Check out the companies making headlines in midday trading: Intel — The chipmaker jumped 8.5% on news that Intel is working with bankers to explore options to address weaknesses in its core business. Elastic NV — The stock plunged more than 27% after its fiscal second-quarter revenue forecast missed Wall Street’s expectations. The artificial intelligence search company now expects revenue for the period to come in between $353 million and $355 million. Analysts surveyed by LSEG had estimated $361 million. MongoDB — Shares of the developer data platform surged around 16% after the company posted an earnings and revenue beat for the second quarter. MongoDB earned 70 cents per share, excluding items, on revenue of $478 million, while analysts expected 49 cents per share on $464 million in revenue, according to LSEG. The company also sees third-quarter revenue coming in between $493 million and $497 million, well above the analyst estimate of $479 million. Earnings for the current quarter are also expected to come in above expectations. Alnylam Pharmaceuticals — The stock fell around 9% after the company reported positive Phase 3 results for its heart disease drug vutrisiran, which is sold under the name Amvuttra. However, the results were disappointing to investors. In a note, Cantor Fitzgerald wrote that the data does not appear as an unequivocal “win” compared to treatments from competitors such as BridgeBio Pharma’s acoramidis. Shares of BridgeBio rose around 10.6% following the results. Marvell Technology — Shares gained more than 8% after its third-quarter forecast beat expectations. Marvell expects adjusted earnings of 40 cents per share on $1.45 billion in revenue. Analysts surveyed by LSEG called for 38 cents in earnings per share and $1.40 billion in revenue. Alibaba — The U.S.-traded shares of the e-commerce company rose nearly 3% after China’s market regulator said the firm had completed a three-year oversight process. Alibaba was previously fined by the regulator in 2021 as part of an antitrust investigation. Dell — Shares rose more than 5% after the company posted an earnings and revenue beat for the second quarter. Dell also expects revenue for the current quarter to be in line with expectations, according to StreetAccount. Ulta Beauty — The beauty retailer’s shares fell more than 2% following its first earnings miss in four years. Ulta also trimmed its full-year guidance after a decline in same-store sales last quarter. Comparable sales for the second quarter fell 1.2%, compared to an 8% increase a year earlier and well below the 1.2% growth that Wall Street analysts had expected, according to StreetAccount. — CNBC’s Yun Li, Hakyung Kim and Jesse Pound contributed reporting.
https://www.cnbc.com/2024/08/30/stocks-making-the-biggest-moves-midday-intc-estc-mdb-and-more.html
