A person skates past Biogen Inc. headquarters in Cambridge, Massachusetts on Monday, June 7, 2021.
Adam Glanzman | Bloomberg | Getty Images
Stitch Fix – Stitch Fix’s shares rose 12% after the online styling service reported better-than-expected business results for the third quarter. The company posted a loss of 18 cents per share, according to Refinitiv, which is less than analysts’ forecast of 27 cents per share. Stitch Fix also reported sales of $ 535.6 million; Analysts expected sales of US $ 511 million.
Clover Health – Stocks of Clover Health rose as much as 100%, and most recently rose 76% as retailers on Reddit’s WallStreetBets forum piled into Medicare insurance start-up, which was sold through Chamath Palihapitiya’s SPAC Stock exchange went. According to QuiverQuant, Clover became the most mentioned name in the chat room. Trading volume skyrocketed during retail mania as Clover already traded over 400 million shares, according to FactSet, up from his 30-day average volume of 22 million shares. Speculative trading activity was also seen in Wendy’s stock, which rose about 22%.
Biogen – The drugmaker’s shares ticked about 1% lower after rising 38% on Monday following the approval of Biogen’s Alzheimer’s therapy drug called Aduhelm. Cowen upgraded the stock on Tuesday to outperform the market and said the stock has upside potential even if only a small number of Alzheimer’s patients were using the drug.
Marvell Technology – Semiconductor stocks rose more than 4% after Marvell beat sales and earnings estimates for its first quarter report. The report received praise on Wall Street, with investment firm Stifel repeating its buy rating and JPMorgan resuming coverage with an overweight rating.
Generac Holdings – The generator company’s stocks rose approximately 7% after KeyBanc upgraded the stock from sector weight to overweight. The company said in a note that grid stability concerns should increase demand for home generators.
Coupa Software – The software giant’s stock fell more than 6% despite reporting quarterly earnings of 7 cents per share, beating analysts’ expectations of a 19 cents per share loss, according to Refinitiv. Coupa’s sales of $ 166.9 million also surpassed estimates of $ 152.6 million.
Contango Oil & Gas – The energy producer’s stock fell nearly 4% after agreeing to merge with KKR’s Independence Energy business in an all-stock deal. The combined company will have an initial market capitalization of approximately $ 4.8 billion.
Vail Resorts – The resort operator’s shares fell more than 3% in midday trading despite reporting quarterly earnings of $ 6.72 per share, beating Wall Street forecasts by 18 cents. The company said it reduced season ticket sales prices by 20%, increasing sales by 50% and 33% by units and dollars, respectively, compared to pre-pandemic results.
Chico’s – The clothing retailer’s shares rose about 6% in midday trading after announcing quarterly earnings that beat Wall Street analysts’ estimates. The company also said it is taking steps to improve performance and shareholder value in response to a letter from activist investor Barington Capital.
– CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound and Yun Li contributed to the coverage
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