Check out the companies making headlines in midday trading Thursday.
Microsoft — Shares of the technology giant slipped 0.6% after Microsoft cut its earnings and revenue guidance for the fiscal fourth quarter. Microsoft cited unfavorable foreign exchange rates as the reason for the move.
Meta Platforms — Facebook’s parent company rose 4.8% after Sheryl Sandberg announced she is leaving her role as chief operating officer. Chief growth officer Javier Olivan will take over the position this fall.
GameStop — Shares of the video game retailer rallied 9.4% after the company posted its quarterly results. GameStop reported $1.38 billion in revenue in its fiscal first quarter, up slightly from the $1.27 billion it reported in the year-ago quarter. But, it also reported a $157.9 million net loss, which is worse than the $66 million net loss in the year-ago quarter.
Chewy — The pet e-commerce company soared 23.3% after reporting an unexpected profit in the previous quarter. Chewy shared earnings of 4 cents per share on $2.43 billion in revenue. Analysts expected a loss of 14 cents per share on $2.42 billion in revenue, according to Refinitiv.
MongoDB — The database platform provider’s stock surged 17.8% after the company’s results for the previous quarter topped analyst expectations. MongoDB reported an unexpected profit of 20 cents per share on $285 million in revenue. Analysts had anticipated a loss of 9 cents per share on revenues of $267 million.
Generac – The generator company’s stock jumped more than 9.7% after UBS named it a top pick. The investment firm said the downside for Generac’s core business was already priced into the market, and the company’s push into clean energy gave the stock significant upside.
Hewlett Packard Enterprise — Hewlett Packard Enterprise dropped 5.5% after missing analysts’ forecasts on the revenues and earnings for the previous quarter. The company reported a profit of 44 cents per share on revenues of $6.71 billion, compared with a Refinitiv consensus estimates of 45 cents per share on $6.78 billion in revenue.
PVH — The apparel company added 2.5% after beating Wall Street’s forecast on the top and bottom lines for the previous quarter. The Tommy Hilfiger and Calvin Klein owner reported a profit of $1.94 per share on $2.12 billion in revenue, compared to estimates of $1.61 cents a share on $20.9 billion in revenue.
Hormel Foods — Shares of Hormel Foods fell 5.2% after the company trimmed its fiscal 2022 earnings guidance. The food company expects earnings per share to range between $1.87 and $1.97 after previously guiding for a profit between $1.87 per share and $2.03 per share.
— CNBC’s Jesse Pound and Yun Li contributed reporting
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