Here are the companies making headlines in midday trading.
Moderna — Shares of the biotech company rose 3.7% after Moderna announced that it had reached the number of Covid-19 cases needed in its phase-three vaccine trial to submit the preliminary data to an independent review board. The announcement signals that preliminary results could soon be announced publicly.
Fossil Group — The watchmaker’s stock rose more than 23% after Fossil reported an adjusted 31 cents in earnings per share on $435.5 million of net sales during the quarter. That was a 19% decline in net sales year over year, but the company managed to grow its margins, crediting cost-cutting measures.
Energizer Holdings — Shares of the battery manufacturer tanked more than 11% following its disappointing earnings report. Energizer earned 59 cents per share, missing the forecast of 81 cents per share, according to Refinitiv. Revenue, however, topped estimates.
Salesforce – Shares of Salesforce fell more than 1% after Morgan Stanley downgraded the cloud company to equal weight from overweight. The bank raised concerns on Salesforce’s subscription model dynamics and management’s growth philosophy.
Brookfield Asset Management – Shares dropped nearly 4% after the alternative asset manager reported an earnings miss. Brookfield posted an EPS of 13 cents in the third quarter, compared to a FactSet estimate of 69 cents. Its quarterly revenue came in above expectations, however.
Vroom — The online car marketplace fell more than 8% after the company reported a loss of 29 cents per share for the third quarter, not comparable to estimates. The company also issued weak revenue guidance for the fourth quarter.
Edgewell Personal Care — Shares of the personal care products company jumped over 9% after stronger-than-expected fourth-quarter results. Edgewell reported 59 cents in adjusted earnings per share on $488.8 million in revenue for the quarter. Analysts surveyed by FactSet projected 57 cents per share and $465.6 million. Net sales for Edgewell’s sun and skin care lines were up 15% year over year.
Revolve — The fashion retailer’s stock slumped more than 8% after Revolve reported a year-over-year decline in net sales for the third quarter and said the coronavirus pandemic was continuing to weigh on results in the third quarter. Revolve reported net sales of $151 million for the third quarter, below the $154.2 million from the year-ago period and the $158.6 million expected by Wall Street analysts, according to FactSet.
