Business

Twitter Network, Zoom, Palo Alto, Macy’s and more


Check out the companies that hit the headlines in Tuesday’s midday trading.

Zoom video – Zoom down more than 14% after missing sales estimates for the previous quarter due to the strong dollar. The video conferencing company also cut its forecast for the full year amid slowing revenue growth.

Twitter Shares of the social network fell 6% after a whistleblower at the company filed a complaint with the Securities and Exchange Commission, the Federal Trade Commission and the Department of Justice alleging “serious shortcomings of Twitter” regarding privacy, security, and content moderation.

Palo Alto Networks Palo Alto Networks shares up 11% after the company reported beating earnings on Monday, boosted by a 44% increase in bills for the quarter. The cybersecurity company also enhanced its quarterly and full-year guidance, stepped up its buyback program, and announced its approval of a 3-for-1 stock split.

Macy’s – Coupon of Department stores surge more than 4% after retailer reports fiscal second-quarter profit and revenue topped analyst expectations. Macy’s also teased that their digital marketplace, announced last year, will launch in the coming weeks. However, the company cut its full-year forecast, saying it expected a decline in consumer spending on discretionary items such as clothing to lead to reduced moves of items off shelves. strong price.

Dick’s sportswear – Stocks rise 2% after sportswear retailer tops earnings and revenue estimates in its second-quarter results, while enhancing the company’s full-year financial outlook.

Medtronic Medtronic shares fell 3.4% despite declining sales and earnings in the recent quarter. The medical device maker said revenue was down from a year ago as it struggled with supply chain constraints.

JD.com – Shares of the China-based e-commerce company rose 3.8% after the company beat analyst expectations for earnings and profitability in the recent quarter. JD.com also reported a 9.2% year-over-year increase in active customer accounts.

XPeng – XPeng fell 8.8% after posting a wider-than-expected loss in the previous quarter. The China-based electric vehicle company came out on top in terms of revenue but said deliveries nearly doubled year-on-year.

JM Smucker – Shares of the food manufacturing company rose more than 3% on Tuesday after JM Smucker’s adjusted first-quarter earnings peaked at $1.67 per share. Analysts surveyed by Refinitiv pulled in $1.27 per share. Revenue reached 1.87 billion USD. Earnings spike despite hit by Jif . peanut butter recall

Organize the grocery store – Discounted shares Grocery chain drops 4% after being downgraded by Morgan Stanley to underweight from equal weight. The company cited a decrease from Grocery Outlet Holding’s 2023 estimate and not a large increase from the 2022 estimate being released. Shares have also gained more than 40% this year.

Pinduoduo E-commerce shares rose 6.2% amid news that it is gearing up to launch an international e-commerce platform next month targeting North America.

– CNBC’s Carmen Reinicke, Yun Li, Sarah Min, Tanaya Macheel, Jesse Pound, and Michelle Fox contributed reporting.



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