Stock Market News Update:
Several major companies are making headlines in midday trading today.
– Groupon: The online marketplace company saw its shares plunge 39.5% after falling short of third-quarter revenue and global gross billings expectations. It also approved an $80 million rights offering to shareholders.
– Wynn Resorts: The resort-and-casino stock dropped 7.3% as analysts focused on EBDITAR tied to its operations in Macao, overshadowing an otherwise strong report.
– Diageo: Shares slid 13.7% after the U.K.-based drink manufacturer forecasted a challenging environment ahead, with growth expected to slow in the first half of the fiscal year.
– Illumina: The biotechnology stock plunged 13.6% after cutting its adjusted earnings guidance for the full year and reporting lower revenue than analysts’ estimates.
– Plug Power: Shares tumbled more than 34% after third-quarter earnings and revenue missed analysts’ estimates, leading to downgrades from RBC and JPMorgan.
– TKO Group: The WWE parent slid 7.9% after Executive Chairman Vince McMahon said he planned to sell 8.4 million shares.
– Treace Medical Concepts: Shares tumbled 40% after missing third-quarter expectations and lowering its full-year revenue guidance.
– The Trade Desk: The digital marketing stock sold off 17.9% following weak guidance tied to cautiousness among some advertisers in sectors like the auto and entertainment industry.
– Freyr Battery: Shares shed 18.8% following a BTIG downgrade to neutral from buy, citing execution risk.
– Hawaiian Electric: The utility stock slipped 11% on the back of a downgrade to underweight from equal weight by Wells Fargo.
– Synaptics: The semiconductor stock rallied 13.7% following a better-than-expected financial report for the fiscal first quarter.
– Hologic: The medical product maker popped 5.6% after reporting earnings that exceeded analyst consensus forecasts for the fiscal fourth quarter.
– Vera Therapeutics: The biotechnology stock climbed 4% on the heels of an upgrade to buy from hold by Jefferies, with strong sales growth anticipated.
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