Why Saia Shares Are Trading Lower? Here Are Other Stocks Moving In Friday's Mid-Day Session

Benzinga

Saia

-1.59%

BurgerFi International

0.00%

BurgerFi International, Inc. Warrant

0.00%

Windtree Therapeutics

0.00%

Regencell Bioscience

+3.98%

Shares of Saia, Inc. fell sharply during Friday's session after the company reported worse-than-expected second-quarter financial results.

Saia reported quarterly earnings of $3.83 per share which missed the analyst consensus estimate of $4.00 per share. The company reported quarterly sales of $823.24 million which missed the analyst consensus estimate of $826.55 million, according to data from Benzinga Pro.

Saia shares dipped 18.6% to $398.01 on Friday.

Here are some other stocks moving in today’s mid-day session.

Gainers

BurgerFi International, Inc. gained 117.4% to $0.4639 after the company announced it reached a legal settlement agreement with Lion Point Capital. The company agreed to pay $1,350,000 and issue Lion Point 300,000 of preferred stock.
Windtree Therapeutics, Inc. shares jumped 101.3% to $6.67 after the company filed a request for the withdrawal of its registration statement on a Form S-1.
Regencell Bioscience Holdings Limited gained 53% to $13.94.
Coursera, Inc. shares gained 46.2% to $10.83 after the company beat second-quarter earnings estimates.
Carbon Revolution Public Limited Company shares climbed 43.3% to $8.84. Carbon Revolution said it will supply the carbon fiber wheels available on the just-revealed Chevrolet Corvette ZR1.
Everi Holdings Inc. rose 41.1% to $12.93 after it entered an agreement to be acquired by funds managed by Apollo affiliates for $14.25 per share in cash.
Nauticus Robotics, Inc. K gained 37% to $4.45.
Newell Brands Inc. jumped 36.6% to $8.66 on better-than-expected second-quarter earnings and raising FY24 outlook.
Sangamo Therapeutics, Inc. gained 35% to $0.9043.
CEL-SCI Corporation rose 28% to $1.55 after the company announced results from a bias analysis conducted for its concluded Phase 3 study of Multikine. Multikine cut the 5-year risk of death by half compared to control in its target population.
AudioEye, Inc. rose 25% to $24.52 following second-quarter results.
Pineapple Financial Inc. gained 24.4% to $1.1760. Pineapple Financial CSO Christa Lillian Mitchell bought a total of 2,000 shares at an average price of $0.88.
Douglas Elliman Inc. climbed 23% to $1.66.
CareMax, Inc. rose 19% to $6.71.
Liberty Broadband Corporation rose 17.6% to $65.16.
Charter Communications, Inc. jumped 17% to $368.65 after the company reported better-than-expected second-quarter financial results.
Mohawk Industries, Inc. gained 16.5% to $156.70 following mixed second-quarter earnings.
Karooooo Ltd gained 16% to $33.40. Karooooo announced termination of secondary public offering of ordinary shares due to market conditions.
3M Company climbed 15% to $118.99 after better-than-expected second-quarter financial results and FY24 EPS outlook raise.
International Game Technology PLC gained 13.4% to $22.86 after the company entered an agreement for its Gaming & Digital business to be acquired by funds managed by affiliates of Apollo.
Altice USA, Inc. rose 12.1% to $1.76.
Stardust Power Inc. S rose 11% to $15.06.
Avantor, Inc. surged 11% to $25.32 after the company reported better-than-expected second-quarter earnings results.
Norfolk Southern Corporation gained 10.7% to $246.86 after the company reported better-than-expected second-quarter earnings results.
Selina Hospitality PLC shares gained 10.4% to $0.0415 after falling over 17% on Thursday.
Viasat, Inc. rose 9% to $20.58. Viasat announced new reporting segment structure.
Deckers Outdoor Corporation shares gained 8.7% to $914.71 as the company reported better-than-expected results for the first quarter. The company said it still expects net sales to increase approximately 10% year-over-year in fiscal year 2025 to $4.7 billion.
Bristol-Myers Squibb Company climbed 7.6% to $48.69 following strong second-quarter earnings and increased 2024 guidance.
Centene Corporation climbed 7.6% to $72.55 following better-than-expected second-quarter financial results and increased 2024 guidance.
Columbia Banking System, Inc. rose 7.4% to $25.98 after the company reported better-than-expected quarterly earnings results. Also, multiple firms raised their respective price targets on its stock.
Aon plc gained 6.8% to $319.30 after the company reported better-than-expected quarterly revenue results.
Ultra Clean Holdings, Inc. shares gained 4.7% to $47.26 following better-than-expected quarterly results.

