A ChargePoint electric vehicle charging station in the Walnut Creek City Hall parking lot, Walnut Creek, California, April 18, 2023.
Smith/Gado collection | Photo Archive | Getty Images
Find out which companies are making the headlines at noon.
WestRock — The stock gained 5% midday following news that the company is set to merge with European Smurfit Kappa in a deal that could create a global paper and packaging giant worth around $20 billion, as first reported by The Wall Street Journal.
stoppage of play — The video game retailer saw its shares tumble 1% even after the company posted quarterly revenue above Wall Street estimates and a lower-than-expected loss. GameStop said strong revenue in the quarter came from a “significant software release.”
Semiconductors – Semiconductor stocks fell as a group. Shares of Search Lam And Advanced micro-systems fell more than 3% and 2%, respectively. Shares of Qualcomm fell more than 6%. Nvidia decreased by more than 2%. On the other hand, the actions of Intel bucked the trend, up 2%.
Apple — Apple fell more than 3.4% after a Bloomberg News report said China plans to extend restrictions on iPhones to state-owned companies. Earlier, The Wall Street Journal reported that China is considering banning iPhone use in government-backed agencies.
Align Technology — The stock of orthodontics fell by more than 7%. Align Technology on Wednesday announced the acquisition of 3D printing company Cubicure in a 79 million euro, or approximately $84.6 million, transaction.
rollin — Shares fell more than 6% after the pest control services company announced Wednesday the start of a proposed secondary public offering of $1.35 billion of its common stock.
Seagate Technology — Shares of Seagate Technology fell about 8% after Barclays downgraded the stock’s rating to equal weight to an overweight. The Wall Street firm spoke of poor fundamentals and a recovery that could take longer than expected.
ChargePoint Funds — Shares of ChargePoint Holdings plunged 13% after the electric vehicle charging infrastructure company failed to miss second-quarter revenue estimates. ChargePoint reported revenue of $150 million, down from the $153 million forecast by analysts polled by LSEG, formerly known as Refinitiv. In addition, the company announced that it would cut approximately 10% of its global workforce.
dutch brothers — Shares fell about 3.4% after the drive-thru chain announced a public offering of $300 million of Class A common stock on Wednesday.
Dave & Buster Entertainment — The stock fell more than 4% after posting weaker-than-expected second-quarter results. The entertainment and dining company earned 60 cents per share on revenue of $542 million. Analysts polled by LSEG expected earnings per share of 93 cents on revenue of $559 million.
C3.ai — Shares of C3.ai fell 13% after the artificial intelligence software company tipped for a bigger-than-expected operating loss in the fiscal second quarter. C3.ai expects an operating loss of between $27 million and $40 million. Analysts polled by StreetAccount had expected a loss of $20.5 million. Meanwhile, C3.ai reported an adjusted tax loss of 9 cents per share in the first quarter on revenue of $72.4 million. Analysts polled by LSEG expected a loss per share of 17 cents on revenue of $71.6 million.
Roku — The streaming stock slid 2% on a downgrade to hold onto its buy from Loop Capital. Roku rose more than 12% on Wednesday after announcing plans to lay off 10% of its staff, among other cost-cutting measures. Roku also raised its revenue and EBITDA guidance for the third quarter.
Verint Systems — Shares plunged 16% midday after the analytics firm reported weaker-than-expected second-quarter earnings and revenue. Verint reported adjusted earnings of 48 cents per share on revenue of $210 million. Analysts polled by LSEG had expected earnings per share of 57 cents on revenue of $225 million.
— CNBC’s Alex Harring, Yun Li and Pia Singh contributed reporting.