Peloton Interactive Inc. logo on a stationary bicycle in the company’s showroom in Dedham, Massachusetts, USA, on Wednesday, February 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
See the companies leading titles in the lunch trade.
Peloton – Shares fell 12% after the equipment maker revealed it was stockpiling and burning money in a disappointing earnings report. Peloton also published a bleak sales forecast for the fourth fiscal quarter and expects the upcoming rise in prices to lose some of the company’s subscribers.
Novavax – Shares fell 2% after the vaccine maker missed estimates and final estimates for its most recent quarter. However, the first quarter was Novavax’s first winning quarter. The company also reiterated its previous revenue forecast for 2022, with vaccine sales expected to accelerate in the current quarter.
Vroom – The online retailer of used vehicles noted that shares jumped 19% after posting less than expected quarterly loss and better than expected earnings. Vroom also announced that Chief Operating Officer Thomas Short will become Chief Executive Officer.
BioHaven Pharmaceutical – Shares of the drugmaker rose nearly 70% after Pfizer announced a deal to buy BioHaven, whose main product is a migraine pill called Nurtec. Shares of Pfizer rose less than 1%.
Upstart – Shares of the artificial intelligence lending platform fell nearly 59% despite better-than-expected quarterly results. Upstart has downgraded its full-year outlook, saying rising interest rates will hurt its lending volumes.
AMC Entertainment – Shares fell 6.7% after the cinema operator reported less than expected quarterly loss, as well as revenue that exceeded analysts’ forecasts. AMC was aided by the release of popular high-budget films such as Batman, and the company saw a jump in visitor revenue above pre-pandemic levels.
Palantir – Palantir shares fell 4% on Tuesday, extending a 21% decline from Monday, which came after a disappointing report for the first quarter with weak directions. RBC Capital Markets downgraded Palantir to a lower performance, saying the company would have trouble meeting its revenue growth targets.
Sunrun – Shares of the solar company fell more than 8% after KeyBanc downgraded the stock rating from overweight to a sector rating. The company cites “significant uncertainty presented by the recent proposed solution related to the reform of net metering in [California]”
– Jesse Pound and Sarah Min of CNBC contributed to the report
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