Stocks making the biggest moves midday: Marqeta, Bumble, Palantir and more
Marqeta Headquarters in Oakland, Calif.
Yalonda M. James | San Francisco Chronicle | Hearst Newspapers via Getty Images
Check out the companies making headlines in midday trading.
Opendoor — Opendoor soared about 18% after reporting a quarterly loss of 24 cents per share, 10 cents less than analysts estimated. Late Wednesday, the home buying and selling company also reported better-than-expected revenue and issued an upbeat sales forecast for the current quarter.
Marqeta — Shares of Marqeta, the card issuing platform behind Square and “buy now, pay later” brands like Affirm and Klarna, are down over 13% after their first release of quarterly results as a public company. On Wednesday, the company reported a loss of 29 cents per share. It also showed 350% growth in its “buy now, pay later” business, though a major member of that cohort, Afterpay, has agreed to be acquired by Square.
Coinbase — The cryptocurrency exchange’s stock fell more than 7% as the price of bitcoin slipped below $45,000. Coinbase’s revenue comes mostly from trading fees, and the company’s stock price tends to trade in tandem with the price of bitcoin. The stock jumped higher earlier this week after reporting blowout earnings.
Bumble — Shares of Bumble gained roughly 6% after the online dating platform reported mixed second-quarter financial results. Bumble reported a loss of 6 cents per share, while analysts expected earnings of 1 cent per share, according to Refinitiv. However, the company reported $186.2 million in revenue, topping Wall Street’s $178.7 million estimate. Bumble also raised its third-quarter and full-year revenue guidance.
Hims & Hers Health — Shares of the telehealth platform operator jumped over 11% after the company posted a narrower-than-expected quarterly loss. Hims & Hers lost 3 cents per share for its second quarter, smaller than the 9 cent loss estimate from analysts, according to Refinitiv. Its revenue also topped expectations.
Micron — Shares of semiconductor company dropped more than 7% after Morgan Stanley downgraded the stock to equal weight from overweight. The investment firm said in a note to clients that the memory chip market is about to enter a downturn that will hit Micron and its rivals.
Lordstown Motors — Shares of Lordstown Motors gained more than 3% despite the company’s wider-than-expected quarterly loss of 61 cents per share. The electric vehicle maker said it will begin limited production of its Endurance pickup truck in late September.
Sonos — The maker of audio products saw its stock jump about 5% following its earnings report late Wednesday, which came in at 12 cents per share. Analysts polled by Refinitiv expected a loss of 17 cents per share. Sonos also recorded strong revenues of $378.7 million, compared with an estimate of $313.6 million. CEO Patrick Spence said in a statement that “with more video content going direct-to-home, consumers are demanding a theater-like audio experience in the home.”
— CNBC’s Hannah Miao, Jesse Pound and Yun Li contributed reporting
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