A Peloton Interactive Inc. logo on an exercise bike at the company’s showroom in Dedham, Massachusetts, USA on Wednesday, February 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
group – Shares plunged 12% after the equipment maker revealed it was building excess inventory and burning money in a disappointing earnings ratio. Peloton also issued a weak sales outlook for the fiscal fourth quarter and predicts an impending price hike could cause the company to lose some subscribers.
Novavax – Stocks fell 2% after the vaccine maker missed top and bottom line estimates for its last quarter. The first quarter was, however, Novavax’s first profitable quarter. The company also reiterated its previous revenue forecast for 2022, anticipating vaccine sales will accelerate during the current quarter.
Vroom – Online used vehicle seller saw shares jump 19% after posting a lower-than-expected quarterly loss and better-than-expected revenue. Vroom also announced that COO Thomas Shortt would become CEO.
BioHaven Pharmaceutical – Shares of the drug company rose nearly 70% after that Pfizer announced a deal buy BioHaven, whose main product is a migraine pill called Nurtec. Pfizer’s shares rose less than 1%.
Start – Shares of the AI lending platform precipitate almost 59% despite better than expected quarterly results. Upstart cut its outlook for the full year, saying rising interest rates will hurt the volume of its loans.
AMC entertainment – The stock fell 6.7% after the cinematographer released a quarterly loss lower than expected as well as revenue that exceeded analysts’ forecasts. AMC was helped by the release of popular high-budget films such as “The Batman” and the company noticed an increase in revenue per customer above pre-pandemic levels.
Palantir – Shares of Palantir fell 4% on Tuesday, extending a 21% drop from Monday which came in the wake of a disappointing first quarter report with weak guidance. RBC Capital Markets downgraded Palantir underperform, saying the company would struggle to meet its revenue growth targets.
race in the sun Shares of the solar company fell more than 8% after KeyBanc downgraded the stock to an industry weighting rating from overweight. The company cited “the significant uncertainty presented by the recent proposal for a decision on the reform of the network exchange in [California]. “
– CNBC’s Jesse Pound and Sarah Min contributed to the reporting