The signage is on November 11, 2020 at the company’s headquarters on November 11. Singles’ Day in Hangzhou, Zhejiang Province, China, at the Alibaba Group’s headquarters.
Aly Song | Reuters
This is where stocks make headlines in midday trading.
Ulta Beauty – The cosmetics company’s stocks fell more than 6% after sales and revenue guidance for the entire business fell below Wall Street estimates for the same year. The company reported revenue of between 15% and 17% in the same business for the year, while analysts expected 20.3% according to Refinitiv.
Vail Resorts – Ski resort inventory rose nearly 3.8% after Vail’s earnings for the second quarter of fiscal year surpassed expectations. The company earned $ 3.62 per share versus $ 2.31 what analysts had expected, according to FactSet. The company also announced that results will continue to improve in February, which will be included in the next quarterly report.
Aegion Corp. – Oil and gas pipeline company Aegion saw its shares rise more than 12%. It is the subject of a competition between New Mountain Capital and Apollo Global, two private equity firms. According to a Bloomberg report, Apollo made an offer on Aegion between $ 26 and $ 30 per share, beating the deal Aegion made with New Mountain last month at $ 26 per share.
Netflix – The streaming service’s shares fell 1.8% after Netflix announced it was testing a password-sharing policy. Competitors’ streaming services also announced a subscription tour for years to come and put pressure on Netflix to fend off the competition. Research firm Magid has estimated that around a third of Netflix users share their passwords.
Alibaba – The e-commerce giant’s shares fell 3.8% after the Wall Street Journal reported that Alibaba could face a record fine from China’s antitrust authorities. According to those with knowledge of the matter, the fine could exceed Qualcomm’s $ 975 million fine paid in 2015.
DocuSign – The software company’s stocks fell roughly 6% despite a fourth quarter earnings report that beat expectations for earnings and earnings. DocuSign reported adjusted earnings per share of 37 cents on revenue of $ 430.9 million. Analysts polled by Refinitiv had estimated 22 cents per share and a turnover of 407.6 million US dollars. JMP Securities praised the quarter in a release to customers, but noted that billing growth slowed from the previous quarter.
Novavax – Novavax shares fell nearly 6% in midday trading after the company announced that the Covid-19 vaccine was 96% effective against cases caused by the original version of the coronavirus and the drug maker brought closer to regulatory approval. The vaccine was also about 86% effective in protecting against the more contagious variant of the virus that was first discovered and is now common in the UK.
Poshmark – The online used goods retailer stocks fell about 20% after a forecast for the current quarter was released that fell short of analysts’ estimates. However, the company reported sales that exceeded analyst estimates.
– CNBC’s Maggie Fitzgerald, Pippa Stevens, Jesse Pound and Richard Mendez contributed to the coverage.