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Stocks making the biggest moves midday: JetBlue, Sprouts Farmers Market, Varonis Systems and more

Garry Wills by Garry Wills
July 30, 2024
in Business Finance
Stocks making the biggest moves midday: JetBlue, Sprouts Farmers Market, Varonis Systems and more
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Check out the companies making headlines in midday trading. JetBlue – The airline soared almost 20% after reporting second-quarter earnings that beat analyst expectations . The New York City-based carrier posted adjusted earnings of 8 cents per share, excluding one-time items, compared to analysts’ estimated loss of 11 cents per share, according to LSEG. Revenue came in at $2.43 billion, also above the analyst estimate of $2.4 billion. Sprouts Farmers Market – Shares surged about 15%, hitting a new 52-week high, after the food retailer’s latest earnings of 94 cents per share on revenue of $1.89 billion topped analysts’ consensus estimates of 78 cents per share on $1.84 billion, according to LSEG. The Phoenix-based grocery chain also raised its full-year earnings guidance, forecasting revenue rising between 9% and 10%, compared to analysts’ 8.2% consensus growth estimate. Varonis Systems – The data security stock rallied 13% posting better-than-expected second-quarter results. Varonis reported adjusted earnings of 5 cents per share, better than an expected loss of 2 cents per share, according to analysts polled by FactSet. Revenue also came in above expectations at $130.3 million compared to a $124.8 million consensus estimate. Varonis also issued stronger-than-expected guidance for the current quarter. F5 Inc. – Shares rallied about 10%, hitting a new 52-week high, after the software company’s earnings and revenue topped estimates in its fiscal third quarter. F5 posted adjusted earnings of $3.36 per share, compared to an LSEG estimate of $2.97 per share. Revenue of $695 million was higher than the $686 million analysts has estimated. Symbotic – The stock declined more than 20%, hitting a new 52-week low, after the automation company issued weak guidance for the fiscal fourth quarter. The company expects revenue in the range of $455 million to $475 million, below the consensus estimate of $516.9 million, according to FactSet. For the fiscal third quarter, Symbiotic revenue of $491.9 million beat the consensus estimate of $464.6 million. Woodward – The aerospace and industrial stock slid more than 16% after revenue came in weaker than Wall Street had expected in its fiscal third quarter. Woodward reported $847.7 million in revenue, below the FactSet consensus estimate of $853.3 million. Amkor Technology – The semiconductor packaging stock tumbled 13% after giving a disappointing third-quarter outlook. Amkor expects earnings per share of 42 cents to 56 cents, while analysts polled by FactSet had forecast 64 cents per share. Lattice Semiconductor – Shares pulled back 8.5% after second-quarter earnings and current-quarter revenue guidance came in below expectations. Lattice earned 23 cents per share, excluding items, on $124 million in revenue during the second quarter, while analysts polled by LSEG anticipated 24 cents and $130 million, respectively. Elsewhere, Bank of America downgraded Lattice to underperform from neutral, citing softer prospects for growth and minimal visibility. CrowdStrike – Shares sank 10% after CNBC reported that Delta Air Lines hired legal counsel to seek compensation for the CrowdStrike and Microsoft network outage that led to thousands of flight cancellations earlier this month. Microsoft shares were last down 1%. Merck – The stock slumped more than 10% after the New Jersey-based drugmaker’s full-year guidance came in weaker than expected. Merck expects full-year earnings of between $7.94 and $8.04 per share, below the FactSet consensus estimate of $8.16 per share. Howmet Aerospace – The aerospace manufacturer rallied 14% after second-quarter earnings and revenue beat Wall Street estimates. Howmet earned 67 cents per share on revenue of $1.88 billion, above estimates of 60 cents on revenue of $1.83 billion that analysts polled by FactSet had expected. Howmet also increased its quarterly dividend to 8 cents per share from 5 cents, payable Aug. 26. Corning – The glass and fiber optic cable maker plummeted about 9% after the company gave third quarter guidance that either lagged or matched analyst expectations, according to FactSet. Second-quarter earnings came in slightly above expectations. Corning, which makes the Gorilla Glass used for iPhones, posted earnings of 47 cents per share on revenue of $3.6 billion. Analysts surveyed by LSEG expected 46 cents per share on $3.55 billion in revenue. PayPal – Shares spiked more than 7%. The payments company reported second-quarter adjusted earnings of $1.19 per share, excluding items, above the 99 cents per share expected by analysts polled by LSEG. The company also raised its full-year earnings guidance. Procter & Gamble – The Ivory soap maker fell about 6% following the Cincinnati-based company’s weaker-than-expected revenue in the second quarter. P & G posted revenue of $20.53 billion, below the $20.74 billion expected by LSEG analysts. Earnings came in above expectations, however, with the company posting adjusted earnings of $1.40 per share compared to the $1.37 per share that analysts polled by LSEG were expecting Zebra Technologies – The stock rose 5% after second-quarter earnings beat analyst estimates. The tracker and computer printing technology manufacturer posted profits of $3.18 per share, excluding items, on revenue of $1.22 billion. According to StreetAccount, analysts were expecting $2.80 per share on $1.18 billion in revenue for the period. Zebra also raised its full-year guidance. Stanley Black & Decker – The toolmaker popped more than 7% after second-quarter earnings of $1.09 per share, excluding items, topped Wall Street estimates of 84 cents per share, according to analysts surveyed by FactSet. Revenue for the period matched estimates. The Connecticut-based company also updated its full-year earnings guidance to between $3.70 and $4.50 per share, raising the lower end forecast from a previous range of $3.50 to $4.50 per share. — CNBC’s Alex Harring, Samantha Subin, Lisa Kailai Han and Hakyung Kim contributed reporting.

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