Stocks making the biggest moves midday: Peloton, Salesforce, Dollar Tree and more

Market Insider

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Erin Scott | Reuters

Check out the companies making the biggest moves midday:

Peloton — Shares of Peloton plunged over 17% after the company reported quarterly results Thursday showing a wider-than-anticipated loss and declining revenue. The company also did not give an outlook for its next fiscal year.

Salesforce — Shares of the enterprise software maker dropped about 5.6% after the company gave a disappointing forecast for fiscal 2023. Salesforce did report earnings and revenue that topped analysts’ estimates, while approving a $10 billion stock buyback program, a first for the company.

Snowflake – Snowflake shares surged 20% after beating Wall Street’s revenue estimates in the recent quarter. The cloud data platform provider said product revenue grew 83% year-over-year.

Splunk — Splunk shares dropped 11% after reporting earnings after the bell Wednesday, despite posting better-than-expected revenue. The big-data company noted headwinds affected the quarter. CNBC’s Jim Cramer believes the stock “is in the crosshairs of Snowflake.

Figs – Figs shares jumped more than 8% after billionaire investor Ron Baron said on CNBC’s “Squawk Box” that he’s been buying shares of the medical apparel company. Baron called it the “Lululemon of health care,” referring to one of the fastest-growing apparel stocks of the past decade.

SoFi Technologies – Shares of SoFi gained 1.5% a day after President Joe Biden forgave $10,000 in federal student loan debt for most borrowers. On Wednesday, Mizuho said the company is a buy following the news.

Dollar Tree — Shares of the discount retailer slumped 10% after the company cut its forecast for the full year, citing attempts to offer competitive pricing. The company beat on earnings estimates but reported revenue that fell in line with Wall Street’s expectations.

Autodesk — Shares of the software maker gained 1.7% midday after the company reported better-than-expected results for the latest quarter and issued upbeat financial guidance. Autodesk also said it’s seeing “robust” demand.

American Well and Teladoc – Shares of American Well jumped 5.5% in Thursday’s midday trading after Amazon announced late Wednesday it was shutting down its telehealth service, Amazon Care. Teladoc shares also gained more than 3% on the news.

Semiconductors — Shares of semiconductors 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, changed course and was up 2%.

— CNBC’s Samantha Subin, Carmen Reinicke, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting.

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