Stocks Make Biggest Moves Midday: Groupon, Wynn Resorts, Plug Power, Illumina and More

Check out the companies making headlines in midday trading. Groupon – Shares plunged 39.5%, a day after the online marketplace company reported third-quarter revenue and global gross billings that fell short of expectations. In addition, the company approved a fully underwritten rights offering to shareholders of $80 million. Wynn Resorts – The resort and casino stock fell 7.3% as analysts focused on EBDITAR, which includes restructuring related to its Macau operations. This overshadowed an otherwise good report, as the company beat Wall Street’s expectations in both areas. Diageo – Shares fell 13.7% after the British drinks maker forecast a challenging environment. Diageo said growth is expected to slow in the first half of the financial year due to weakness in Latin America and the Caribbean. Illumina – The beaten-down biotech stock fell 13.6% after it cut its adjusted full-year profit forecast to a range of 60 cents to 70 cents per share. Analysts had expected 80 cents per share, according to LSEG. Illumina’s revenue also fell short of analysts’ estimates, although the company beat adjusted earnings per share in the third quarter. Plug Power – Shares of the clean energy company fell more than 34% to hit a new 52-week low after third-quarter profit and revenue fell short of analysts’ estimates. RBC and JPMorgan downgraded the shares based on the results, citing limited risk and increased risk for the company. TKO Group – WWE parent company slumped 7.9% after Chief Executive Vince McMahon said he planned to sell 8.4 million shares. TKO said executives and the company itself were interested in buying McMahon’s shares. Treace Medical Concepts – Shares fell 40% after the medical device company missed third-quarter expectations and lowered its full-year revenue forecast. Treace reported a wider-than-expected loss of 28 cents per share, compared with an expected loss of 26 cents per share, according to FactSet. Revenue was $40.8 million, below the consensus estimate of $42.1 million. The company also lowered its revenue forecast for the year. The Trade Desk – The digital marketing stock sold off 17.9%, a day after the company gave weak guidance. The company said its weak outlook was due to caution among some advertisers in industries such as automotive and entertainment that have recently seen strikes. Freyr Battery – Shares fell 18.8% after BTIG downgraded its rating to neutral from buy, with analysts citing execution risk. That came despite the company reporting a narrower third-quarter loss per share on Thursday than Wall Street had expected. Hawaiian Electric – Shares of the utility company slipped 11% as Wells Fargo downgraded the stock to underweight from equal weight. Analysts said Hawaiian Electric still faces too much risk following deadly wildfires in the state earlier this year. Synaptics – The semiconductor stock rose 13.7% after a better-than-expected financial report for the fiscal first quarter. Synaptics earned 52 cents per share, excluding items, on revenue of $238 million, while analysts surveyed by LSEG expected 40 cents per share on revenue of $233 million. Hologic – The medical device maker rose 5.6%. On Thursday, the company reported earnings that beat analyst consensus forecasts for the fiscal fourth quarter in both divisions. Profit guidance for the current quarter and full year was in line with expectations, while revenue outlook for both periods was weaker than expected. Vera Therapeutics – The biotechnology stock rose 4% after Jefferies upgraded the stock to “buy” from “hold.” The company said Vera should see strong sales growth. —CNBC’s Sarah Min, Hakyung Kim and Pia Singh contributed reporting

Originally posted 2023-11-10 17:32:12.