The logo of Didi Chuxing, the ride-hailing giant in China, is displayed on Hangzhou’s Eastern Zhejiang Province.
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Take a look at the top midday traders.
DocuSign — The software stock plunged 40% after the company issued fourth-quarter sales guidance that was lower than what analysts expected. DocuSign offered a range from $557m to $563m, while Refinitiv analysts expected $573.8m.
Asana — Shares of the work management platform tumbled 26% despite beating expectations in its third-quarter results. StreetAccount reported that Asana lost 23 cents on each share. This was less than analysts had predicted.
Ollie’s Bargain Outlet — Shares of the discount retail chain tanked 20% after Ollie’s missed estimates on the top and bottom lines for the third-quarter. Ollie’s stated that its supply chain problems have hurt its results. Also, guidance on earnings and revenue were less accurate than we expected.
Didi — Shares of the Chinese ride-hailing giant fell 16% after company announced plans to delist from the New York Stock ExchangeThe company stated that it would do so “immediately” in the face of Beijing’s clampdown on overseas listings. Instead, the company stated that it would seek a Hong Kong listing. Didi stated that the company’s U.S. shares would be “freely tradedable shares” at another international exchange.
Marvell Technology — The chipmaker’s shares jumped 18% after reporting quarterly results that beat estimates on the top and bottom lines. Marvell reported adjusted earnings of 43 cents per sen on revenue $1.21billion, while Refinitiv surveyors expected 39 cents for revenue $1.15billion.
Nvidia — The chipmaker’s share price fell 5% as its planned $40 billion acquisition of chip designer Arm looks increasingly unlikely to go through. The agreement was due to close on March 31, but it faces increasing number of regulatory investigations around the world.
Big Lots — The retailer saw its shares rise 5.9% after it reported a narrower-than-expected loss per share for the third quarter, at 14 cents, compared to analysts’ expectations of 16 cents. StreetAccount reports that Big Lots earned $1.34 Billion, which was more than the $1.32B revenue forecast.
Peloton — Shares of the at-home exercise company slid more than 4%, giving back an earlier gain that had been fueled by Deutsche Bank initiating coverage on the stock with a buy rating. According to the firm, while 2021 was “tough”, patience will eventually pay off. Deutsche Bank is convinced that Peloton will be able to show earnings power in any economic setting, even if it’s fully opened.
Zillow — The digital real estate company’s shares jumped 8% after it said it has sold or is in the process of selling about half of the dwellings it purchased for its home-flipping business, which it announced in early November it would shutter. Zillow also announced Thursday it plans to buy back up to $750 million in stock, about 5.5% of its current market cap, Bloomberg reported.
— CNBC’s Jesse Pound, Pippa Stevens and Yun Li contributed reporting