Stocks making the biggest moves midday: Vertex Pharmaceuticals, Moderna, Lennar, Salesforce and more
Check out the companies making headlines in midday trading Wednesday:
Allbirds — Allbirds shares sunk more than 16% after the shoe maker's losses grew in the third quarter, even as its revenue rose from last year. The quarterly earnings report was Allbirds' first as a public company.
Lennar — Shares of Lennar rose 3.3%, outpacing other homebuilders, following an upgrade to buy from hold at Goldman Sachs. The investment firm said Lennar's business strategy should lead to strong growth in 2022.
Vertex Pharmaceuticals — Vertex shares rose more than 9% after the biotech company announced positive results from a study of its its VX-147 drug candidate in a severe genetic kidney disorder and said it plans to advance it into pivotal development.
Moderna — Shares of the drugmaker tumbled 11.8% after the company appealed a patent ruling related to a competitor Arbutus Pharma's drug-delivery technology and lost. Arbutus shares soared 44%.
Salesforce — The software giant's shares dropped 11.7% on the back of mixed fourth-quarter guidance, which overshadowed better-than-expected results for the third quarter. Salesforce also announced Bret Taylor as new co-CEO, alongside Marc Benioff.
Exxon Mobil — Shares of Exxon gained 2% midday but ended the day slightly lower after the company predicted it will double its earnings and cash flow by 2027 from 2019 levels, while reducing emissions. The company said it plans to spend between $20 billion and $25 billion per year through 2027, compared to the $30 billion to $35 billion it forecasted spending annually before the pandemic took hold.
Box — Cloud services company Box saw its shares jump 10% following its quarterly financial results. Box posted earnings of 22 cents per share on revenue of $224 million versus the Refinitv estimates of 21 cents per share on revenue of $218.5 million.
Ambarella — The semiconductor company's shares jumped 14% after a better-than-expected quarterly report. Ambarella recorded a profit of 57 cents per share, beating a Refinitiv estimate by 8 cents. Revenue came in at $92.2 million versus the $90.3 million expected.
Build-A-Bear Workshop — The teddy bear retailer saw shares rise nearly 27% after reporting generated record revenue for the third quarter and raised its full year guidance. It also authorized up to $25 million in share buybacks.
— CNBC's Hannah Miao and Jesse Pound contributed reporting