Check out the companies making headlines in midday trading:
Cava Group — Shares of the fast-casual restaurant chain popped more than 21% on stronger-than-expected quarterly results. Cava posted earnings of 17 cents per share on $233 million in revenue in the fiscal second quarter. That topped LSEG estimates calling for earnings per share of 13 cents and revenue of $220 million.
Intuit — Shares of the financial software company pulled back 7% after its current-quarter outlook missed Wall Street estimates, and overshadowed a beat on the top and bottom lines in the fiscal fourth quarter. Intuit now forecasts adjusted earnings in the range of $2.33 to $2.38 per share, while analysts polled by FactSet forecast $2.78 per share.
Warby Parker — The eyeglass retailer gained 12% following an upgrade to market outperform from market perform at JMP Securities. Analyst Nicholas Jones cited too-low consensus estimates against Warby’s “consistent market share dynamics” as a catalyst.
Las Vegas Sands — Shares of the casino and resort company slipped 2% after UBS downgraded the stock to neutral from buy. The investment bank cited ongoing challenges in the Macau segment recovery.
Bill.com — The financial software stock dropped 5% despite a stronger-than-expected report for the firm’s fiscal fourth quarter. Goldman Sachs downgraded the stock to neutral from buy after the report, citing guidance around revenue and Bill.com’s internal investments. For the quarter, Bill.com reported 57 cents in adjusted earnings per share on $344 million of revenue. Analysts surveyed by LSEG were looking for 46 cents per share on $328 million of revenue.
Ross Stores — The off-price retailer’s stock price added 1.4% after the company beat earnings estimates by 9 cents a share in the second quarter. Ross matched revenue estimates of $5.25 billion, per LSEG.
Workday — Shares of the enterprise management cloud company rallied nearly 11% after it surpassed Wall Street’s estimates for the fiscal fourth quarter. Workday reported adjusted earnings per share of $1.75 on $2.09 billion in revenue, while analysts polled by LSEG forecast $1.65 in earnings per share on $2.07 billion in revenue.
Select tech players — Nvidia and Tesla added more than 2% after Federal Reserve Chair Jerome Powell’s optimistic commentary on future rate cuts. Investors hoped that lower interest rates would help lift the group. The VanEck Semiconductor ETF (SMH) advanced more than 1%.
Chewy — Shares of the pet retailer added 1% following an upgrade to overweight from neutral at Piper Sandler. The firm said it expects the stock to move higher due to gross margin expansion and automation and efficiency gains.
— CNBC’s Hakyung Kim, Jesse Pound, Brian Evans, Samantha Subin, Lisa Kailai Han and Michelle Fox contributed reporting.
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