Check out the companies making the biggest moves at midday:
Peloton – Shares of Peloton fell more than 17% after the company released quarterly results on Thursday showing a bigger-than-expected loss and lower revenue. The company also did not give an outlook for its next financial year.
Salesforce – Shares of the enterprise software maker fell about 5.6% after the company issued a disappointing forecast for fiscal 2023. Salesforce reported earnings and revenue that beat analysts’ estimates, while by approving a $10 billion share buyback program, a first for the company.
Snowflake – Shares of Snowflake jumped 20% after beating Wall Street earnings estimates in the last quarter. The cloud data platform provider said product revenue grew 83% year-over-year.
Splunk – Shares of Splunk fell 11% after reporting earnings after the bell on Wednesday, despite reporting better-than-expected revenue. The big data company noted that headwinds affected the quarter. CNBC’s Jim Cramer thinks the action “is in Snowflake’s crosshairs.”
Figs – Shares of Figs jumped more than 8% after billionaire investor Ron Baron told CNBC’s ‘Squawk Box’ that he bought shares in the medical wear company. Baron called it the “Lululemon of healthcare,” referring to one of the fastest growing apparel stocks of the past decade.
SoFi Technologies – SoFi shares gained 1.5% a day after President Joe Biden canceled $10,000 in federal student loan debt for most borrowers. On Wednesday, Mizuho said the company was a buy after the news.
Dollar Tree – Shares of the discount retailer fell 10% after the company slashed its full-year guidance, citing attempts to offer competitive pricing. The company beat earnings estimates but reported revenue in line with Wall Street expectations.
Autodesk – Shares of the software maker gained 1.7% at midday after the company announced better-than-expected results for the last quarter and issued an upbeat financial forecast. Autodesk also said it sees “strong” demand
American Well and Teladoc – Shares of American Well jumped 5.5% in midday trading Thursday after Amazon announced late Wednesday the shutdown of its telehealth service, Amazon Care. The Teledoc share also gained more than 3% on the news.
Semiconductors – Semiconductor stocks rose along with the broader market. Advanced Micro Devices jumped 3.8%, while Micron Technology and ON Semiconductor both gained more than 3%. Nvidia, which fell in premarket trading after reporting earnings, reversed course and rose 2%.
– CNBC’s Samantha Subin, Carmen Reinicke, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting.