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Midday Stock Movers: Kroger, DocuSign, Planet Labs, First Solar, and More

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Midday Stock Movements: Kroger, DocuSign, Planet Labs, First Solar, and More

The midday trading session has seen several notable movements in various stocks. Let's take a closer look at some of the companies making headlines:

Hudson Pacific Properties

California-based commercial real estate company, Hudson Pacific Properties, experienced a 4.2% slide in its stock price after suspending its common stock dividend. CEO Victor Coleman attributed this decision to tougher market conditions, including the ongoing Hollywood strike.

Avid Bioservices

Shares of Avid Bioservices dropped by 4.7% following the release of underwhelming quarterly results. The company reported a loss of 3 cents per share, in line with StreetAccount forecasts. Although Avid's revenue of $37.73 million slightly exceeded estimates, the stock still experienced a decline.


Supermarket conglomerate Kroger saw a 3% climb in its stock price due to better-than-expected earnings for the second quarter. Kroger reported adjusted earnings of 96 cents per share, surpassing the LSEG estimate of 91 cents per share. However, second-quarter revenue of $33.85 billion fell short of expectations.

Planet Labs

Satellite imaging company Planet Labs faced a significant drop of 17% in its stock price after reporting a larger-than-expected loss for the second quarter. Planet Labs recorded an adjusted loss of 14 cents per share on revenue of $53.8 million. Analysts polled by LSEG had anticipated a loss of 8 cents per share on revenue of $54.1 million.


Despite beating earnings expectations, shares of DocuSign slipped by 2.7%. The company reported adjusted earnings of 72 cents per share and $688 million in revenue, while analysts polled by LSEG had forecasted adjusted earnings of 66 cents per share and $678 million in revenue.


Cloud data stock Snowflake experienced a 3.7% increase after receiving a buy rating from DA Davidson. The firm highlighted Snowflake's potential to benefit from the growing demand for artificial intelligence applications.

First Solar

Shares of solar panel manufacturer First Solar gained 1.4% following an upgrade by Deutsche Bank from hold to buy. The bank cited the company's strong ongoing demand and stated that First Solar is currently at an "attractive entry point."


Home goods store RH saw a decline of over 13% after missing earnings expectations for the third quarter. CEO Gary Friedman expressed expectations of macroeconomic headwinds persisting throughout the remainder of 2023, further impacting the luxury housing market.

Gilead Sciences

Gilead Sciences experienced a 3% gain after Bank of America upgraded the stock from neutral to buy and raised its target price. The bank noted potential catalysts such as stronger-than-expected sales of Gilead's HIV/AIDS treatment medication and expressed the view that the stock appeared oversold. In summary, midday trading has seen various stock movements across different companies. These fluctuations reflect a range of factors, including earnings reports, market conditions, and analyst assessments. Investors and market participants will continue to monitor these developments closely.

Conclusion: Impact of Midday Stock Movements on New Businesses

The midday stock movements of these companies offer insightful perspectives on the potential impact on new businesses, especially those in related sectors.

Market Conditions and Business Strategies

The suspension of Hudson Pacific Properties' common stock dividend due to challenging market conditions, including the Hollywood strike, underscores the need for new businesses to be adaptable and responsive to external factors. Similarly, Avid Bioservices' underwhelming quarterly results highlight the importance of meeting investor expectations.
Investor Confidence and Business Performance
The stock price increases for Kroger, Snowflake, and Gilead Sciences reflect investor confidence in these companies' performance and strategies. This suggests that new businesses can boost their stock prices by delivering strong results and securing positive analyst ratings. Conversely, the stock price declines for Planet Labs, DocuSign, and RH demonstrate the potential impact of not meeting earnings expectations and the importance of managing investor relations effectively. In conclusion, the midday stock movements of these companies provide valuable lessons for new businesses. By understanding these trends and their underlying causes, new businesses can develop strategies to navigate market conditions, meet investor expectations, and ultimately, drive their stock performance.
Story First Published at: https://www.cnbc.com/2023/09/08/stocks-making-the-biggest-moves-midday-kroger-docusign-planet-labs-first-solar-and-more.html
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