Moderna, Nvidia, Etsy and more

Check out the companies making headlines in midday trading.

Moderna — Moderna shares tumbled 17.9% after a weaker-than-expected quarterly report. The drug maker cut its Covid-19 vaccine sales forecast for the year and missed third-quarter earnings and revenue expectations. Moderna earned $7.70 per share for its latest quarter versus the $9.05 Refinitiv consensus estimate.

Penn National Gaming — Shares of Penn National Gaming sank 21.1% after issuing quarterly results. The company reported adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) of $480.3 million versus the StreetAccount consensus estimate of $537.8 million. Penn management said the third quarter was affected by Hurricane Ida and flare-ups of the delta Covid variant.

Nvidia — Shares of Nvidia rallied 12% after Wells Fargo raised its price target on the stock to a Street high of $320 per share from $245, citing a bullish outlook on the company’s Omniverse. “We see NVIDIA Omniverse as a key enabler/platform for the development of the Metaverse across a wide range of vertical apps,” analysts said.

Etsy — The online crafts marketplace’s shares surged 13.2% after reporting third-quarter earnings that beat analysts’ expectations. Etsy recorded a profit of 62 cents per share, beating StreetAccount’s consensus estimate of 55 cents.

Qualcomm — Shares of the chipmaker popped 12.7% after a better-than-expected earnings report. The company reported its fiscal fourth-quarter earnings and revenue that exceeded analysts’ expectations. Qualcomm reported a 56% year-over-year boost in smartphone chip sales despite a global chip shortage.

Planet Fitness — Shares of Planet Fitness rose 11.7% after the fitness center chain beat on the top and bottom lines. The company posted adjusted earnings of 25 cents per share versus the StreetAccount consensus of 18 cents per share. Planet Fitness also raised its full-year revenue forecast.

Roku — Roku shares slid 7.7% after a weaker-than-expected quarterly revenue report. The streaming company posted revenue of $680 million, while Refinitiv forecast $683.4 million. Roku also issued a fourth-quarter revenue forecast below expectations.

Lumen Technologies — Lumen shares gained 12.6% after the telecommunications company posted better-than-expected quarterly results for per-share earnings. The company report an adjusted profit of 49 cents per share versus the StreetAccount consensus estimate of 38 cents per share.

Qorvo — The semiconductor stock fell 13.3% after the company’s sales guidance came in well below expectations. Bank of America downgraded the stock to neutral from buy, saying that the boost to Qorvo’s revenue from 5G was slowing, possibly creating a significant decrease in revenue growth in the years ahead.