Stocks that make the biggest moves at noon: Roblox, Palantir, Tesla, Virgin Galactic & more
Check out the companies that are making headlines in midday trading.
Palantir – The secret analytics and software company’s stocks rose 7.4% after posting 49% revenue growth in the first quarter. This was due, among other things, to the economic recovery in the USA and Great Britain. Palantir, which has both government and corporate customers, posted sales of $ 341 million for the quarter and now has 149 customers.
Virgin Galactic – Space inventory fell nearly 2% amid strong trading volumes after the company announced progress in retrying the space test, which was canceled in flight in mid-December.
Roblox – The online gaming platform stocks rose 17% after posting a loss of 46 cents per share on revenue of $ 387 million in the first quarter, up 140% year over year. The company also said the average daily active users for the quarter was 42.1 million, up 79% year over year.
Tesla – The electric vehicle maker, the figurehead for growth stocks with high valuations and expectations, fell 1.8%. A Reuters report that Tesla has suspended plans to expand its Shanghai facility into an export hub also fueled the sell-off.
Novavax – The drugmaker’s shares fell 12% after the company postponed its schedule for filing approvals for Covid-19 vaccines. The company has no plans to apply for regulatory approvals in the US, UK and Europe until the third quarter. Novavax has also postponed its full production schedule to the fourth quarter.
Affirm – The loan company’s shares fell more than 6% after the company missed third quarter earnings estimates. Affirm posted a loss of $ 1.06 per share, which was higher than an expected loss of 29 percent per share. However, the company beat sales estimates. Affirm had revenues of $ 230.7 million, up over the expected $ 198.2 million.
RealReal – Shares in the luxury consignment business fell 20% after RealReal announced that its CFO was leaving the company. BTIG also downgraded the stock to neutral, citing “persistently high” negative margins and the lack of other catalysts. The company reported first quarter results on Monday that were broadly in line with expectations.
Hanesbrands – Apparel inventory declined more than 14%, despite Hanesbrands exceeding expectations for sales and earnings in the first quarter. The company also announced a new strategic plan that included the goal of growing the Champion brand from $ 2 billion in annual sales to $ 3 billion by 2024.
– CNBC’s Pippa Stevens, Jesse Pound and Tom Franck contributed to the coverage.
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