Stocks making the biggest moves midday: LULU, S, MDB
Lululemon Athletica Inc. rallied in midday trading on the back of strong fiscal first-quarter earnings results. The athleisure apparel company posted a top- and bottom-line beat and a 24% year-over-year increase in sales. Lululemon also raised its guidance for the full year. Meanwhile, shares of wireless phone service providers struggled after a report from Bloomberg News that Amazon Inc. is weighing offering wireless service to Prime members. Amazon later said in a statement it’s not planning to add wireless “at this time.” Shares of AT&T and Verizon fell more than 3% each, while T-Mobile lost 7.2%. As for cybersecurity, SentinelOne saw shares sink over 36% after its revenue fell short of expectations with the company citing macroeconomic pressure as a contributor to slowing sales growth in a shareholder letter and cutting its full-year revenue guidance.
FAQs
What is Lululemon Athletica?
Lululemon Athletica is a Canadian athletic apparel retailer that was founded in 1998. The company designs and sells athletic wear for women and men.
What is Amazon Inc.?
Amazon Inc. is an American multinational technology company that specializes in e-commerce, cloud computing, digital streaming, and artificial intelligence. Amazon is one of the world’s largest online retailers and was founded in 1994.
What is SentinelOne?
SentinelOne is an American cybersecurity company that specializes in endpoint protection. The company was founded in 2013 and focuses on autonomous AI-driven cybersecurity solutions.
What is PFAS?
PFAS stands for per- and polyfluoroalkyl substances, which are man-made chemicals that have been used in a variety of industries such as firefighting, textiles and food packaging. These chemicals do not break down easily in the environment and are believed to pose risks to human health.
What is Dell?
Dell Technologies is an American multinational technology company that develops, sells, repairs, and supports computers and related products and services. The company was founded in 1984 and is based in Round Rock, Texas.
What is Ginkgo Bioworks?
Ginkgo Bioworks is an American biotechnology company that designs custom microbes for a variety of industries, including medicine, agriculture, and perfume. The company was founded in 2008 and is based in Boston, Massachusetts.
Midday’s Top Moving Stocks: LULU, S, MDB
A T-Mobile store in New York was boarded up on June 2, 2020, following looting the previous night. Meanwhile, Lululemon’s stock experienced a 12% rally after posting strong fiscal Q1 earnings, which included beating expectations on the top and bottom lines and a 24% YoY increase in sales. The athleisure company also raised its guidance for the year. Conversely, wireless phone service providers suffered a dip in their stock price after Bloomberg News reported that Amazon was considering offering wireless service to Prime members. Though Amazon later denied the claim, shares of AT&T and Verizon fell over 3%, while T-Mobile lost 7.2%. Amazon, on the other hand, rose 1.8%, with Dish Network popping 19%. Other companies making headlines in midday trading included MongoDB (+27%), SentinelOne (-36.3%), Broadcom (+2.8%), Dupont de Nemours (+8%), Zscaler (+7%), Five Below (+6%), The Trade Desk (+3.7%), PagerDuty (-17%), Dell (+3%), Samsara (+30%), FibroGen (+6.2%), and Ginkgo Bioworks (-6.7%).