Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
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Check out the companies making headlines midday Friday:
Beyond Meat — Shares of Beyond Meat popped a whooping 39% after the maker of plant-based meat substitutes exceeded expectations in its first quarterly report since its initial public offering last month. The company reported an adjusted loss of 14 cents per share in the first quarter, smaller than the 15 cents expected per Refinitiv. It also forecast sales to more than double this year as demand continues to grow.
Zoom Video — Shares of Zoom jumped more than 18% on better-than-expected quarterly earnings, its first report since going public in April. The videoconferencing company reported earnings of 3 cents per share for its first quarter, two cents above Refinitiv estimates. Zoom's revenue more than doubled in the quarter.
Barnes & Noble — Shares of Barnes & Noble surged more than 10% after activist firm Elliott Management said Friday it plans to acquire the bookseller for roughly $683 million, including debt. The deal values Barnes & Noble at $6.50 a share.
Citigroup, J.P. Morgan Chase, Bank of America — Bank shares fell broadly along with Treasury yields on the back of weak jobs data. Falling rates can hurt bank profit margins. Citigroup fell 1.1%. J.P. Morgan and Bank of America lost 1.1% and 1.3%, respectively.
Norwegian Cruise Line Holdings — Shares of Norweigian Cruise Line rose 1.6%, rebounding from losses earlier this week after the cruise operator cut its full year earnings outlook due to President Donald Trump's sudden ban on cruises to Cuba. Norwegian said on Friday it would modify its itineraries and would offer "substantial" discounts to keep the guests despite the ban.
Arista Networks —Shares of computer networking company Arista Networks fell more than 4% after Morgan Stanley lowered its target price on the stock to $275 from $300. Morgan Stanley maintained its equal-weight rating of Arista.
Guess — Shares of Guess lost 8% after the apparel maker reported weaker-than-expected first-quarter earnings. Guess said it lost 25 cents per share last quarter, 1 cent more than Refinitv estimates, while its revenue matched street forecasts. The company however gave a full-year earnings forecast above current consensus.
Caesars Entertainment — Shares of Caesars Entertainment gained 3.8% after The Wall Street Journal reported the casino operator is near a deal to combine with rival casino operator Eldorado Resorts, whose stock is up more than 4.5% Friday.
Zumiez — Shares of Zumiez soared nearly 16% after the action sports apparel maker's earnings topped Wall Street estimates. The company reported first-quarter earnings of 3 cents per share, compared to Refinitiv forecasts of a 9 cents per share loss. It also reported better-than-expected revenue for the quarter.
— CNBC's Fred Imbert and Maggie Fitzgerald contributed reporting.