Stocks on the Move: NCLH, U, VKTX

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The stock market is buzzing with activity as several companies are making headlines with their midday trading performances. Let’s take a closer look at some of the notable movers and shakers in the market today.

Norwegian Cruise Line (NCLH)

Norwegian Cruise Line is riding the wave of success, soaring 18% on the back of strong forward guidance. The cruise ship operator is expecting a profit of 12 cents per share in the current quarter, surpassing analysts’ consensus estimate of a 20 cents per share loss. This positive outlook has garnered the attention of investors.

Unity Software (U)

Unfortunately, Unity Software experienced a setback, as its stock dropped around 9% due to disappointing EBITDA guidance. The video game developer anticipates adjusted EBITDA to range between $45 million and $50 million, falling short of the $113 million expected by analysts.

Viking Therapeutics (VKTX)

Viking Therapeutics, a clinical-stage biotech company, is experiencing a significant surge of over 90% after achieving primary and secondary endpoints in its Phase 2 GLP-1 study. The company’s Phase 2 Venture trial demonstrated weight loss in patients receiving the VK2735 treatment, exciting investors about its potential.

Other Notable Performances

  • Hess Corporation (HES): The oil and gas explorer has fallen 3% after Chevron warned investors of a dispute involving Exxon Mobil and China’s National Offshore Oil Corp. (Cnooc) over Guyana’s offshore oil assets, which may impact Hess’s planned purchase.
  • Workday (WDAY): Shares of the cloud-based software vendor slipped 3% despite surpassing earnings expectations. Workday reported earnings of $1.57 per share, beating the estimated $1.47 per share, and its revenue of $1.92 billion matched analysts’ expectations.
  • Hims & Hers (HIMS): The health platform has soared over 33% after surpassing estimated earnings and forward financial guidance. Hims & Hers reported earnings of 1 cent per share on $247 million in revenue for the fourth quarter, surpassing analyst predictions.
  • Macy’s (M): The department store chain saw a 3% increase in its stock due to cost-cutting initiatives aimed at warding off activist investors. Despite mixed quarterly results and a decline in same-store sales growth, Macy’s plans to close approximately 150 department stores while opening new locations for better-performing chains.
  • Lowe’s (LOW): Shares of the home improvement retailer climbed nearly 3% to a 52-week high after reporting better-than-expected earnings. Lowe’s earnings per share of $1.77 in the latest quarter surpassed the estimated $1.68, and its revenue exceeded expectations.
  • Zoom Video (ZM): Zoom’s stock rose nearly 5% following the release of fiscal fourth-quarter results that exceeded Wall Street’s expectations. The video chat software vendor reported adjusted earnings per share of $1.22 on $1.15 billion in revenue.
  • Cava (CAVA): The restaurant chain rallied 6% after surpassing analysts’ estimates for earnings and revenue. Cava’s fourth-quarter revenue of $175.5 million was 52% higher than the previous year, and the company provided EBITDA guidance for the full year that surpassed estimates.
  • Roku (ROKU): Roku dipped more than 1% after being downgraded by Wells Fargo, citing concerns about Walmart’s Vizio acquisition impacting its growth.
  • Sprouts Farmers Market (SFM): Shares gained 2% after Bank of America Securities double upgraded the supermarket chain to buy from underperform, recognizing the positive impact of its differentiated assortment of goods on sales.
  • Duolingo (DUOL): The language learning company’s stock rose more than 6% following Seaport Research Partners’ initiation of research coverage with a buy rating. Investors are eagerly anticipating Duolingo’s upcoming fourth-quarter results.
  • CarGurus (CARG): CarGurus saw a decline of over 7% due to weak financial guidance for the current quarter. While the online car-selling platform exceeded fourth-quarter expectations, its revenue and earnings forecasts fell short of analysts’ predictions.
  • AutoZone (AZO): AutoZone gained nearly 6% after surpassing Wall Street’s expectations for its fiscal second quarter. The auto and truck parts retailer reported earnings of $28.89 per share on $3.85 billion in revenue.
  • Coinbase (COIN): Coinbase shares rose about 3% as cryptocurrency prices surged, with bitcoin surpassing $57,000. This positive trend also lifted other crypto-connected stocks, including CleanSpark and Microstrategy.
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