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Twitter, Zoom, Palo Alto Networks, Macy’s and more

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Try the businesses making headlines in midday trading Tuesday.

Zoom Video — Zoom sank greater than 14% after missing on revenue estimates for the previous quarter attributable to a powerful dollar. The video conferencing company also cut its forecast for the complete yr amid slowing revenue growth.

Twitter – Shares of the social media network fell 6% after a whistleblower at the corporate filed complaints with the Securities and Exchange Commission, Federal Trade Commission and Justice Department alleging “extreme, egregious deficiencies by Twitter” related to privacy, security and content moderation.

Palo Alto Networks – Shares of Palo Alto Networks jumped 11% after the corporate reported an earnings beat Monday, driven by strong billings up 44% within the quarter. The cybersecurity company also raised its quarterly and full-year guidance, boosted its buyback program and announced the approval of a 3-for-1 stock split.

Macy’s – Shares of the department store rose greater than 4% after the retailer reported a fiscal second-quarter profit and revenue that topped analysts’ expectations. Macy’s also teased that its digital marketplace, which was announced last yr, is launching in the approaching weeks. Nevertheless, the corporate cut its full-year forecast, saying it anticipates deteriorating consumer spending on discretionary items like apparel that may result in heavy markdowns to maneuver items off shelves.

Dick’s Sporting Goods — Shares climbed 2% after the sporting goods retailer topped earnings and revenue estimates in its second-quarter results and in addition raised its full-year financial outlook.

Medtronic — Medtronic shares sank 3.4% despite a beat on revenue and earnings within the recent quarter. The medical devices maker said that revenue fell from a yr ago because it grapples with supply chain constraints.

JD.com — Shares of the e-commerce company based in China rose 3.8% after the corporate exceeded analyst expectations on the highest and bottom lines within the recent quarter. JD.com also said that annual energetic customer accounts rose 9.2%.

XPeng — XPeng sank 8.8% after posting a wider-than-expected loss within the previous quarter. The China-based electric vehicle company topped revenue expectations but said deliveries nearly doubled from the year-ago period.

J.M. Smucker – Shares of the food products company rose greater than 3% on Tuesday after J.M. Smucker’s first-quarter adjusted earnings topped expectations at $1.67 per share. Analysts surveyed by Refinitiv had penciled in $1.27 per share. Revenues were in-line at $1.87 billion. The earnings beat got here despite a success from the Jif peanut butter recall

Grocery Outlet Holding – Shares of the discount food market chain shed 4% after being downgraded by Morgan Stanley to underweight from equal weight. The firm cited downside to Grocery Outlet Holding’s 2023 estimates and never as much upside to its 2022 estimates being baked in. The stock has also already surged greater than 40% this yr. 

Pinduoduo — The e-commerce stock jumped 6.2% amid news that it’s reportedly preparing to launch a world e-commerce platform next month targeting North America.

— CNBC’s Carmen Reinicke, Yun Li, Sarah Min, Tanaya Macheel, Jesse Pound and Michelle Fox contributed reporting.

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