Stocks making the biggest moves midday: Shopify, Etsy, Twitter and more
Check out the companies making headlines in midday trading Thursday:
EPAM Systems — Shares jumped 10.7% after the computer software company posted better-than-expected results for the previous quarter. EPAM reported $2.49 earnings per share on revenues of $1.17 billion. The company was forecasted to earn $1.79 per share on revenues of $1.06 billion, according to a consensus estimate from FactSet.
Booking Holdings — Booking's stock price jumped 3.3% after the company's quarterly results topped analyst expectations. The travel company also reported $27 billion in gross bookings for its most recent quarter, record quarterly amount for Booking. The company also said it is preparing for a busy travel season in the summer.
Shopify — Shares of the e-commerce platform stock fell 14.9% after the company forecast that revenue growth would be lower in the first half of the year, as it navigates tough pandemic-era comparisons. Shopify also reported adjusted quarterly earnings of 20 cents per share, well below the Refinitiv forecast of 64 cents per share.
Twitter — Shares gained 2.7% after CNBC's David Faber reported Elon Musk is expected to serve as temporary CEO of Twitter for a few months after he completes his $44 billion takeover of the social media platform. Regulatory filings published Thursday also showed Musk received another $7 billion from friends and investors to buy Twitter.
Etsy — Shares of the online marketplace dropped 16.8% after the company released weaker-than-expected guidance for the current quarter amid a drop in disposable income for consumers. Etsy did report earnings that matched expectations and post better-than-expected revenue.
— CNBC's Yun Li and Hannah Miao and contributed reporting.