narrower than analysts’ projection of 27 cents lost per share, according to Refinitiv. Stitch Fix also reported sales of $ 535.6 million; analysts were forecasting revenues of $ 511 million.
Health Clover – Clover Health actions climbed to 100% and rose 76% for the last time as retail traders on Reddit’s WallStreetBets forum piled into the Medicare insurance startup that went public through Chamath Palihapitiya’s SPAC. Clover has become the most mentioned name in the chat room, according to QuiverQuant. Trading volume exploded during the retail craze as Clover has already traded more than 400 million shares, compared to a 30-day average volume of 22 million shares, according to FactSet. Speculative trading activities were also observed in Wendy’s shares, which jumped about 22%.
Biogen – Shares of the drugmaker fell about 1% after rising 38% on Monday on approval of Alzheimer’s disease treatment drug from Biogen, which is called Aduhelm. Cowen improved stock to outperform the market on Tuesday, saying the stocks have potential even though only a small number of Alzheimer’s patients use the drug.
Marvell technology – Semiconductor stock rose more than 4% after Marvell beat upper and lower earnings estimates in its first quarter report. The report received praise on Wall Street, with investment firm Stifel reiterating its buy rating and JPMorgan taking over the cover with an overweight rating.
Generac Holdings – The shares of the production company jumped around 7% after KeyBanc improved the stock by overweighting it relative to the weight of the sector. The company said in a note that concerns about the stability of the power grid are expected to increase demand for home generators.
Coupa Software – The software giant’s share fell more than 6% despite quarterly profit of 7 cents per share, beating analysts’ expectations of a loss of 19 cents per share, according to Refinitiv. Coupa’s revenue of $ 166.9 million also exceeded estimates by $ 152.6 million.
Contango Oil and Gas – The power producer stock fell nearly 4% after agreeing to merge with KKR’s Independence Energy business in an all-equity deal. The combined company will have an initial market capitalization of approximately $ 4.8 billion.
Vail Hotels – Shares of the resort operator fell more than 3% at midday despite quarterly profit of $ 6.72 per share, beating Wall Street forecast by 18 cents. The company said it had reduced the selling prices of season tickets by 20%, resulting in a 50% and 33% increase in sales, in units and dollars, respectively, compared to pre-pandemic results.
Chico’s – Shares of the clothing retailer rose about 6% at midday after posting quarterly earnings above Wall Street analysts’ estimates. The company also said it was taking steps to improve performance and shareholder value, in response to a letter from activist investor Barington Capital.
– CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound and Yun Li contributed reporting
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