Check out the companies making headlines in midday trading Wednesday:
Allbirds — Allbirds shares sunk more than 13% after the shoe maker’s losses grew in the third quarter, even as its revenue rose from last year. The quarterly earnings report was Allbirds’ first as a public company.
Lennar — Shares of Lennar rose 4.6%, outpacing other homebuilders, following an upgrade to buy from hold at Goldman Sachs. The investment firm said Lennar’s business strategy should lead to strong growth in 2022.
Vertex Pharmaceuticals — Vertex shares rose more than 8% after the biotech company announced positive results from a study of its its VX-147 drug candidate in a severe genetic kidney disorder and said it plans to advance it into pivotal development.
Moderna — Shares of the drugmaker tumbled 8.6% after the company appealed a patent ruling related to a competitor Arbutus Pharma’s drug-delivery technology and lost. Arbutus shares soared 84%.
Salesforce — The software giant’s shares dropped nearly 7% on the back of mixed fourth-quarter guidance, which overshadowed better-than-expected results for the third quarter. Salesforce also announced Bret Taylor as new co-CEO, alongside Marc Benioff.
Exxon Mobil — Shares of Exxon gained 2% after the company predicted it will double its earnings and cash flow by 2027 from 2019 levels, while reducing emissions. The company said it plans to spend between $20 billion and $25 billion per year through 2027, compared to the $30 billion to $35 billion it forecasted spending annually before the pandemic took hold.
Box — Cloud services company Box saw its shares jump 12% following its quarterly financial results. Box posted earnings of 22 cents per share on revenue of $224 million versus the Refinitv estimates of 21 cents per share on revenue of $218.5 million.
Ambarella — The semiconductor company’s shares jumped 24% after a better-than-expected quarterly report. Ambarella recorded a profit of 57 cents per share, beating a Refinitiv estimate by 8 cents. Revenue came in at $92.2 million versus the $90.3 million expected.
Build-A-Bear Workshop — The teddy bear retailer saw shares rise more than 30% after reporting generated record revenue for the third quarter and raised its full year guidance. It also authorized up to $25 million in share buybacks.
— CNBC’s Hannah Miao and Jesse Pound contributed reporting