Stocks making the biggest moves midday: SolarEdge Technologies, Humana, Starbucks, Robinhood and more

by | Aug 2, 2023 | Financial

A Solarpro employee installs a SolarEdge Technologies inverter at a residential property in Sydney, May 17, 2021.Brendon Thorne | Bloomberg | Getty ImagesCheck out the companies making the biggest moves midday.SolarEdge Technologies — The solar stock tumbled about 19% after the company reported $991 million in revenue, missing analysts’ estimates of $992 million, according to Refinitiv. SolarEdge also issued disappointing third-quarter revenue guidance.CVS Health — The retail pharmacy stock gained 4% during midday trading Wednesday after the company posted strong earnings and revenue for the second quarter. CVS reported earnings of $2.21 per share on revenue of $88.9 billion, while Wall Street analysts expected $2.11 per share on earnings of $86.5 billion, according to Refinitiv.Norwegian Cruise Line — The cruise stock sank 3.2%, a day after reporting weaker-than-expected guidance for the third quarter. Its second-quarter earnings, however, topped analysts’ estimates. Shares were also downgraded by Susquehanna to neutral from positive. The Wall Street firm said Norwegian’s return to pre-pandemic EBITDA margin will take some time.Emerson Electric — Shares rallied 4% following Emerson Electric’s earnings and revenue beat for its fiscal third quarter. The company reported adjusted earnings per share of $1.29, topping the $1.10 expected from analysts polled by StreetAccount. Revenue was $3.95 billion, compared with the $3.88 billion expected by Wall Street.Pinterest — The social media platform slid 4.9% despite beating expectations on revenue for the second quarter. Pinterest posted $708 million against FactSet’s $696.4 million consensus estimate. Pinterest’s third-quarter revenue growth forecast, however, missed expectations.Starbucks — Shares added 2.6% following the coffee giant’s earnings report. Starbucks’ adjusted earnings per share for the fiscal third quarter was $1, versus the 95 cents expected by analysts, per Refinitiv. However, revenue fell short at $9.17 billion compared with the $9.39 billion expected.Advanced Micro Devices — The chipmaker’s shares declined 7.4% in reaction to its second-quarter earnings release Tuesday after the bell. While the company posted better-than-expected earnings in the prior quarter, its forecast for the third quarter was weaker than analysts’ estimates amid a weak PC market. Several Wall Street firms, including Bank of America and JPMorgan, said the company may be nearing the peak of its rally.Humana — Shares popped 6% after the health insurer reported second-quarter adjusted earnings per share of $8.94, topping the $8.76 per share anticipated by analysts, per StreetAccount. Humana forecast its Medicare Advantage business will grow by about 825,000 members in 2023.Generac — Shares dropped nearly 24% after the company posted a second-quarter earnings miss. Adjusted earnings per share came in at $1.08, versus StreetAccount’s estimate of $1.16. The company also lowered its forecast for residential product sales in the second half, citing a softer-than-expected con …

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