Stocks making the biggest moves midday: ChargePoint Holdings, Seagate Technology, C3.ai and more

Market Insider

ChargePoint electric vehicle charging station at Walnut Creek City Hall parking lot with car, trees, and clear sky in the background, Walnut Creek, California, April 18, 2023. (Photo by Smith Collection/Gado/Getty Images)
Smith Collection/gado | Archive Photos | Getty Images

Check out the companies making headlines in midday trading.

WestRock — The stock gained 5% in midday trading on news that the company is nearing a merger with Europe’s Smurfit Kappa in a deal that could create a global paper and packaging giant worth around $20 billion, as first reported by The Wall Street Journal.

GameStop — The videogame retailer saw shares dip 1% even after the firm posted quarterly revenue that surpassed Wall Street estimates as well as a smaller-than-expected loss. GameStop said the strong revenue in the quarter came from “significant software release.”

Semiconductors — Semiconductor stocks slid as a group. Shares of Lam Research and Advanced Micro Devices fell more than 3% and 2%, respectively. Shares of Qualcomm dropped more than 6%. Nvidia declined more than 2%. On the other hand, shares of Intel bucked the trend, rising 2%.

Apple — Apple slid more than 3.4% after a Bloomberg News report said China plans to expand restrictions on iPhones to state-owned companies. Previously, The Wall Street Journal reported that China was planning to ban iPhone use in government-backed agencies.

Align Technology — The orthodontics stock dropped more than 7%. Align Technology said Wednesday it’s acquiring 3D printing company Cubicure in a 79 million euro transaction, or roughly $84.6 million.

Rollins — Shares declined more than 6% after the pest control services company on Wednesday announced the start of a proposed secondary public offering of $1.35 billion of its common stock.

Seagate Technology — Seagate Technology shares dropped about 8% after Barclays downgraded the stock to equal weight form overweight. The Wall Street firm cited poor fundamentals and a recovery that could take longer than expected.

ChargePoint Holdings — Shares of ChargePoint Holdings plunged 13% after the electric vehicle charging infrastructure company missed fiscal second-quarter revenue estimates. ChargePoint posted $150 million in revenue, weaker than the $153 million forecasted by analysts polled by LSEG. Separately, the company announced it would cut about 10% of its global workforce.

Dutch Bros — Shares slid about 3.4% after the drive-through coffee chain on Wednesday announced a public offering of $300 million in shares of its Class A common stock.

Dave & Buster’s Entertainment — The stock dropped more than 4% after reporting second-quarter results that missed expectations. The entertainment and dining company earned 60 cents per share on $542 million of revenue. Analysts polled by LSEG had anticipated per-share earnings of 93 cents on revenue of $559 million.

C3.ai — C3.ai shares tumbled 13% after the artificial intelligence software company guided for a wider-than-expected operating loss for the fiscal second quarter. C3.ai forecasted an operating loss in the range of $27 million to $40 million. Analysts polled by StreetAccount expected a loss of $20.5 million. Meanwhile, C3.ai reported an adjusted fiscal first-quarter loss of 9 cents per share on revenue of $72.4 million. Analysts polled by LSEG were anticipating a loss per share of 17 cents on revenue of $71.6 million.

Roku — The streaming stock slid 2% following a downgrade to hold from buy from Loop Capital. Roku rallied more than 12% on Wednesday after announcing plans to lay off 10% of its staff, among other cost-cutting measures. Roku had also lifted third-quarter revenue and EBITDA guidance.

Verint Systems — Shares plunged 16% in midday trading after the analytics company reported weaker-than-expected second-quarter earnings and revenue. Verint reported adjusted earnings of 48 cents per share on revenue of $210 million. Analysts polled by LSEG had expected per-share earnings of 57 cents on revenue of $225 million.

— CNBC’s Alex Harring, Yun Li and Pia Singh contributed reporting

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