UiPath, ChargePoint, Twitter and more
The Twitter logo and trading symbol is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, on July 11, 2022.
Brendan McDermid | Reuters
Check out the companies that make headlines in the afternoon trade.
UiPath – Shares fell 12.9% after UiPath released weaker-than-expected earnings guidance for the third quarter and full year. However, the robotic process automation software company beat earnings and earnings expectations in the latest quarter.
Coupa Software – Coupa Software climbed 13% after it posted better-than-expected earnings in the most recent quarter and outlined strong earnings and revenue guidance for the full year.
ChargePoint – ChargePoint jumped 8.2% after Credit Suisse initiated coverage of the electric vehicle charging station operator with a buy rating, saying the stock could jump about 50% from now. The firm’s analyst said that the ChargePoint stations should receive support from favorable US regulatory policies.
Gitlab – Shares jumped 6.7% after the software maker reported a smaller-than-expected loss in the latest quarter. Gitlab also posted a better-than-expected Q3 guidance.
Pinterest – Social media stocks rose 4.6% after Wolfe Research boosted their returns. The firm has been positive about Pinterest’s new CEO, who analysts say could improve the company’s long-term user and monetization goals.
Twitter – Twitter stock jumped 4.8% after a Delaware court denied Elon Musk’s request to delay a trial over his backing out of a $44 billion deal to buy the social network. The court, however, said it would allow Musk to add to his counterclaim the Twitter whistleblower’s claims.
Starbucks – Shares of the coffee chain jumped 3% after Barclays said there was a buy opportunity ahead of an upcoming investor day. In a note to customers, Barclays said he had confidence in new Starbucks CEO Laxman Narasimhan.
Petco Health and Wellness – Shares in the pet supplies retailer jumped 4.5% after RBC launched coverage with a lead rating. Analysts note that the weakening consumer environment is largely already reflected in the share price and believe Petco is well positioned to take a stake in the U.S. pet category “given the company’s revised strategy, structurally improved real estate portfolio and opportunities for expansion of veterinary services.
Baker Hughes – Energy stocks tumbled as oil prices plunged to a seven-month low, with Brent crude and U.S. West Texas Intermediate oil futures down more than $3 each. Shares of Baker Hughes fell 3.2%. Halliburton shed 2.5%, while Occidental Petroleum and Marathon Oil shed 2.1%.
– CNBC’s Jesse Pound, Samantha Subin, Michelle Fox Theobald contributed reporting.