Find out which companies are making headlines in the midday business.
Nvidia – The chip stock soared 12% after Nvidia beat high and low expectations in its latest quarter. Wall Street analysts endorsed the results, saying AI opportunities will drive the chipmaker’s growth.
Lucid Group — The electric vehicle maker fell more than 18% after posting fourth-quarter revenue that fell short of analysts’ expectations. Bank of America also downgraded the stock to neutral from a buy rating, citing short-term demand concerns.
Bumble – Shares rose more than 4% after Bumble beat fourth-quarter revenue expectations. However, the company posted a quarterly loss of 85 cents per share, a figure that included an impairment charge due to the closure of operations in Russia and Belarus.
Mosaic Company – Shares of the fertilizer mineral company rose 1.4% on Thursday after Mosaic’s quarterly earnings were higher than expected. The company generated $4.48 billion in revenue, while analysts polled by StreetAccount expected $4.17 billion in revenue. Mosaic’s adjusted earnings per share fell short of expectations, but the company said it expects a “recovery in fertilizer demand” this year.
Lordstown Motors – Shares in the electric vehicle maker fell 14% after the company announced a production and delivery halt to address quality issues with some Endurance components. Lordstown will also be voluntarily recalling 19 Endurance pickups to address a “specific electrical connection issue which could result in loss of propulsion while riding”.
Domino’s Pizza, Papa John’s International – The pizza chains fell 11% and 7.6%, respectively, after reporting mixed earnings. Domino’s same-store revenue and sales beat analysts’ estimates, while its adjusted earnings per share topped. Papa John’s beat both profit and revenue but missed sales estimates for the North American company-owned restaurants.
Nikola – Shares fell more than 7% after Nikola reported quarterly earnings that disappointed analysts’ expectations. The electric truck maker said it only delivered 20 battery-electric trucks to dealers despite producing 133 trucks in the fourth quarter.
eBay – Shares fell 8.3% even after eBay reported fourth-quarter results that fell short of expectations. The online goods seller reported earnings of 77 cents per share, below Refinitiv’s estimate of 81 cents per share.
Alibaba Group – Shares fell more than 2% even after the Chinese e-commerce giant’s fiscal third-quarter earnings beat analysts’ estimates. Earnings per share for US certificates of deposit came in at 46.82 billion yuan, versus 34.02 billion yuan expected. Revenue was 247.76 billion Chinese yuan ($35.92 billion), beating estimates of 245.18 billion Chinese yuan.
Moderna – Pharmaceutical stock fell more than 8% after Moderna reported weaker-than-expected fourth-quarter earnings, citing rising costs from excess production capacity and falling demand for its Covid vaccine -19.
– CNBC’s Michelle Fox, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting