Vertex Pharmaceuticals, Moderna, Lennar, Salesforce and more
Signage for Salesforce outside an office building in New York
Scott Mlyn | CNBC
These are the top companies in Wednesday’s midday trading.
Allbirds — Allbirds shares sunk more than 13% 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 4.6%, outpacing other homebuilders, following an upgrade to buy from hold at Goldman Sachs. According to the investment company, Lennar’s business strategy will lead to significant growth in 2022.
Vertex Pharmaceuticals — Vertex shares rose more than 8% 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 8.6% after the company appealed a patent ruling related to a competitor Arbutus Pharma’s drug-delivery technology and lost. Arbutus shares rose 84%.
Salesforce — The software giant’s shares dropped nearly 7% on the back of mixed fourth-quarter guidanceThis was a major reason for Salesforce’s disappointing third-quarter results. Salesforce announced Bret Taylor as new co-CEO, alongside Marc Benioff.
Exxon Mobil — Shares of Exxon gained 2% after the company predicted it will double its earnings and cash flowBy 2027, it will have a net increase in emissions compared to the 2019 level. According to the company, it will spend $20 billion to $25 billion annually through 2027, as opposed to $30 billion to 35 billion that it had forecasted before the pandemic.
Box — Cloud services company Box saw its shares jump 12% following its quarterly financial results. Refinitv’s estimates were that Box would earn 22 cents per sen on $224m in revenue, while Box earned 22 cents on revenues of $218.5m.
Ambarella — The semiconductor company’s shares jumped 24% after a better-than-expected quarterly report. Ambarella posted a profit at 57 cents per shared, surpassing the 8-cent Refinitiv estimate. The revenue came in at $92.2million, compared to the expected $90.3 million.
Build-A-Bear Workshop — The teddy bear retailer saw shares rise more than 30% after reporting generated record revenue for the third quarter and raised its full year guidance. The company also approved up to $25,000,000 in share buybacks.
— CNBC’s Hannah Miao and Jesse Pound contributed reporting