Lucid Air
Courtesy: Lucid Motors
Check out the companies making headlines in midday trading.
Nvidia — The chip stock spiked 14% after Nvidia topped expectations on the top and bottom lines in its most recent quarter. Wall Street analysts approved of the results, saying AI opportunities will drive growth for the chipmaker.
Lucid Group — The electric vehicle maker tumbled 11.9% after posting fourth-quarter revenue that fell short of analysts’ expectations. Bank of America also downgraded the stock to neutral from a buy rating, citing near-term demand concerns.
Bumble — Shares added 7.5% after Bumble beat fourth-quarter revenue expectations. However, the company posted a quarterly loss of 85 cents per share, a figure that included an impairment charge from shutting down operations in Russia and Belarus.
Mosaic Company — Shares of the fertilizer mineral company added about 2.6% on Thursday after Mosaic’s quarterly revenue came in higher than expected. The company generated $4.48 billion in revenue, while analysts surveyed by StreetAccount were expecting $4.17 billion revenue. Mosaic’s adjusted earnings per share did miss expectations, but the company said it expected a “recovery in demand for fertilizers” this year.
Lordstown Motors — Shares of the electric vehicle maker slid nearly 11.4% after the company announced a production and delivery pause to address quality issues with certain Endurance components. Lordstown will also voluntarily recall 19 Endurance pickups to address a “specific electrical connection issue that could result in a loss of propulsion while driving.”
Domino’s Pizza, Papa John’s International — The pizza chains fell 11.7% and 6.1%, respectively, after they reported mixed earnings. Domino’s revenue and same-store sales missed analyst estimates, while its adjusted earnings per share beat. Papa John’s beat on both earnings and revenue, but missed estimates on North American company-owned restaurant sales.
Nikola — Shares fell about 5.6% after Nikola reported quarterly revenue that disappointed analyst expectations. The electric truck maker said it delivered just 20 battery-electric trucks to dealers despite producing 133 trucks in the fourth quarter.
eBay — Shares dropped 5.2% even after eBay reported fourth-quarter earnings that missed expectations. The online seller of goods posted a profit of 77 cents per share, below the Refinitiv estimate of 81 cents per share.
Alibaba Group — Shares fell nearly 0.7% even after the Chinese e-commerce giant’s fiscal third-quarter earnings beat analyst estimates. Earnings per American depository receipt share came in at 46.82 billion yuan, versus the 34.02 billion yuan expected. Revenue was 247.76 billion Chinese yuan ($35.92 billion), topping estimates of 245.18 billion Chinese yuan.
Moderna — The pharmaceutical stock fell 6.7% after Moderna reported weaker-than-expected earnings for the fourth quarter, citing rising costs from surplus production capacity and lower demand for its Covid-19 vaccine.
— CNBC’s Michelle Fox, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting
