Stocks making the biggest moves midday: Salesforce, Darden, BlackBerry and more
Here are the stocks making headlines in midday trading.
Salesforce — The software company rose 6.4% in midday trading after raising its full-year 2022 revenue guidance to between $26.25 billion and $26.35 billion. Analysts expected $26.31 billion. The company also gave 2023 revenue guidance of $31.65 billion to $31.80 billion.
Darden Restaurants — The Olive Garden parent popped more than 6% in midday trading after reporting earnings of $1.76 per share, higher than the $1.64-per-share forecast, according to Refinitiv. The company said that 27% of its quarterly sales at Olive Garden were off-premise, showing that its takeout business is still a big part of the business even after health restrictions have been lifted for many restaurants around the country.
BlackBerry — Shares of BlackBerry surged over 13% after the software company's quarterly financial results topped Wall Street expectations. BlackBerry reported a loss of 6 cents per share, compared with analysts' expectation of 7 cents lost per share, according to Refinitiv. The company posted revenue of $175 million, topping estimates of $164 million.
KB Home — Shares of the homebuilder rose 2.1% despite the company missing estimates on the top and bottom lines for the third-quarter. Revenue guidance also came in under expectations, according to StreetAccount, but Wedbush Securities said in a note that the details of the guidance may lead analysts to raise the earnings estimates.
Norwegian Cruise Line Holdings, Carnival Cruise Line — Norwegian gained more than 6%, while Carnival was up 5.9% amid a broad risk-on shift in the stock market. Carnival also announced that it was track to be back at 50% fleet capacity by the end of October, putting it close to its previously stated goal of 65% by the start of next year.
Joby Aviation — The air taxi start-up's shares jumped 7.9% after Morgan Stanley initiated coverage of the stock with an overweight rating. The investment firm said in a note that Joby appears to have a head-start on getting its in-development vehicles certified by regulators compared to its competitors.
Liberty Global — Shares of the telecom conglomerate rose 4% after Jefferies upgraded the stock to buy from hold. The investment firm said in a note that it expects a significant increase in cash flow for Liberty over the next three years.
Roku – Shares of the streaming service gained 3% after Guggenheim upgraded the stock to buy from neutral. The Wall Street firm said Roku's international expansion and improving advertising tools should help complement the company's core business.
Biogen – The biotech stock rose roughly 2% after Needham initiated coverage on the stock with a buy rating. The firm is bullish on Biogen's controversial Alzheimer's drug Aduhelm, saying it will be a blockbuster for the company in the long run.
Fisker – The electric automaker's stock rose over 6% after Tudor Pickering initiated coverage of the stock with a buy rating a $19 per share price target. The investment firm said its rating was based on assumptions for production and sales, partnerships and meeting timeline targets on developmental milestones.
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