Signage is seen before the IPO for Chewy on the New York Stock Exchange, June 14, 2019.
Andrew Kelly Reuters
See the companies that make headlines in the lunch trade.
Snowflake – Shares of the cloud computing company fell nearly 4%. The company presented its financial targets at its investor meeting on Thursday, aiming to reach $ 1
Vertex Pharmaceuticals – Shares of the pharmaceutical company fell more than 10% in lunch trading after it said on Thursday it would stop developing an experimental drug after it was proven unlikely to be effective against a rare genetic disease called deficiency of AAT. Vertex said the drug increases protein deficiency levels, but is not enough to improve the health of the material.
Chewy – Shares of the e-commerce company for pets fell more than 5%, although they gained an adjusted 9 cents per share for its last quarter, compared to the consensus forecast for a loss of 3 cents per share. Chewy, which reported gains late Thursday, also saw forecasts for higher revenue and gave an optimistic outlook for revenue. However, the company warned of labor shortages and disruption of the supply chain.
Dave & Buster’s – Shares of Dave & Buster fell about 2% in the afternoon after trading higher in the preliminary market. On Thursday, the company reported first-quarter earnings of 40 cents a share, surprising analysts who expected a loss of 16 cents a share. Dave & Buster’s also reported first-quarter revenue that exceeded Wall Street analysts’ expectations.
Biogen – Shares of biotech stocks fell by more than 3%, although stocks have been modernized to outperform Bernstein. Three members of a key advisory group on the Food and Drug Administration have resigned after the agency approved Biogen’s new Alzheimer’s drug. Biogen stocks are still rising sharply since the drug was approved on Monday.
Zoom Video – Shares of the video messaging company advanced about 4% after RBC adopted Zoom’s coverage with a better rating, while announcing the stock as the best choice. “The future of the job is likely to be hybrid, and we believe that Zoom will be a critical component in achieving that future,” the company wrote in a note to customers. RBC has a target price of $ 450 per share, suggesting about a 30% rally since Thursday’s close.
Reddit Favorites – Stocks popular with retail investors flocking to Reddit’s WallStreetBets forum have been volatile in lunch trading following massive rallies in recent weeks. Shares of AMC Entertainment traded more than 3% higher, while shares of Clover Health Investments jumped 5%. Meanwhile, shares of GameStop fell by more than 2%, ContextLogic – by more than 5%, and shares of Clean Energy Fuels fell by nearly 2.5%.
– Pippa Stevens of CNBC, Eun Lee, Maggie Fitzgerald, Jesse Pound and Tom Frank contributed to the report.
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