Business

Xerox, Logitech, Upstart, Hibbett, Planet Fitness and more

Toni Avelar | Bloomberg | Getty Images

Take a look at the companies making headlines in midday trading.

Logitech — The computer peripherals maker jumped 11.8% after Logitech reiterated its full-year guidance, which was cut in July. Logitech has struggled with weaker demand after a sales boom during the height of the pandemic.

Upstart — Shares rose 9.8% even after that. Mizuho launched Upstart with a bad ratingsaying there are still challenges ahead for the consumer loan company.

Stem — Shares rose 12.3% after that. UBS launched Stem as a buysaying the AI-driven energy storage company is a market leader that will get a boost from the Inflation Reduction Act.

Hibbett — Stocks of sporting goods rose by 9.2% after upgrade from Bank of America to a buy rating. The bank cited the company’s relationship with Nike and product availability among its reasons for liking the stock.

Photocopier — Shares fell 15% after the seller of print and digital document products and services reported disappointing earnings and cut its full-year revenue forecast. Xerox CEO Steve Bandrowczak said in a statement that “profitability remains challenged by persistently high inflation and ongoing supply chain constraints.”

Brown & Brown — Insurance company shares fell 11% after Brown & Brown missed earnings expectations. Brown & Brown reported earnings of 50 cents per share on revenue of $927.6 million. The company is expected to report earnings of 60 cents per share on revenue of $945.8 million, according to FactSet consensus estimates.

Qualtrics International — Shares of the customer feedback software company jumped 7.7% after Qualtrics reported earnings that beat expectations and raised its full-year outlook.

Ross Stores — Off-price retail shares jump 5.8% after upgrading to overweight from Wells Fargo. The bank called Ross Stores one of the “best ways” to trade the sector.

vegetable juice — Shares of the German business software company rose 6% after SAP reported quarterly results that beat expectations and maintained its full-year forecast.

PulteGroup — The homebuilder jumped 5.9% despite disappointing earnings expectations. PulteGroup posted earnings of $2.69 per share on revenue of $3.94 billion. Analysts polled by Refinitiv had expected earnings of $2.82 per share on revenue of $4.17 billion.

JetBlue — The airline fell 3.6% after a Third quarter earnings shortfall of 21 cents per share, versus Refinitiv’s consensus estimate of 23 cents. Revenue was in line with estimates, at $2.56 billion. JetBlue had a quarterly profit of $57 million, as increased travel demand and higher fares helped offset rising costs.

Planet Fitness — Gym shares jumped 4.5% after that Piper Sandler upgraded Planet Fitness from neutral to overweightsaying that the shares are attractive and will get a boost from the participation of younger generations.

General Motors — General Motors shares rose 3.6% after the automaker easily beat third quarter earnings expectations. The company also maintained its look for the entire year.

United Parcel Service — Shares of the delivery company rose 1% after UPS reported better-than-expected third-quarter earnings. The company earned an adjusted $2.99 ​​per share, 15 cents better than analysts expected, according to Refinitiv. However, revenue fell short of expectations as the supply chain solutions segment declined year over year. UPS maintained its full-year guidance.

General Electric — Shares fell 1.8% after General Electric cut its full-year forecast due to supply chain problems. By the way, the company achieved higher revenue than expected.

— Michelle Fox, Jesse Pound, Carmen Reinick and Samantha Subin contributed reporting.

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