Stocks making the biggest moves midday: Tesla, Coinbase, Wynn Resorts, Palantir and more
Check out the companies making headlines in midday trading: Trump Media & Technology — Shares of the Truth Social parent, which is majority owned by former President Donald Trump, climbed 12% on Election Day . The stock is viewed as a proxy for betting on the former Republican nominee’s likelihood of winning the race for the White House. Nvidia — Shares of the de facto market leader and artificial intelligence darling advanced nearly 3%. Nvidia is being added to the Dow Jones Industrial Average on Friday. Archer-Daniels-Midland — The food processor slumped 8% after its fiscal third-quarter and full-year earnings outlook missed analysts’ estimates. ADM expects third-quarter earnings of $1.09, lower than the weakest analyst estimate, and full-year adjusted earnings per share of $4.50 to $5, while analysts polled by FactSet forecast $5.21. ADM amended its 2023 10-K and postponed Wednesday’s scheduled webcast, according to FactSet. Hims & Hers — Shares of the telehealth company gained 7% after better-than-expected third-quarter results surpassed analysts’ estimates for profits and revenue. Hims & Hers also forecast rosy full-year and current-quarter revenue guidance. Restaurant Brands International — The Burger King parent dipped more than 2% after reporting adjusted earnings per share of 93 cents , lower than the 95 cents per share expected by analysts polled by LSEG. The company posted $2.29 billion in revenue, also missing estimates of $2.31 billion. Cleveland-Cliffs — The steel stock tumbled more than 8% after third-quarter revenue of $4.57 billion missed estimates. Analysts surveyed by LSEG were expecting $4.77 billion in revenue. Wynn Resorts — Shares of the resort and casino company fell 8.2% after announcing lower-than-expected quarterly results. Wynn’s adjusted earnings came in at 90 cents per share on $1.69 billion in revenue, short of Wall Street’s estimates on the top and bottom lines, according to analysts surveyed by LSEG. Lattice Semiconductor — The chip stock dipped more than 3% after Lattice’s fourth-quarter outlook missed analysts’ estimates. The company’s third-quarter results matched analysts’ estimates on the top and bottom lines. Palantir — The data analytics software maker surged more than 22% after posting strong third-quarter earnings and issuing upbeat revenue guidance . Palantir’s revenue grew 30% on a year-over-year basis and the company lifted its forecast for the full year. Cirrus Logic — Shares of the semiconductor supplier pulled back 5% after its forecast for revenue in the current quarter missed analysts’ expectations. Cirrus expects revenue of $480 million to $540 million, while analysts polled by LSEG were looking for $590 million. DuPont de Nemours — Stock in the chemicals company gained more than 6% after third-quarter earnings beat Wall Street estimates. DuPont reported adjusted earnings per share of $1.18 per share, while analysts surveyed by LSEG forecast $1.03. Crypto stocks — Names tied to the price of bitcoin rose as the cryptocurrency briefly reclaimed $70,000 . Coinbase advanced more than 4%, while MicroStrategy gained 5%. Riot Platforms jumped nearly 7%. Astera Labs — Shares spiked more than 29% on the heels of the semiconductor solutions designer’s quarterly results that beat Wall Street’s expectations. Astera Labs posted earnings of 23 cents per share, excluding one-time items, on revenue of $113.1 million. That is above the 17 cents per share and $97.5 million in revenue that analysts were estimating, according to FactSet. Astera also guided for fourth-quarter earnings and revenue that topped expectations. Diamondback Energy — Shares ticked down 2% after the energy company’s third-quarter adjusted earnings per share of $3.38 missed the forecast $3.98 from analysts surveyed by LSEG. Tesla — The electric vehicle stock climbed more than 4% on Tuesday. Tesla could be viewed as a beneficiary of either outcome of Tuesday’s presidential election. — CNBC’s Tanaya Macheel, Samantha Subin, Alex Harring, Hakyung Kim and Sean Conlon contributed reporting.
