Welcome to Extreme Investor Network, where we bring you the latest updates on the companies making headlines in the world of finance. Today, we dive into the midday trading action of some key players in the market.
Kroger, the supermarket chain, saw its shares rally over 4% after reporting mixed fiscal second-quarter results. While adjusted earnings beat expectations by 2 cents a share, revenue fell short of Wall Street’s estimates.
Petco, the pet retailer, experienced a massive 14% surge in its stock price, building on a post-earnings rally of nearly 33% from the previous day – marking its best day on record.
On the flip side, Moderna’s stock plummeted nearly 16% following news that the drugmaker plans to cut $1.1 billion in expenses by 2027. The company also announced its intention to launch 10 new products through 2027 while pausing or stopping work on some products in its pipeline.
In the biopharmaceutical sector, Gilead Sciences saw its shares rise 2% after a successful Phase 3 clinical trial for its Lenacapavir medication for HIV prevention, showing a 96% reduction in infections compared to the daily Truvada pill.
Moving on to the airline industry, Alaska Air Group’s stock rose 1% after raising its third-quarter outlook due to strong summer demand, now expecting earnings per share between $2.15 and $2.25.
In the world of advertising, Interpublic Group of Companies faced a 2% decline following a downgrade from UBS to sell from neutral. The downgrade was attributed to the loss of major accounts such as Amazon and Pfizer, which investors may not have fully factored into the stock’s valuation.
On a positive note, U.S. Bancorp announced a dividend hike and a $5 billion share buyback plan, despite its stock slipping nearly 2%.
Diageo, the alcohol company, saw a 3% increase in its stock price after a Bank of America upgrade to buy from neutral, signaling a positive outlook for the company.
Roku, the streaming platform, experienced a more than 5% jump in shares after Wolfe Research upgraded the stock to outperform from peer perform, citing accelerated sales growth and new sales strategies.
Lastly, Oracle’s stock rose nearly 2% after being named a top investment idea by Bernstein, which sees further gains ahead for the company due to its diverse offerings and increasing revenue growth.
Stay tuned to Extreme Investor Network for more updates and insights on the latest market trends and company news. Invest wisely!