Coinbase, Virgin Galactic and more

Here are the actions that make the headlines of the midday exchanges.

Coinbase – Shares of the crypto services firm jumped 5.4% at midday after posting strong second quarter results on Tuesday night for the second time as a public company. Coinbase profits reached $ 3.45 per share, beating Wall Street estimates, and revenue was $ 2.23 billion for the quarter, an increase from $ 178 million a year ago. a year.

Virgin Galactic – Shares of the space exploration company fell more than 13% after Morgan Stanley lowered the stock to an underweight position. The investment firm said in a note that the stock will drop when the company enters a multi-month theft-free period later this year.

WW International – Shares of the wellness company fell 28% after WW missed second quarter earnings expectations. The number of subscribers is also lower than management forecasts. Investment firm Jefferies lowered the stock to hold after the report, saying WW was facing a “near-term stall.”

Nucor – The steelmaker’s stock rose nearly 3%, making it a big winner for the second day in a row after the Senate passed $ 1 trillion infrastructure. CNBC’s Jim Cramer said on Wednesday that the benefits of the bill were yet to be incorporated into steel inventories.

NortonLifeLock – Shares of the cybersecurity company rose more than 8% after NortonLifeLock announced a deal to acquire Europe-based antivirus company Avast. The deal is worth more than $ 8 billion in cash and shares, according to the announcement.

Perrigo – The stock of consumer health products fell more than 12% after its second quarter report fell short of expectations. The company earned 50 cents per share during the period on sales of $ 981 million. Analysts polled by Refinitiv were expecting 61 cents and $ 1.02 billion. The company said a “historically weak cough / cold season” has hampered sales growth.

FuboTV – Streaming video stock jumped 7.8% after fuboTV’s second quarter revenue exceeded expectations and the company raised its forecast. The company said it ended the quarter with more than 681,000 subscribers, up 138% year-over-year.

Moderna – Pharmaceuticals stock has continued its trend of trade volatility since the delta variant spread widely in the United States, falling almost 15%. It would be the fifth day of August with a movement of more than 5% in both directions.

Canada Goose – Shares of the luxury outerwear maker fell more than 13% after the company kept its conservative income outlook unchanged amid rising spending and continued disruption from Covid. Canada Goose also announced a stronger than expected quarter with an adjusted net loss per diluted share of 45 cents (Canadian), lower than the loss of 53 cents that analysts had expected, according to Refinitiv.

Wendy’s – Shares of the fast food chain rose 2.6% on Wednesday after the company’s second-quarter report was better than expected. Wendy’s earned 27 adjusted cents per share on $ 493 million in revenue for the quarter. Analysts polled by Refinitiv were expecting 18 cents a share on $ 462 million in revenue.

Poshmark – Shares in the online fashion market fell more than 13% despite the company reporting better-than-expected second quarter financial results. Poshmark posted a loss of 4 cents per share on revenue of $ 81.8 million, against analysts’ estimate of a loss of 6 cents per share on revenue of $ 80.3 million. The company released a third-quarter forecast that fell short of Wall Street expectations and warned that Apple’s new privacy controls would hurt its business.