Stocks making the biggest moves midday: Twilio, Tripadvisor, Boston Beer, Roku and more
Check out the companies making headlines in midday trading.
Twilio — Shares jumped 14.2% after Twilio beat revenue expectations in its most recent quarter. The communications firm posted revenue of $1.02 billion, slightly better than the Refinitiv consensus estimate of $1 billion.
West Pharmaceutical Services — Shares spiked 14.5% after West Pharmaceutical Services topped profit and sales expectations in its fourth quarter. The drug and health care products maker posted adjusted earnings of $1.77 per share on revenue of $708.7 million. Analysts were forecasting $1.38 earnings per share on revenue of $657.2 million, according to consensus estimates from StreetAccount.
Roku — Roku shares gained 11% after the streaming device company reported a smaller-than-expected loss in its latest quarter, as well as greater revenue than analysts polled by Refinitiv were expecting.
Tripadvisor — Shares of the travel platform dropped 10.4%. In its earnings report earlier this week, the company beat expectations for earnings and revenue but to expect EBITDA to come in flat year over year in 2023 despite a nearly 20% increase seen in 2022. Bernstein downgraded the stock to market perform from outperform following its earnings call, noting the strategic plan unveiled was "more defensive than offensive."
DocuSign — DocuSign added 1.8% after the e-signature software company said it plans to lay off 10% of its workforce.
Boston Beer Company — Shares of the brewing company plunged 14.7% after the firm reported a surprise loss for the fourth quarter and said it expected to post another quarterly loss amid supply-chain disruptions. Boston Beer lost $11.4 million, or 93 cents per share, in the latest quarter.
Shopify — The e-commerce stock fell about 15.9% after Shopify issued weaker-than-expected revenue guidance for the current quarter. Otherwise, Shopify beat expectations on the top and bottom lines.
Cisco Systems — The stock jumped 5.2% after Cisco Systems posted a beat on the top and bottom lines, according to consensus forecasts from Refinitiv. The digital communications stock reported earnings of 88 cents per share on revenue of $13.59 billion. This was better than analyst calls for 86 cents per share on revenue of $13.43 billion.
Virgin Galactic Holdings — Shares declined 0.5% following Wednesday's test flight of the space travel company's mothership, Eve. The flight over Mojave, California was Eve's first since undergoing mechanical upgrades.
Hasbro — Hasbro rose slightly by 0.1% after the toymaker beat earnings per share expectations. The company reported $1.31 earnings per share in its most recent quarter, better than consensus estimates from Refinitiv of $1.29 per share. Revenue came in line with expectations.
Synopsys — Shares of the silicon design company fell 5.2% after Synopsys issued lackluster guidance for its fiscal second quarter. Otherwise, the firm beat earnings expectations in its latest quarter, while revenue came in line with estimates.
— CNBC's Michelle Fox, Alex Harring and Yun Li contributed reporting