Cava Group saw a surge in its stock price by more than 21% after posting stronger-than-expected quarterly results, with earnings of 17 cents per share on $233 million in revenue in the fiscal second quarter, surpassing estimates. However, Intuit experienced a 7% decline after its current-quarter outlook fell short of Wall Street estimates. Despite beating expectations on the top and bottom lines in the fiscal fourth quarter, Intuit forecasted adjusted earnings below analyst predictions. Meanwhile, Warby Parker’s stock rose by 12% following an upgrade to market outperform by JMP Securities, citing low consensus estimates in comparison to the company’s consistent market share dynamics as a potential catalyst.
Las Vegas Sands faced a 2% decrease in its stock price after UBS downgraded the casino and resort company to neutral from buy due to ongoing challenges in the Macau segment recovery. Bill.com, despite reporting stronger-than-expected results for its fiscal fourth quarter, saw a 5% drop in its stock price after Goldman Sachs downgraded it to neutral from buy, mentioning concerns around revenue guidance and the company’s internal investments. On the other hand, Ross Stores experienced a 1.4% increase in its stock price after beating earnings estimates by 9 cents per share in the second quarter, with revenue meeting expectations at $5.25 billion. Workday’s stock surged nearly 11% after exceeding Wall Street estimates for the fiscal fourth quarter, reporting adjusted earnings per share of $1.75 on $2.09 billion in revenue, above analyst forecasts.
Tech companies Nvidia and Tesla both saw a more than 2% increase in their stock prices following Federal Reserve Chair Jerome Powell’s optimistic commentary on future rate cuts, with investors hopeful that lower interest rates would benefit the group. The VanEck Semiconductor ETF also advanced more than 1%. Additionally, Chewy’s stock gained 1% after an upgrade to overweight from neutral at Piper Sandler, citing expectations for stock price growth driven by gross margin expansion and efficiency gains. Overall, the midday trading session showcased a mix of positive and negative movements in stock prices for various companies across different sectors.