Losers

NovaBay Pharmaceuticals, Inc. shares dipped 59.6% to $0.7830 after the company reported pricing of $3.5 million underwritten public offering.
Tantech Holdings Ltd fell 46.9% to $0.2603.
Nature’s Miracle Holding Inc fell 46.4% to $0.2099 after the company announced pricing of $1.2 million public offering.
DexCom, Inc. shares declined 40.7% to $63.97 after the company reported worse-than-expected second-quarter revenue results and issued weak FY24 revenue guidance.
Predictive Oncology Inc. fell 29.6% to $1.3150. Predictive Oncology announced exercise of warrants for $1.26 million gross proceeds.
ProMIS Neurosciences, Inc. declined 29.2% to $1.5006 as the company reported top-line data from its Phase 1a Alzheimer’s trial and announced up to $122.7 million private placement financing.
PS International Group Ltd. P dipped 26.1% to $1.53
Grom Social Enterprises, Inc. fell 23.8% to $0.2751.
Ocean Power Technologies, Inc. shares declined 23.2% to $0.3188 after reporting fourth-quarter results.
Avinger, Inc. fell 20.2% to $1.30.
Next Technology Holding Inc. declined 20.1% to $1.6299.
Zynex, Inc. shares fell 18.9% to $8.27 after the company reported worse-than-expected second-quarter financial results.
2U, Inc. declined 17.6% to $1.24.
Ur-Energy Inc. shares dipped 13.4% to $1.1250 after the company announced a proposed public offering of common shares.
BJ’s Restaurants, Inc. fell 12.6% to $32.53 following quarterly results.
Booz Allen Hamilton Holding Corporation declined 11.8% to $135.36 following a first-quarter earnings miss and soft EPS guidance.
Advent Technologies Holdings, Inc. shares fell 11.2% to $4.40 after gaining 3% on Thursday.
Tarsus Pharmaceuticals, Inc. fell 9.1% to $25.67.
World Acceptance Corporation dipped 7.8% to $134.62 following weak quarterly sales.
Forward Air Corporation fell 7.4% to $25.61.
Olin Corporation shares declined 7.2% to $44.56 following a second-quarter earnings miss.
Carter’s, Inc. shares fell 6.6% to $55.87 following weak quarterly sales.
Biogen Inc. declined 6.3% to $213.01 after the European Medicines Agency adopted a negative opinion on the Marketing Authorization Approval for lecanemab.
Tandem Diabetes Care, Inc. shares fell 6% to $38.18. Tandem Diabetes Care will release its second quarter results after the closing bell on Thursday, Aug. 1.
L3Harris Technologies, Inc. declined 4.6% to $232.05 following second-quarter results.

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Soft Inflation Print, Strong Earnings Help Lift US Equity Indexes

MT Newswires

US equity indexes soared after midday on Friday as a second consecutive month of moderation in a closely monitored inflation gauge sent government bond yields lower while quarterly earnings came in strong.

The Nasdaq rose 1.4% to 17,425.4, with the S&P 500 up 1.5% to 5,479.8 and the Dow Jones Industrial Average 2% higher at 40,721.9. All sectors were up intraday, with industrials, materials, and technology among the top gainers.

According to the CME Group's FedWatch Tool, the probability that the Federal Open Market Committee will cut interest rates by 25 basis points in September stood at over 95% by Friday afternoon, as inflation continued to cool in June after the earlier reprieve in May.

