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Stocks were seeking direction Wednesday following losses on Wall Street after a downgrade of several regional U.S. banks. Trading was cautious ahead of inflation data Thursday.
These stocks were making moves Wednesday:
Roblox
(RBLX) was sliding 20% after the videogame platform company reported a wider-than-expected second-quarter loss and bookings in the period came up way short.
Upstart Holdings
(UPST) fell 26% after the artificial-intelligence lending company issued an earnings and revenue forecast for the third quarter that was below expectations.
Upstart
expects revenue in the quarter of $140 million, lower than forecasts of $155.3 million. The company also expects adjusted earnings before interest, taxes, depreciation and amortization of $5 million vs. analysts’ expectations of $9.6 million.
Array Technologies
(ARRY) jumped 27 28% after the solar tracking systems maker’s second-quarter earnings and sales easily topped estimates.
Doximity
(DOCS) was tumbling 22% after the physician cloud-software company said it would be cutting 10% of its workforce, about 100 employees, and reduced revenue guidance for fiscal 2024 to a range of $452 million and $468 million, down from previous guidance of $500 million to $506 million.
WeWork
(WE) tumbled 31% to about 14 cents a share after the provider of co-working spaces said as a result of its “losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the company’s ability to continue as a going concern.”
Super Micro Computer
(SMCI) fell 22% after the information technology solutions company issued guidance that was lighter than expected.
Toast
(TOST), the cloud-based platform for restaurant operations, was rising 19% after topping second-quarter revenue expectations and recording positive free cash flow of $39 million.
Penn Entertainment
(PENN) was up 14% after saying its Barstool Sportsbook app would be rebranded as ESPN Bet this fall as part of a 10-year agreement with ESPN, which is owned by Walt Disney. Penn will pay ESPN $1.5 billion over the 10 years. Penn also divested 100% of its stake in Barstool Sports to Barstool founder David Portnoy. Shares of rival
DraftKings
(DKNG) declined 8.4%.
ZipRecruiter
(ZIP) declined 15% after the online hiring platform’s third-quarter guidance was below Wall Street’s estimates.
Marqeta
(MQ) surged 17% after the company extended its deal with
Block
(SQ) to power the Cash App debit card through June 2027.
Write to Joe Woelfel at [email protected]
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