Stocks making the biggest moves midday: Peloton, Upstart, Vroom and more

A Peloton Interactive Inc. logo on a stationary bike at the company’s showroom in Dedham, Massachusetts, USA, on Wednesday, February 3, 2021.

Adam Glanzman | Bloomberg | Getty pictures

Check out the companies that make headlines in the dinner trade.

Peloton – Shares fell 8.7% after the equipment manufacturer revealed that it was accumulating surplus stock and burning cash in a disappointing earnings report. The peloton also issued weak fiscal sales prospects for the fourth quarter and expects that an upcoming price increase may lose the company some subscribers.

Novavax – Shares fell 2% in the middle of the day, but closed 1.1% higher after the vaccine manufacturer missed top- and bottom-line estimates for its most recent quarter. However, the first quarter was Novavax’s first profitable quarter. The company also reiterated its previous revenue forecast for 2022, and expects vaccine sales to accelerate during the current quarter.

Vroom – The seller of used vehicles online saw the shares increase by 32.4% after publishing a less than expected quarterly loss and better than expected revenue. Vroom also announced that Chief Operating Officer Thomas Shortt would become CEO.

BioHaven Pharmaceutical – The pharmaceutical manufacturer’s shares rose 68.4% after Pfizer announced an agreement to buy BioHaven, whose main product is a migraine pill called Nurtec. Pfizer’s shares rose by less than 1%.

Emergence – Shares on the AI ​​loan platform plummeted 56.4% despite better-than-expected quarterly results. Upstart lowered its full-year outlook and said that rising interest rates will hurt the loan volume.

AMC Entertainment – The stock fell 5.4% after the cinema operator reported a smaller than expected quarterly loss and revenue that exceeded analysts’ forecasts. AMC was helped by the release of popular big-budget movies like “The Batman”, and the company noted an increase in revenue per cartridge above pre-pandemic levels

Palantir – Shares in Palantir fell 2.3% on Tuesday, extending a 21% decline from Monday following a disappointing first-quarter report with weak guidance. RBC Capital Markets downgraded Palantir to underperformance and said the company would have trouble achieving its revenue growth targets.

Sunrun – Solarbolaget’s shares fell by approximately 3% after KeyBanc downgraded the share to a sector weight rating from overweight. The company cited “significant uncertainty presented by the recently proposed decision related to the reform of the net measurement in [California]. “

– CNBC’s Jesse Pound and Sarah Min contributed reporting

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