Here the companies make headlines in the midday market.
Snowflake – Snowflake’s shares rose more than 11% in midday trading, despite losing nearly $ 199 million in the fourth quarter, more than twice what it was last year for the cloud database software company. Snowflake had sales of $ 190.5 million, beating estimates of $ 178.5 million, according to Refinitiv.
Palantir – Palantir’s shares rose more than 5% after Cathie Wood bought a combined 2.65 million shares on Wednesday. Wood’s purchases comprised approximately 2 million shares for its flagship ETF ARK Innovation and approximately 650,000 shares for its ARK Next Generation Internet ETF. Based on Palantir’s closing price on Wednesday, Wood’s purchases were approximately $ 62.5 million.
Vroom – Used vehicle retail inventories fell 26% Thursday after the company reported a higher-than-expected loss for the fourth quarter. Research firm Piper Sandler, which has overweighted the stock, said Vroom was “in the penalty box” after the quarter, pointing to a slow selling process that hurt profit margins.
Exxon – The oil giant’s shares rose more than 4% as CEO Darren Woods reiterated the company’s commitment to its dividend. “We will continue to give cash back to shareholders through a very high dividend,” Woods said Thursday in CNBC’s “Squawk Box”. The stock also received a boost from oil prices, which rose more than 4% as OPEC and its oil-producing allies met to discuss production performance. Energy was the top performing S&P sector on that day. Diamondback Energy rose more than 10%. APA Corporation was also up more than 6%, while EOG Resources was up more than 9%.
Tanger Factory Outlet Centers – The Real Estate Investment Trust’s shares rose nearly 4% in midday trading, after rising another 20% at the start of the session. The stock is among the worst-shortened US and has been the focus of the chatter among traders on social media. This makes it the latest in a series of heavily short stocks that have seen dramatic volatility.
Planet Fitness – The fitness chain’s stocks were down more than 2.5% after research firm Cowen downgraded the stock from outperformance to market performance. The company said in a note that it expects “subdued membership growth” in the coming months.
Ciena – Network device inventory increased nearly 3% after Ciena top and bottom beating estimates for the first quarter. The company reported adjusted earnings per share of 52 cents on sales of $ 757 million. Analysts polled by Refinitiv expected earnings per share of 45 cents and sales of 750 million US dollars.
Burlington Stores – The retailer’s stock rose more than 14% after a profit jump. Burlington reported adjusted quarterly earnings of $ 2.44 per share, 32 cents above estimates, according to Refinitiv. Revenues were also above Wall Street forecasts.
Splunk – The analytics software company saw its shares fall less than 1% after reporting quarterly results that beat expectations. According to Refinitiv, Splunk achieved adjusted quarterly earnings of 38 cents per share, well above the consensus estimate of 4 cents. The company also posted higher-than-expected sales in the last quarter.
Marvell Technology – Marvell’s shares fell about 8% after the company warned that a global chip shortage could hamper its offering later in the year. The company’s fourth quarter earnings per share were in line with expectations, according to FactSet, but Marvell expanded its revenue guidance for the first quarter.
CNBC’s Michael Bloom, Yun Li, Maggie Fitzgerald, Richard Mendez, and Pippa Stevens contributed to this story.