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Check out the companies making headlines in midday trading.
Logitech — The computer peripherals maker jumped 11.8% after Logitech reiterated its full-year guidance, which was lowered in July. Logitech has struggled with weaker demand after a boom in sales during the height of the pandemic.
Upstart — Shares surged 9.8% even after Mizuho initiated Upstart with an underperform rating, saying that there are more challenges ahead for the consumer lending company.
Stem — The stock rose 12.3% after UBS initiated Stem as a buy, saying that AI-driven energy storage company is a market leader that will get a boost from the Inflation Reduction Act.
Hibbett — The sporting goods stocks advanced 9.2% following an upgrade from Bank of America to a buy rating. The bank highlighted the company relationship with Nike and product availability among its reasons for liking the stock.
Xerox — Shares plunged 15% after the seller of print and digital document products and services reported disappointing earnings and cut its full-year revenue guidance. Xerox CEO Steve Bandrowczak said in a release that “profitability remains challenged by persistently high inflation and continued supply chain constraints.”
Brown & Brown — Shares of the insurance company dropped 11% after Brown & Brown missed earnings expectations. Brown & Brown posted earnings of 50 cents per share on revenue of $927.6 million. The company was expected to report earnings of 60 cents per share on revenue of $945.8 million, according to consensus estimates on FactSet.
Qualtrics International — Shares of the customer feedback software company jumped 7.7% after Qualtrics reported earnings that exceeded expectations, and raised its full-year outlook.
Ross Stores — Shares of the off-price retail jumped 5.8% following an upgrade to overweight from Wells Fargo. The bank called Ross Stores one of the “best ways” to trade the sector.
SAP — Shares of the German business software company advanced 6% after SAP reported quarterly results that topped expectations and maintained its full-year forecast.
PulteGroup — The home construction company jumped 5.9% despite disappointing earnings expectations. PulteGroup posted earnings of $2.69 per share on revenue of $3.94 billion. Analyst surveyed by Refinitiv were expecting earnings of $2.82 per share on revenue of $4.17 billion.
JetBlue — The airline slid 3.6% after a third-quarter earnings miss of 21 cents per share, versus a Refinitiv consensus estimate of 23 cents. Revenue was in line with estimates, at $2.56 billion. JetBlue had a quarterly profit of $57 million, due to elevated travel demand and higher fares, which helped offset rising costs.
Planet Fitness — The gym stock jumped 4.5% after Piper Sandler upgraded Planet Fitness to overweight from neutral, saying that shares are attractive and will get a boost from participation from younger generations.
General Motors — Shares of General Motors rose 3.6% after the automaker handily beat third-quarter earnings expectations. The company also maintained its full-year outlook.
United Parcel Service — Shares of the delivery company gained 1% after UPS reported stronger-than-expected earnings for the third quarter. The company earned an adjusted $2.99 per share, 15 cents better than analysts expected, according to Refinitiv. Revenue fell short of expectations, however, as its supply chain solutions segment declined year over year. UPS did maintain its full-year guidance.
General Electric — The stock declined 1.8% after General Electric cut its full-year outlook because of supply chain issues. The company otherwise posted stronger-than-expected revenue.
— CNBC’s Michelle Fox, Jesse Pound, Carmen Reinicke and Samantha Subin contributed reporting.
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Image and article originally from www.cnbc.com. Read the original article here.