Roku, TSLA, AMX, AVAV and more

The Tesla logo appears at a charging station in Virginia on August 16, 2023.

Jalal Jones | Anadolu Agency | Getty Images

Check out the companies that make the biggest moves in the middle of the day.

Roku Shares rose 3% after the streaming company announced it would lay off 10% of its staff, consolidate office space and look to cut other expenses. Roku also boosted its revenue guidance for the third quarter to between $835 million and $875 million, versus previous guidance of $815 million.

Tesla – The electric car maker fell 3% in midday trading, falling along with other major technology-related names. The Wall Street Journal also reported late Tuesday that Tesla CEO Elon Musk borrowed $1 billion from SpaceX in the same month he acquired Twitter.

AMC Entertainment — Shares fell 28% after AMC said it plans to sell up to 40 million new shares to raise cash. Additional shares were expected to be issued after it converted APE preferred shares into AMC common shares in August.

Apple — The tech giant’s stock fell nearly 3.6% after a magazine report that China has banned iPhones and other foreign-branded devices from being used by government officials at work. Bank of America estimates as many as five million to 10 million units of headwinds if this ban is implemented and enforced.

AeroVironment — Shares of the drone maker rose 25% after it reported adjusted earnings per share of $1, well above the 26 cents expected by analysts surveyed by LSEG, formerly known as Refinitiv. Revenue also exceeded expectations, amounting to $152 million, compared to the expected $129 million.

NextGen Healthcare — The stock rose 14% after private equity firm Thoma Bravo said it would acquire the healthcare software provider for $23.95 a share, 17% higher than where the stock closed Tuesday.

Enbridge, Dominion Energy — Enbridge stock fell 5.4% after Dominion, which fell 1.7%, said Tuesday that it would sell its three natural gas distribution businesses to the pipeline operator for $9.4 billion.

Harley-Davidson — Shares of the motorcycle maker rose 2.9% after it authorized the buyback of up to 10 million additional shares.

GitLab – The technology platform stock added about 1% on the back of better-than-expected second-quarter results. Adjusted earnings per share came in at 1 cent, versus a loss of 3 cents expected by analysts polled by LSEG. Revenue was $140 million, exceeding the expected $130 million.

Zscaler — Cloud security stock fell 3.3% despite beating analyst expectations for its fiscal fourth quarter and issuing strong guidance. Zscaler reported adjusted earnings of 64 cents per share, excluding items, on revenue of $455 million. Analysts surveyed by LSEG expected earnings per share of 49 cents and revenue of $430 million. The company also said that earnings and revenue for the current quarter and the full year should exceed agreed Wall Street estimates.

Asana – Shares fell 12.4% after Asana’s management noted weakness in the technology sector and the company’s disproportionate exposure to pullouts from companies in this area.

Dexcom — Shares of the medical device company, which focuses on continuous glucose monitoring, rose 6.7% after Dexcom disclosed data in an investor presentation Tuesday that adoption of CGM increased after patients started GLP-1 obesity drugs. The stock has been under pressure this year due to interest in weight-loss drugs.

Southwest Airlines — Shares of Southwest Airlines fell more than 2% after the company narrowed its unit revenue forecast for the current quarter. The air carrier said it expects revenue to fall between 5% and 7% for the quarter ending Sept. 30, compared to the same period last year. In July, Southwest said revenue could fall 3% this quarter compared to a year ago.

— CNBC’s Tanaya Machel, Alex Haring and Michael Blum contributed reporting.

(tags for translation) Southwest Airlines

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