Today’s Market Movers Are Upstart Topgolf RingCentral and More
Today’s Market Movers showcased a mix of gains and losses in the stock market on Wednesday. Consumer prices in the U.S. rose at a 4.9% annual pace in April, slightly slower than in March and falling short of economists’ expectations.
Today’s Market Movers
One notable mover was Upstart Holdings (UPST), which surged 35% as the artificial intelligence lending platform provided a positive revenue outlook for its fiscal second quarter. Additionally, Upstart announced its aim to achieve break-even on adjusted earnings before interest, taxes, depreciation, and amortization during this period. The company also secured multiple long-term funding agreements, set to deliver over $2 billion to the Upstart platform over the next 12 months.
In contrast, Topgolf Callaway Brands (MODG) experienced a decline of 13% as the golf equipment manufacturer issued disappointing guidance for the year ahead.
On the positive side, RingCentral (RNG) witnessed a significant jump of 14% following better-than-expected adjusted first-quarter earnings and an upward revision of its guidance. The cloud-based communications provider received multiple price target increases from Wall Street firms.
However, Icahn Enterprises (IEP) faced a setback, plunging 15%. The company attracted federal prosecutors’ attention after a report from short seller Hindenburg Research raised questions about its asset valuation policies.
Twilio (TWLO) also encountered a decline of 12% as the software company provided a sales forecast of $980 million to $990 million for its fiscal second quarter, falling short of analysts’ expectations.
Meanwhile, U.S.-listed shares of Li Auto (LI), the Chinese electric-vehicle maker, enjoyed a rise of 14% after surpassing analysts’ estimates for the first quarter and providing a strong revenue projection for the second quarter.
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Airbnb (ABNB) faced a decline of 11% as the short-term rental company reported a first-quarter profit but expressed caution regarding the second quarter, citing challenging year-over-year comparisons due to the impact of the Covid omicron variant.
On a positive note, Exact Sciences (EXAS) experienced an 11% increase after receiving an upgrade and multiple price target raises. The cancer screening and diagnostics company reported a narrower-than-expected loss for the first quarter and raised its revenue guidance.
CTI BioPharma (CTIC) witnessed a remarkable surge of 85% following its agreement to be acquired by drugmaker Swedish Orphan Biovitrum for $1.7 billion, equating to $9.10 per share. CTI BioPharma focuses on developing therapies for blood-related cancers.
Akamai Technologies (AKAM) posted better-than-expected adjusted first-quarter profit, leading to an 8.4% rise in its stock price. The software company’s diversification into security software and cloud computing contributed to its positive performance.
Conversely, Axon Enterprise (AXON) faced a decline of 15% as the Taser manufacturer reported first-quarter earnings and sales that surpassed Wall Street estimates, but gross margins for the period experienced a decline. This made Axon Enterprise the leading decliner in the S&P 500.