A Peloton Interactive Inc. logo on a stationary bike at the company’s showroom in Dedham, Massachusetts, U.S., Wednesday, February 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
Find out which companies are making headlines in the midday business.
Peloton – Shares fell 8.7% after the equipment maker revealed it was hoarding excess inventory and burning cash in a disappointing earnings report. Peloton also released a gloomy fourth-quarter sales outlook and expects an upcoming price hike to cost the company subscribers.
Novavax – Shares fell 2% at midday but closed up 1.1% after the vaccine maker missed earnings estimates for its latest quarter. The first quarter, however, was Novavax’s first profitable quarter. The company also reiterated its earlier revenue guidance for 2022, anticipating an acceleration in vaccine sales in the current quarter.
Vroom – The online used-vehicle seller saw its shares soar 32.4% after posting a weaker-than-expected quarterly loss and better-than-expected revenue. Vroom also announced that COO Thomas Shortt will become CEO.
BioHaven Pharmaceutical – Shares of the drugmaker jumped 68.4% after Pfizer announced a deal to buy BioHaven, whose lead product is a migraine pill called Nurtec. Pfizer shares rose less than 1%.
Upstart – Shares of the AI lending platform fell 56.4% despite better-than-expected quarterly results. Upstart cut its full-year outlook, saying rising interest rates would hurt its lending volume.
AMC Entertainment – The stock fell 5.4% after the movie theater operator posted a weaker-than-expected quarterly loss as well as revenue that beat analysts’ forecasts. AMC was helped by the release of popular big-budget films like “The Batman,” and the company noted an increase in revenue per customer above pre-pandemic levels.
Palantir – Shares of Palantir fell 2.3% on Tuesday, extending a 21% drop from Monday that followed a disappointing first quarter report with weak guidance. RBC Capital Markets downgraded Palantir for underperforming, saying the company would struggle to meet its revenue growth targets.
Sunrun – Shares of the solar company fell about 3% after KeyBanc downgraded the stock to a sector weight rating from overweight. The company cited “the significant uncertainty presented by the recent net metering reform decision proposal in [California].”
– CNBC’s Jesse Pound and Sarah Min contributed reporting
