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Stocks making the biggest moves midday: Zoom, Virgin Galactic, Chico’s and more

Stocks making the biggest moves midday: Zoom, Virgin Galactic, Chico’s and more

31 Aug 2021

Zoom founder Eric Yuan poses in front of the Nasdaq building as the screen shows the logo of the video-conferencing software company Zoom after the opening bell ceremony on April 18, 2019 in New York City.

Kena Betancur | Getty Images

Check out the companies making headlines in midday trading.

Zoom — The video-conferencing software company saw its shares tumble more than 15% after its quarterly report showed slowing revenue growth amid tough year-over-year comparisons as offices reopen and live events return. Zoom CFO told CNBC there are headwinds in its mass markets, namely individual consumers and small businesses. The drop in shares came even as Zoom’s earnings beat estimates and the company raised full-year guidance.

Virgin Galactic — Virgin Galactic shares gained 8.3% after Jefferies initiated coverage of the space travel stock with a buy rating. In Jefferies’ survey of individuals with over $1 million in net worth, a third of respondents expressed interest in going to space, with 20% willing to spend 5% of their net worth to do so.

Chico’s FAS — Chico’s shares sunk nearly 17% despite the apparel retailer’s better-than-expected quarterly earnings. The company reported an unexpected quarterly profit of 21 cents per share, compared to Refinitiv consensus estimates of an 8 cents per share loss. Revenue also beat Wall Street expectations.

Designer Brands — Shares of Designer Brands, which owns Designer Shoe Warehouse, fell more than 9% despite an earnings beat. The retailer reported quarterly earnings of 56 cents per share, compared to a 24 cents a share Refinitiv consensus estimate. Revenue also topped analyst forecasts.

NetEase — Chinese gaming giant NetEase’s stock gained 4.8% after reporting better-than-expected second-quarter earnings, with revenue in line with forecasts. The stock fell Monday, when China’s National Press and Publication Administration published a new rule limiting kids’ online video game time to just three hours per week to safeguard their physical and mental health.

Textron — Shares of Textron jumped 1.1% after Cowen upgraded the stock to outperform from market perform, citing strong demand for business jets and a compelling opportunity with electric aircrafts. The firm also hiked its price target on the stock to $95 per share from $75, implying 32% upside from Textron’s Monday closing price.

Occidental Petroleum — Shares of the oil exploration company rose 1.4% after Citi initiated coverage of the stock with a buy rating. The investment firm said in a note to clients that the stock offered more upside than some of its energy peers.

Support.com — Support.com shares retreated 12.3% after running up 38% the prior trading session fueled by retail investors coordinating in Reddit forums. The stock has a high level of short interest, which could explain why retail traders coalesced around the small-cap name.

— CNBC’s Tanaya Macheel, Yun Li and Jesse Pound contributed reporting

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