Check out the companies making headlines on Tuesday at noon.
Enlarge video – Zoom fell more than 14% after missing revenue estimates for the previous quarter due to a strong dollar. The video conferencing company also cut its full-year guidance amid slowing revenue growth.
Twitter – Shares of the social media network fell 6% after a company whistleblower filed a complaint with the Securities and Exchange Commission, Federal Trade Commission, and Department of Justice alleging “extreme and glaring deficiencies in Twitter” related to privacy, security, and content moderation.
Palo Alto Networks – Palo Alto Networks shares jumped 11% after the company reported beaten earnings on Monday, driven by strong invoicing up 44% in the quarter. The cybersecurity company also raised its quarterly and annual guidance, strengthened its buyout program and announced the approval of a 3-for-1 stock split.
Macy’s – Shares of the the department store rose more than 4% after the retailer reported fiscal second-quarter earnings and revenue which exceeded analysts’ expectations. Macy’s also said its digital marketplace, announced last year, will launch in the coming weeks. However, the company cut its full-year forecast, saying it expected consumer spending on discretionary items such as clothing to deteriorate, which would lead to steep markdowns to remove the items from shelves.
Medtronic – Medtronic shares fell 3.4% despite declining revenue and earnings in the last quarter. The medical device maker said its revenue plummeted a year ago as it grappled with supply chain constraints.
JD.com — Shares of the China-based e-commerce company rose 3.8% after the company beat analysts’ expectations for revenue and earnings last quarter. JD.com also said annual active customer accounts increased by 9.2%.
XPeng – XPeng fell 8.8% after posting a bigger-than-expected loss in the prior quarter. The China-based electric vehicle company beat revenue expectations but said deliveries nearly doubled from the year-ago period.
J. M. Smucker – Shares of the food company rose more than 3% on Tuesday after JM Smucker’s first-quarter adjusted earnings beat expectations at $1.67 a share. Analysts polled by Refinitiv had forecast $1.27 per share. Revenue was in line at $1.87 billion. Pace of gains came despite successful Jif peanut butter recall
grocery store – Discount Actions Grocery chain loses 4% after being downgraded by Morgan Stanley underweight for equal weight. The company cited downsides for Grocery Outlet Holding’s 2023 estimates and not so much for its 2022 estimates. The stock has also already jumped more than 40% this year.
Pinduo-duo — The e-commerce stock jumped 6.2% as it prepared to launch an international e-commerce platform next month targeting North America.
– CNBC’s Carmen Reinicke, Yun Li, Sarah Min, Tanaya Macheel, Jesse Pound and Michelle Fox contributed reporting.