Check out the companies making headlines in midday trading. Cisco Systems â The tech company’s shares dropped 4.4% after it posted declining fiscal second-quarter revenue. Cisco also issued a lighter-than-expected forecast for the third quarter and announced a downsizing plan that would lead to a 5% reduction in jobs . Twilio â The cloud communications stock shed 14% after issuing disappointing first-quarter guidance. Twilio topped fourth-quarter expectations but said it anticipated revenue to range between $1.025 billion and $1.035 billion, versus the $1.049 billion expected by analysts polled by LSEG. EPS estimates also fell short. Super Micro Computer â The technology name added 8.5% after Bank of America said shares could rise to $1,040, a Wall Street high. That call comes amid a period of monster gains for the stock and in spite of many analysts expecting a sizable pullback ahead. Applovin â The game developer surged 22% after posting strong fourth-quarter results and current-quarter guidance that surpassed Wall Street’s estimates. For the recent quarter, Applovin reported earnings of 49 cents per share and $953 million in revenue. Wells Fargo â Shares of the bank popped 5% after it said the Office of the Comptroller of the Currency ended a 2016 consent order. This is the sixth consent order that regulators ended since 2019. The consent orders were put in place following a fake accounts scandal, and required the bank to revamp how it sells and markets products. Deere â Shares sank 5.4% after the agricultural machinery manufacturer cut its 2024 profit forecast to a range of $7.50 billion to $7.75 billion, versus the previous forecast of $7.75 billion to $8.25 billion. Deere said high borrowing rates hit demand. However, the company beat first-quarter earnings and revenue estimates. Tripadvisor â Shares jumped more than 6% to a 52-week high following better-than-expected earnings. Tripadvisor earned 38 cents per share,…
2024-02-15 12:54:00
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