September is notoriously the worst month for the stock market, and Wednesday was no exception as the indexes opened in the red.
These stocks were making moves Wednesday:
Roku
(ticker: ROKU) shares climbed 9% after the technology company said it would fire 10% of its workforce.
AeroVironment
(AVAV) soared 28% to $121.63 after the defense supplier’s results flew past fiscal first-quarter earnings estimates. The stock was upgraded to Outperform from Neutral at Baird and received a price target lift to $120 from $115 at RBC Capital.
Overstock.com
(OSTK) fell 21% after the online retailer shared a third-quarter performance update that included year-over-year declines in revenue and average order value.
AMC Entertainment
(AMC) was tumbling 21% after the company said it has entered an agreement to sell up to 40 million shares of class A common stock through an at “at-the-market” offering program.
Asana
(ASAN) stock fell 14% even though the business software provider’s results exceeded analysts’ estimates for the second quarter. Asana reported an adjusted loss of 4 cents per share, while analysts were expecting a loss of 11 cents per share.
GitLab
(GTLB) shares jumped 5.5% after the code-hosting platform provider beat earnings expectations as revenue soared 38% in the second quarter. The company reported adjusted earnings of 1 cent per share, ahead of analysts’ expectations of a loss of 3 cents a share.
Manchester United
(MANU) shares fell 3.6%, after plunging more than 18% Tuesday. It was the stock’s biggest ever one-day selloff, and it followed a report that the English soccer club will no longer be sold.
First Solar
(FSLR), the country’s largest solar manufacturer, fell 2.5%.
Morgan Stanley
upgraded the stock to Equal Weight from Underweight.
Southwest Airlines
(LUV) fell 2.1% after the airline was downgraded to Neutral from Outperform at Exane BNP Paribas.
American Airlines
(AAL) rose 1.9% after being upgraded to Outperform from Neutral.
Earnings reports are expected Wednesday after the stock market closes from
GameStop
(GME),
UiPath
(PATH),
C3.ai
(AI),
American Eagle Outfitters
(AEO), and
ChargePoint Holdings
(CHPT).
Write to Callum Keown at [email protected], Callum Keown at [email protected] and Emily Dattilo at [email protected]
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