Olive Garden Restaurant in Times Square, New York.
Richard Levine | Corbis | Getty Images
Here are some of the hottest stocks in Thursday’s noon trading:
Novavax — The pharmaceutical maker’s stock fell 13.3% after JP Morgan downgraded Novavax from neutral to underweight. The bank also cut its price target on the stock, citing declining demand for the Covid-19 vaccine.
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Darden Restaurants — Shares of Olive Garden’s parent company fell more than 4% after Darden’s fiscal first quarter results showed lower-than-expected earnings. The company reported he earned $1.56 per share on revenue of $2.45 billion. An analyst surveyed by Refinitiv said he was posting $1.56 per share on earnings of $2.47 billion. Olive Garden same-store sales were up just 2% year-over-year.
KB Home – Shares of homebuilder KB Home fell 5.1% after the company reported earnings that fell short of Wall Street earnings expectations. The company reported earnings of $2.86 per share for his earnings of $1.85 billion. Analysts surveyed by Refinitiv had expected earnings per share of $2.67 and earnings of $1.87 billion.
Renner — Lennar shares rose 2% after the company released mixed quarterly results on Wednesday. The homebuilder reported earnings of $5.03 and earnings of $8.93 per share. An analyst surveyed by Refinitiv had expected $4.88 in revenue for $9 billion in revenue. KeyBanc said in a note to customers that Lennar has “optimized asset turnover” over its competitors, despite slowing housing demand.
fact set — The stock of the financial data company fell more than 8% after FactSet’s fourth-quarter earnings fell below expectations. According to Refinitiv, his adjusted earnings per share for the company were $3.13, below analyst expectations of $3.20 for him. Earnings exceeded expectations by $12 million, to $499 million. FactSet’s operating margin contracted year-over-year.
block — Payments platforms have since fallen 5.9% Mizuho stock downgraded from buy to neutral He also lowered the target price from $125 to $57, saying that the block’s focus on Bitcoin has caused the company to lose focus on its core business.
steel case — Stocks fell 10% after the furniture company announced it would cut 180 salaried jobs in the third quarter. In a statement, Steelcase’s CFO Dave Sylvester said, “Recent order volume declines and the trend of returning to offices in the Americas have been less than expected.” The company also reported second-quarter results, saying that organic order growth in the second quarter declined in the Asia-Pacific region despite higher total revenue.
trip.com — US-traded shares of the Chinese travel company rose 4.8%, even as Trip.com reported lower earnings in the second quarter. Trip.com reported a much smaller net loss than in the first quarter. CEO Jane Sun said bookings recovered at the end of the second quarter and into the third quarter.
Deutsche Bank — Bank shares rose 3.1%. CFO James von Moltke was reported to have said at a meeting on Thursday that the bank will have to consider 2023 “carefully.” Dow Jones reported that the company’s management also confirmed its full-year earnings guidance.
Virtue Financial — Market makers rose more than 8.5% after reports the Securities and Exchange Commission would not ban the practice of “pay for order flow” on Wall Street.
lee auto — Shares soared 4.9% after the Chinese electric car maker announced the “early launch” of its smart SUV model, the Li L8. Li Auto will hold his September 30th launch event, with deliveries expected to begin in early November.
— CNBC’s Scott Schnipper, Sarah Min, Samantha Subin, Alex Harring, and Carmen Reinecke contributed to this report.