A sign displayed ahead of Chewy’s IPO at the New York Stock Exchange June 14, 2019.
Andrew Kelly | Reuters
Check out the companies that make headlines in the daytime trading.
Snowflake – Shares of the cloud computing company fell nearly 4%. The company presented its financial targets at its investor day meeting on Thursday. It aims to reach $10 billion in annual product revenue by 2029, compared with $554 million in the fiscal year ending in January.
Vertex Pharmaceuticals — The drug company’s shares fell more than 10% in midday trading. After the company said Thursday it would stop developing an experimental drug. After it was found unlikely to prove effective in a rare genetic disease called AAT Deficiency, Vertex said the drug boosted levels of the defective protein. But it is not enough to improve material health.
Chewy — Shares of the pet e-commerce company fell more than 5% despite earnings of 9 cents per adjusted share for the latest quarter. Compared to forecasts of a loss of 3 cents per share, Chewy, which reported earnings late Thursday, saw earnings beat estimates and gave a positive outlook. supply chain interruption
Dave & Buster’s — Dave & Buster’s shares fell about 2 percent by midday after trading higher in futures action. last Thursday The company reported first-quarter earnings of 40 cents per share. Astonishing analysts, who had expected a loss of 16 cents per share, Dave & Buster’s also posted first-quarter earnings that beat Wall Street analysts’ expectations.
Biogen — Shares of the biotech stock fell more than 3 percent, although the stock was upgraded to outperformance from market performance at Bernstein. Agency approves Biogen’s new Alzheimer’s drug Biogen’s stock continues to rise sharply since the drug was approved on Monday.
Zoom Video — The share of the video messaging company has increased by approximately 4% after RBC rated Zoom’s coverage with unbeatable ratings. While naming stocks as top picks “The future of work is probably a hybrid. And we believe Zoom will be a key element in driving that future,” the company wrote in a note to clients. RBC has a target of $450 for the stock. This means a gain of about 30% from Thursday’s close.
Reddit Favorites — Stocks popular with retail investors flocking to the forums. Reddit’s WallStreetBets have been volatile in midday trading following a massive rally in recent weeks. Trading above 3%, while Clover Health Investments shares were up 5%. Meanwhile, GameStop shares were down more than 2 percent, ContextLogic shares were down more than 5 percent, and clean energy fuels shares were down nearly 2.5%.
— CNBC’s Pippa Stevens, Yun Li, Maggie Fitzgerald, Jesse Pound and Tom Franck contributed to the report.
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