Stocks with the biggest gains at noon: CSCO, TWLO, SMCI | Private Equity Weekly
Take a look at the companies making headlines in midday trading. Cisco Systems — Shares fell 2.4% after the technology company reported lower fiscal second-quarter revenue. Cisco also issued a lower-than-expected third-quarter forecast and announced a layoff plan that will reduce employment by 5%. Twilio — The cloud communications stock fell 15% after issuing disappointing first-quarter guidance. Twilio beat fourth-quarter forecasts but said it expected revenue in a range of $1.025 billion to $1.035 billion, while analysts polled by LSEG expected $1.049 billion. Earnings per share estimates also came in below expectations. Super Micro Computer – The technology company’s shares jumped 14% after Bank of America said shares could rise to $1,040, a Wall Street high. The call comes during a period of significant gains for the stock, although many analysts expect a sharp pullback in the future. Applovin — Shares of Applovin soared nearly 25% after the game developer posted strong fourth-quarter results and guidance for the quarter that beat Wall Street expectations. Applovin’s most recent quarter earnings were 49 cents per share on revenue of $953 million. Wells Fargo — Shares of Wells Fargo jumped 7% after the bank said the Office of the Comptroller of the Currency terminated its 2016 consent order. This is the sixth consent order terminated by the regulator since 2019. The consent orders follow the fake accounts scandal and require the bank to improve how it sells and markets its products. Deere – Shares of Deere fell 5.2% after the farm machinery maker lowered its 2024 profit forecast to a range of $7.5 billion to $7.75 billion, compared with a previous forecast of $7.75 billion to $8.25 billion. Deere said high borrowing rates have hurt demand. However, the company’s first-quarter earnings and revenue beat expectations. Tripadvisor – Shares rose more than 9% to hit a 52-week high on better-than-expected earnings. Tripadvisor earned 38 cents per share, excluding items, on revenue of $390 million. Analysts polled by London Stock Exchange Group (LSEG) forecast profit of 22 cents per share on revenue of $374 million. Shake Shack — The fast-food stock soared 26% after reporting a stronger-than-expected fourth-quarter report. Shake Shake earned an adjusted profit of 2 cents a share on revenue of $286.2 million, while analysts polled by LSEG expected earnings of 1 cent a share on revenue of $280.3 million. The company also said it expects revenue to grow by at least 11% in 2024. Albemarle — Shares of the lithium producer rose 2.7% despite a 10% drop in fourth-quarter net sales. Albemarle’s sales were $2.36 billion, topping analysts’ expectations of $2.18 billion, according to StreetAccount. Coinbase — Coinbase rose 3% after JPMorgan raised shares to neutral, citing recent gains in cryptocurrency prices. Stellantis — Shares of Stellantis rose 6.6% after the parent company of Chrysler and Fiat announced a new stock buyback program. JFrog — Shares of the software development company soared 28% after beating Wall Street estimates in the fourth quarter. JFrog earned 19 cents per share, excluding items, on revenue of $97 million. That beat the FactSet estimate of 12 cents a share on revenue of $93 million. Zebra Technologies – Shares rose 12% on strong earnings and better-than-expected guidance. The company reported fourth-quarter earnings excluding items of $1.71 per share on revenue of $1.01 billion, and said it expected first-quarter revenue growth to fall less than expected. Shares of Penn Entertainment, the parent company of ESPN Bet, fell more than 13% after fourth-quarter revenue and profit fell short of Wall Street expectations. Penn State plans to launch ESPN in North Carolina next month. Bet’s results were hurt by higher-than-expected promotional and advertising spending. —CNBC’s Jesse Pound, Hakyung Kim, Alex Harring, Michelle Fox, Brian Evans and Christina Cheddar Berk contributed reporting
