Twitter, Zoom, Palo Alto Networks, Macy’s and more

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Check out the companies making headlines during Tuesday afternoon trading.

Zoom Video — Zoom fell more than 14% after missing revenue estimates for the previous quarter due to a strong dollar. The videoconferencing company also lowered its full-year forecast amid slowing revenue growth.

Twitter – Shares of the social media network fell 6% after a company whistleblower filed complaints with the Securities and Exchange Commission, Federal Trade Commission and Justice Department over alleged “extreme, egregious deficiencies by Twitter” regarding privacy, security and content moderation.

Palo Alto Networks – Shares of Palo Alto Networks rose 11% after the company reported a profit Monday, driven by strong billing that rose 44% in the quarter. The cybersecurity firm also increased its quarterly and full-year guidance, increased its buyback program and announced the approval of a 3-for-1 stock split.

Macy’s – Shares of the department store rose more than 4% after the retailer reported fiscal second quarter earnings and revenue that beat analysts’ expectations. Macy’s also teased that its digital marketplace, announced last year, is set to launch in the coming weeks. However, the company lowered its full-year forecast and said it anticipates deteriorating consumer spending on discretionary items such as clothing, which will lead to heavy price cuts to take items off shelves.

Dick’s Sporting Goods – Shares were up 2% after the sporting goods retailer beat earnings and sales estimates in its second quarter results and also raised its full-year financial outlook.

Medtronic — Shares of Medtronic fell 3.4% despite an improvement in sales and earnings in the past quarter. The medical device maker said sales were down from a year ago as it struggles with supply chain constraints.

JD.com – Shares of the China-based e-commerce company rose 3.8% after the company beat analysts’ expectations in both top and profit margins in the recent quarter. JD.com also said annual active customer accounts were up 9.2%.

XPeng — XPeng fell 8.8% after posting a larger-than-expected loss in the previous quarter. The China-based electric vehicle company beat sales expectations but said deliveries nearly doubled from the same period last year.

JM Smucker – Shares of the food products company rose more than 3% Tuesday after JM Smucker’s adjusted earnings for the first quarter beat expectations by $1.67 per share. Analysts polled by Refinitiv had calculated $1.27 per share. Revenues were in line at $1.87 billion. The win knock came despite a hit from the Jif peanut butter reminder

Grocery Outlet Holding – Shares of the discount supermarket chain fell 4% after being downgraded to an equal weight underweight by Morgan Stanley. The company cited the flip side of Grocery Outlet Holding’s 2023 estimates rather than the upside of its ingrained 2022 estimates. The stock is up more than 40% this year as well.

Pinduoduo — Ecommerce stock rose 6.2% amid news that it is reportedly preparing to launch an international ecommerce platform targeting North America next month.

— CNBC’s Carmen Reinicke, Yun Li, Sarah Min, Tanaya Macheel, Jesse Pound and Michelle Fox reported.

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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