A dog sits in front of the New York Stock Exchange (NYSE) during the initial public offering (IPO) of Chewy Inc. in New York, USA, on Friday, June 14, 2019.
Michael Nagel | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
Five Down – The retail stock slumped more than 10% after the company reported a quarterly loss of sales. Five Below posted revenue of $ 646.6 million for the second quarter, compared to a forecast of $ 648.3 million, according to Refinitiv. However, the result for the second quarter was above expectations.
Chewy – The pet trader’s shares fell 9% after the quarterly results were released late Wednesday. Chewy posted a 4 cents per share loss, up over the 2 cents estimated by analysts. It also missed sales expectations, reporting $ 2.16 billion for the quarter up from estimates of $ 2.2 billion. Chewy pointed to an above-average level of out-of-print products and issued a weaker than expected outlook.
C3.ai – The software company’s shares ticked 7% lower after reporting a loss of 37 cents per share, compared to analyst estimates of 28 cents, according to Refinitiv. C3.ai had sales of $ 52.4 million in the most recent quarter, beating estimates of $ 51.2 million.
Okta – The identity management software company’s stock rose 2.4% after the company posted a smaller-than-expected loss in the second quarter. Okta reported an adjusted loss of 11 cents per share on sales of $ 315.5 million. Analysts polled by Refinitiv expected a loss of 35 cents per share on sales of 296.5 million US dollars. Investment firm Needham upgraded the stock to buy off hold after the report, citing strong growth.
ChargePoint – Shares rose more than 7% after the company issued strong sales guidance for the third quarter and raised its sales estimates for the full year. The company reported a quarterly loss of 13 cents per share on sales of $ 56.1 million. Income equals estimates and income exceeds estimates.
Lands ‘End – The apparel retailer’s stock fell more than 8% after Lands’ End announced that its profit margins would decline in the second half of the fiscal year due to supply chain challenges.
Hormel Foods – The food company fell more than 4% after releasing its full-year earnings forecast below analysts’ expectations. The company expects earnings between $ 1.65 and $ 1.69 per share, while Wall Street estimates $ 1.71 per share. Hormel has exceeded the sales forecasts of the analysts.
Signet Jewelers – The jewelry company’s shares rose 6% after Signet reported earnings of $ 3.57 per share, well above Wall Street’s $ 1.69 per share, according to Refinitiv. Signet had sales of $ 1.79 billion, beating forecast of $ 1.64 billion.
– with reports from Yun Li, Tanaya Macheel and Jesse Pound from CNBC.