Take a look at the mid-day movers and shakers in the stock market:
Elastic saw its shares leap almost 15% after the software company exceeded Wall Street’s forecasts for its second-quarter financials. The company reported adjusted earnings of 59 cents per share with revenue hitting $365 million. This performance beat what LSEG analysts anticipated, which was 38 cents per share on $357 million in revenue.
Over at Reddit, the stock dropped by over 7% following a Bloomberg report. It was revealed that Advance Magazine Publishers could be setting up a credit facility valued at up to $1.2 billion, using its Reddit stake.
On the other hand, Gap’s shares climbed nearly 13%. This spike came as the retailer once again raised its full-year forecast, marking the third time this year. The updated outlook suggests sales growth between 1.5% and 2%, an upgrade from their previous “up slightly” expectation.
Super Micro Computer continued its impressive streak, with shares increasing more than 11%, adding to the previous session’s over 15% jump. This week has been favorable for the company, with its stock up over 73% due to naming BDO as its new auditor and addressing compliance plans with Nasdaq’s requirements.
Intuit’s shares dipped over 5% after unveiling its fiscal first-quarter figures. Despite surpassing Wall Street’s top and bottom-line expectations, as noted by LSEG, Intuit projected a revenue drop in its consumer division for the upcoming quarter and maintained its full-year forecast.
Ross Stores experienced a 2% lift in shares, thanks to better-than-expected third-quarter earnings of $1.48 per share, above the $1.40 predicted by analysts surveyed by LSEG. However, its revenue didn’t quite meet consensus expectations.
Carpenter Technology gained over 5% following JPMorgan’s initiation of coverage with an overweight rating. The firm anticipates a more than 21% upside, driven by strong demand for Carpenter’s premium offerings.
Brazil’s StoneCo saw its shares soar by over 10% after announcing a share repurchase program valued at up to 2 billion reais, without a fixed end date.
Deckers Outdoor also saw a boost, rising more than 5% and reaching a record intraday high. This came after Needham began coverage with a buy rating, commending Deckers as one of the top-quality companies they follow and added it to their conviction list.
MicroStrategy bounced back over 6%, recovering some of its losses from the previous session. This turnaround coincided with bitcoin’s rally, nearing the $100,000 mark during Friday’s session after surpassing $99,000 on Thursday.
Lastly, Texas Pacific Land’s stock jumped over 14% following news of its upcoming inclusion in the S&P 500, replacing Marathon Oil due to its acquisition by ConocoPhillips. The change will come into effect on Tuesday.
With contributions from CNBC’s Alex Harring, Jesse Pound, and Michelle Fox.
