Stocks fell Wednesday as traders looked ahead to this week’s inflation data.
Dreamstime
Stocks fell on Wednesday ahead of inflation data Thursday.
These stocks made moves Wednesday:
Roblox
(ticker: RBLX) slid 22% after the videogame platform company reported a wider-than-expected second-quarter loss and bookings in the period came up way short.
Upstart Holdings
stock (UPST) fell 34% after the artificial-intelligence lending company issued an earnings and revenue forecast for the third quarter that was below expectations. Upstart expects revenue in the quarter of $140 million, lower than forecasts of $155.3 million. The company also expects adjusted earnings before interest, taxes, depreciation and amortization of $5 million vs. analysts’ expectations of $9.6 million.
WeWork
(WE) tumbled 39% to about 13 cents after the provider of co-working spaces said as a result of its “losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the company’s ability to continue as a going concern.”
Array Technologies
(ARRY) jumped 24% after the solar tracking systems maker’s second-quarter earnings and sales easily topped estimates.
Doximity
(DOCS) tumbled 23% after the physician cloud-software company said it would be cutting 10% of its workforce, about 100 employees, and reduced revenue guidance for fiscal 2024 to a range of $452 million and $468 million, down from previous guidance of $500 million to $506 million.
Super Micro Computer
(SMCI) fell 23% after the information technology solutions company issued guidance that was lighter than expected.
Toast
(TOST), the cloud-based platform for restaurant operations, rose 15% after topping second-quarter revenue expectations and recording positive free cash flow of $39 million.
Marqeta
(MQ) surged 12% after the company extended its deal with
Block
(SQ) to power the Cash App debit card through June 2027.
Axon Enterprise
(AXON), the maker of Taser, body camera and safety devices, rose 14% and was the best performer Wednesday in the
S&P 500.
Axon posted better-than-expected adjusted second-quarter earnings.
ZipRecruiter
(ZIP) declined 10% after the online hiring platform’s third-quarter guidance was below Wall Street’s estimates.
Penn Entertainment
(PENN) closed up 9.1% after saying its Barstool Sportsbook app would be rebranded as ESPN Bet this fall as part of a 10-year agreement with ESPN, which is owned by Walt Disney. Penn will pay ESPN $1.5 billion over the 10 years. Penn also divested 100% of its stake in Barstool Sports to Barstool founder David Portnoy. Shares of rival
DraftKings
(DKNG) declined 9.3%.
Nvidia
(NVDA) fell 4.7% and was one of the worst performers in the
S&P 500.
On Tuesday, the company announced the next-generation version of its GH200 Grace Hopper Superchip.
Write to Joe Woelfel at [email protected]
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