The growth in the annual headline personal consumption expenditures price index eased to 2.5% last month from 2.6% in May, as per the US Bureau of Economic Analysis, but was above the Street's 2.4% forecast. The Fed's preferred core measure, which excludes food and energy, was unchanged at 2.6%, compared with the 2.5% consensus. The inflation rate grew 0.1% sequentially in June from a flat reading in May, while the core measure climbed 0.2% from 0.1%. Both metrics were in line with expectations.

"Inflation continued to cool in June after earlier reprieve in May, perpetuating the market's expectations for a September rate cut," Stifel Chief Economist Lindsey Piegza said in a note. "Coupled with the Fed's assessment of cooling labor market conditions, two back-to-back months of improving disinflation may prove to be sufficient justification for [Fed Chair] Powell to offer the reprieve investors have been desperately awaiting."

Most Treasury yields declined, with the 10-year down five basis points to 4.21%, and the two-year rate retreating 5.4 basis points to 4.39%.

Gold jumped 1.4% to $2,434.20 an ounce, and silver rose 0.4% to $28.09.

In company news, 3M lifted the lower end of its full-year adjusted earnings outlook after reporting Q2 results above market estimates. Shares soared 19.3% intraday, the top performer on the S&P 500 and the Dow.

BofA Securities upgraded Mohawk Industries to buy from underperform while adjusting its price target to $177 from $120. The company reported Thursday a surprise increase in Q2 earnings, and its guidance for Q3 was above analysts' projections. Shares surged 19% intraday, the second-highest return on the S&P 500.

DexCom shares sank 41.6% intraday, the steepest decline on the S&P 500 and the Nasdaq, after the company lowered its 2024 revenue guidance.

West Texas Intermediate crude oil slumped 1.1% to $77.44 a barrel.

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3M Shares Soar As Strong Results Highlight Cost Cuts, Growth Push

Reuters

2024-07-27 01:14:56

Adds graphic

By Kannaki Deka

July 26 (Reuters) - 3M's MMM.N shares soared to a near two-year high on Friday following the industrial conglomerate's quarterly results that underscored its focus on investing in high-growth businesses and reigniting the company's storied history of product innovation.

3M's shares, which rose as much as 20%, were on track for their best day ever after the company also raised its full-year profit forecast, benefiting from a spate of cost cuts.

CEO Bill Brown, who succeeded Mike Roman on May 1, said his top priority is to increase sales and "reinvigorate the 3M innovation machine".

"The simple fact is our products are aging," Brown said on his first earnings call.

Brown added the amount invested in new product development has declined over the years as the company shifted resources to exit "forever chemicals" manufacturing and work to reduce supply chain cost.

https://www.reuters.com/graphics/3M-RESULTS/gkpllqjldpb/image%20(4).png

3M shifted its focus to high-growth businesses such as automotive electrification and growth areas such as climate technology, while exiting less-profitable consumer product lines to drive growth amid slow demand.

The maker of Post-it notes has also benefited from steady price increases across categories, which have helped it offset inflation and weakness in its consumer business.

An additional fillip came from restructuring measures to streamline the business and reduce costs.

Brown said he would take a "fresh dispassionate look" at the company's portfolio to ascertain what assets might be a good fit for 3M.

"This looks like a good start to a new era for 3M," Wolfe Research analyst Nigel Coe said.

The company expects full-year adjusted profit to be between $7.00 and $7.30 per share, above its previous forecast of $6.80 to $7.30.

It reported an adjusted profit of $1.93 per share for the quarter, above analysts' average estimate of $1.68, according to LSEG data.

Second-quarter adjusted revenue of $6 billion also came in above estimates of $5.88 billion.

(Reporting by Kannaki Deka in Bengaluru; Editing by Arun Koyyur and Maju Samuel)

(( Kannaki.Deka@thomsonreuters.com ;))

Keywords: 3M-RESULTS/ (UPDATE 4, PIX)

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