At Extreme Investor Network, we keep our finger on the pulse of the latest updates in the finance world. In today’s midday trading session, several companies are making headlines with significant movements in their stock prices.
Reddit, the social media company, saw its shares soar 41% after reporting a stellar third-quarter performance. The company exceeded analysts’ expectations with earnings of 16 cents per share and revenue of $348.4 million. Reddit also provided strong guidance for the fourth quarter, driving investor optimism.
On the flip side, Super Micro Computer saw its stock tumble 30% after its auditor EY resigned due to concerns about the board’s independence and accounting practices. This news raised red flags for investors, leading to a sharp decline in the stock price.
In the retail sector, Shake Shack and Chipotle delivered better-than-expected quarterly results, causing their stock prices to surge. Shake Shack reported earnings of 25 cents per share on $316.9 million in revenue, while Chipotle missed revenue estimates but still saw a 6% increase in same-store sales.
Meanwhile, Alphabet, the parent company of Google, impressed investors with stronger-than-expected third-quarter earnings and robust cloud revenue growth. The stock jumped more than 5% on the positive news.
Other notable movements include Visa, which advanced nearly 4% after beating earnings estimates and raising its quarterly dividend, and Snap, which surged 16% following a strong earnings report and announcement of a stock repurchase program.
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