Massive Heaps, Carvana, Cloudera, DocuSign & extra
A customer leaves a Big Lots store in Clifton, New Jersey.
Emile Wamsteker | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
Big Lots – Retail stocks fell 9% after the company failed to make a forecast in its earnings report for the third quarter. Big Lots exceeded analysts’ expectations for revenue and earnings, according to FactSet, but the company said in a press release that “it doesn’t have enough visibility to provide fourth-quarter forecasts”. CEO Bruce Thorn also said in a press release that he expects business to “moderate” in the fourth quarter due to a longer holiday season.
Carvana – The online car dealer rose more than 4% after a bullish phone call from Jefferies. The company started reporting the stock with a “buy” rating, noting that the company operates in a “massive addressable market ripe for disruption”.
DocuSign – The electronic signature company’s shares surged more than 5% after surpassing its income statement for quarterly results. DocuSign had earnings of 22 cents per share on sales of $ 383 million. Wall Street expects earnings of 13 cents per share on sales of $ 361 million, according to Refinitiv.
Cloudera – The cloud company’s stocks rose more than 10% after the better-than-expected earnings report. Cloudera earned 15 cents per share, more than the 9 cents per share forecast by analysts, according to Refinitiv. Revenue was $ 218 million, above the expected $ 209 million.
Stitch Fix – The stock fell nearly 3% after MKM Partners downgraded the online styling company to sell from neutral. MKM cited valuation concerns after the stock rallied sharply after earnings in the third quarter.
Marvell Technology Group – Shares fell nearly 5% after the semiconductor company raised alarms about “a number of industry-wide supply bottlenecks”. “These supply challenges are currently limiting our ability to fully meet the growing demand for some of our network products,” the company said in a call letter. For the third quarter, however, a better than expected result was reported.
Ollie’s Bargain Outlet – The retailer fell more than 10% after the company announced that sales in the same store could be below expectations for the current quarter. “Since the beginning of the year, our sales increases in comparable stores have been in the low single-digit range,” said CEO John Swygert in a statement. However, in the most recent quarter, the company beat sales and earnings estimates.
PagerDuty – PagerDuty stocks rose more than 26% after the software company released a better-than-feared quarterly report. PagerDuty reported a loss per share of 9 cents, according to Refinitiv, versus a 10 cents per share loss that analysts had expected. Income was also above estimates.
Yext – The data processing company’s stocks fell 16% after Yext expected roughly flat quarter-over-quarter growth for the fourth quarter of the fiscal year. The company’s third quarter fiscal results exceeded Wall Street’s expectations, according to FactSet. However, MKM Partners said in a statement to customers that the sales forecast was “very soft”.
– CNBC’s Maggie Fitzgerald, Pippa Stevens and Jesse Pound contributed to the coverage.
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