Midday movers: Braze, Joby Aviation, Archer Aviation, Sonoma Pharmaceuticals, Tesla, General Motors, DocuSign, Adobe, Target
Check out the companies making headlines in midday trading.
Shares of the consumer engagement platform rallied more than 18%. On Thursday, Braze posted a non-GAAP loss of 13 cents on revenue of $101.8 million. Analysts called for a loss of 18 cents per share and revenue of $98.8 million, according to FactSet. Goldman Sachs reiterated its buy rating on the stock following the report, noting artificial intelligence should help the company gain market share.
Joby Aviation, Archer Aviation
On Friday, Canaccord Genuity initiated coverage of Joby Aviation and Archer Aviation with a buy rating, saying the urban air mobility firms are positioned for the long term. Joby shares jumped about 9%, while Archer shares rose 3.3%.
Shares surged 24%. Sonoma Pharmaceuticals on Thursday announced an intraoperative pulse lavage irrigation treatment that could replace IV bags for some surgical procedures.
Tesla, General Motors
Tesla rallied 4% and General Motors added nearly 2%. On Thursday, the companies announced a partnership that gives GM access to Tesla’s North America charging stations. GM CEO Mary Barra said it will save the company up to $400 million of its previously announced $750 million investment to build out electric vehicle charging.
DocuSign shares slid 4%. In an earnings call Thursday, CEO Allan C. Thygesen said, “We are seeing more moderate pipeline and cautious customer behavior coupled with smaller deal sizes and lower volumes.” Initially, shares rose in extended trading Thursday after DocuSign beat fiscal first-quarter expectations on the top and bottom lines, posting adjusted earnings of 72 cents a share on $661 million in revenue. Analysts polled by Refinitiv called for earnings of 56 cents a share and $642 million of revenue.
Adobe Shares popped 3.5% after Wells Fargo upgraded the software stock to an overweight rating, saying AI should drive continued upside for the stock.
Target declined almost 2% after Citi downgraded the retail stock to neutral from buy, saying sales may have peaked at the big-box merchandiser.