Check out the companies making headlines in midday trading:
Intel — The chipmaker jumped about 9.5% on news that Intel is working with bankers to explore options to address weaknesses in its core business.
Elastic NV — The stock plunged about 26.5% 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, below the estimated $361 million.
MongoDB — Shares of the developer data platform surged more than 18% 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. 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 about 8.5% 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.
Marvell Technology — Shares gained more than 9% 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 4% 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.
Ulta Beauty — The beauty retailer’s shares fell around 4% 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.
CNBC’s Yun Li, Hakyung Kim and Jesse Pound contributed reporting.
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