Zscaler rings the opening bell on the Nasdaq exchange in Latest York, March 16, 2018.
Take a look at the businesses making headlines in midday trading.
Zscaler – The cloud security company’s shares dipped 10.7% following its quarterly earnings report, despite Zscaler posting strong results. Earnings and revenue were stronger than analysts’ expectations. The corporate also forecast better-than-expected earnings and revenue for its fiscal second quarter and full 12 months.
Marvell Technology – The semiconductor stock fell 1.5% after the corporate reported weaker-than-anticipated earnings and revenue for probably the most recent quarter. Its outlook for revenue for the fourth quarter also got here in lower than analysts expected.
DoorDash – Shares of the food delivery service operator fell 3.4% following a downgrade from RBC Capital Markets. The firm cited slowing order growth, calling it “too essential to disregard,” and intensifying competition from Uber.
Asana – Shares of the work management platform operator plunged about 10.5% after the corporate reported a loss for probably the most recent quarter, though it was narrower than expected. The corporate also issued weaker-than-expected guidance for fourth-quarter revenue.
PagerDuty – Shares of the IT company rose 5.1% after it reported a slight profit for the third quarter, beating analysts’ expectations of a loss. Its revenue got here in higher than expected.
Enphase Energy – Shares of energy name Enphase surged 7% Friday and hit a 52-week high after the corporate announced it launched a group of microinverters in Europe.
Horizon Therapeutics – Shares of Horizon Therapeutics jumped 3.9% after Sanofi reportedly said that if it decided to make a bid for the biotech company, it will be an all-cash offer. Earlier this week, Horizon said its board was engaged in preliminary discussions with three pharma giants for potential takeover offers.
SolarEdge – Shares of the clean energy company climbed 4.4% after the Commerce Department released a preliminary report that said Chinese solar manufacturers have been circumventing tariffs. Israel-based SolarEdge was not named within the announcement.
Chinese stocks – Shares of Chinese retail stocks Baidu gained 4.7% while JD.com and Pinduoduo rose 5% and three.1% respectively as signals of easing Covid restrictions in China calmed investors. NetEase, a Chinese web company, also gained 3.9%.
Intel – Shares of Intel slumped 1.4% after the chipmaker offered its staff in Ireland three months of unpaid leave as a cost-cutting measure, the Financial Times reported.
Salesforce – Shares of the software giant fell 1.7%, extending its lack of greater than 8% Thursday after co-CEO Bret Taylor announced he was leaving the corporate. Wolfe Research downgraded Salesforce to look perform from outperform, saying the corporate is facing several hurdles along with the pressure on the tech industry.
— CNBC’s Tanaya Macheel, Michelle Fox and Jesse Pound contributed reporting