Midday Market Movers: Cava Group Soars on Stellar Earnings, Intuit Dips on Weak Outlook
Cava Group: Shares of Cava Group surged over 21% after the fast-casual restaurant chain reported stronger-than-expected quarterly results. The company posted earnings of 17 cents per share on $233 million in revenue for the fiscal second quarter, exceeding LSEG estimates of 13 cents per share and $220 million in revenue.
Intuit: The financial software company saw its stock fall by 7% following a disappointing current-quarter outlook, which overshadowed its fiscal fourth-quarter performance. Intuit anticipates adjusted earnings of $2.33 to $2.38 per share, missing FactSet estimates of $2.78 per share.
Warby Parker: The eyeglass retailer’s shares climbed 12% after JMP Securities upgraded them to market outperform from market perform. Analyst Nicholas Jones highlighted consensus estimates as being too low given Warby’s "consistent market share dynamics."
Las Vegas Sands: Shares dropped 2% after UBS downgraded the casino and resort company to neutral from buy, pointing to continued challenges in the Macau segment’s recovery.
Bill.com: Despite reporting strong fiscal fourth-quarter results, Bill.com’s stock dropped by 5% after Goldman Sachs downgraded it to neutral from buy, citing concerns around revenue guidance and internal investments. The company reported adjusted earnings of 57 cents per share on $344 million in revenue, surpassing the LSEG forecast of 46 cents per share on $328 million in revenue.
Ross Stores: The off-price retailer’s stock rose 1.4% after it beat earnings estimates by 9 cents a share in the second quarter, while matching revenue estimates of $5.25 billion, according to LSEG.
Workday: The enterprise management cloud company’s shares jumped nearly 11% after surpassing Wall Street’s fiscal fourth-quarter estimates. Workday reported adjusted earnings of $1.75 per share on $2.09 billion in revenue, outdoing LSEG’s forecast of $1.65 per share on $2.07 billion in revenue.
Tech Sector: Nvidia and Tesla shares each added over 2% following Federal Reserve Chair Jerome Powell’s optimistic comments regarding future rate cuts, which investors hope would boost the sector. The VanEck Semiconductor ETF (SMH) rose by more than 1%.
Chewy: Shares of the pet retailer increased by 1% after Piper Sandler upgraded the stock to overweight from neutral, citing expected gains from gross margin expansion and operational efficiencies.
Contributors: Hakyung Kim, Jesse Pound, Brian Evans, Samantha Subin, Lisa Kailai Han, Michelle Fox (CNBC)
Original Story https://www.cnbc.com/2024/08/23/stocks-making-the-biggest-moves-midday-cava-intu-rost-wday.html
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