Check out the companies making headlines in cloud trading: Elastic – Shares rose about 15% after the software company beat Wall Street expectations for fiscal second-quarter results. Elastis posted adjusted earnings of 59 cents per share on revenue of $365 million. Meanwhile, analysts polled by LSEG expected earnings of 38 cents per share on $357 million. Reddit – Shares fell 6% after Bloomberg, citing people familiar with the matter, reported that Advance Magazine Publishers wanted to create a credit facility using a $1.2 billion stake in Reddit. Gap – Shares jumped more than 10% on the heels of the clothing retailer improving its full-year outlook – the third time it has done so this year. The company now expects sales to advance between 1.5% and 2%. Gap has said in previous estimates that sales will “rise slightly.” Super Micro Computer – Shares moved more than 11% higher, surpassing gains of more than 15% in the previous session. Shares have had a monster rally this week, with shares up more than 73% week to date, as the company named BDO as its new auditor and presented a plan to Nasdaq on how to stay in line with the exchange. rule. Intuit – Shares of the financial software company fell 4% after the release of its first quarter fiscal report. Intuit’s results beat Wall Street expectations on both the top and bottom lines, according to LSEG, but the company expected a decline in revenue in the consumer group during the second quarter. Intuit also announced a comprehensive guide for the year. Ross Stores – Shares moved 3% higher after the department store chain reported third-quarter earnings of $1.48 per share, above the $1.40 expected from analysts polled by LSEG. However, the revenue fell short of consensus estimates. Carpenter Technology – Shares up 5% after JPMorgan initiated coverage of the steelmaker with an overweight rating. The company sees more than 21% upside ahead, citing strong demand for the company’s premium products. StoneCo – Shares rose about 10% after the Brazilian payments company announced a share buyback program of up to 2 billion reais. The program has no expiration date, according to the company. Deckers Outdoor – Shoemaker added more than 5% and reached an all-time intraday high after Needham’s start in a buy rating. Needham called Deckers “one of the highest quality companies in our coverage” and added the stock to his list of convictions. MicroStrategy – Shares of the bitcoin development company rose more than 10%, reversing more than 16% losses seen in the previous session. The gains came as bitcoin neared $100,000 during Friday’s trading session after breaching $99,000 for the first time on Thursday. Texas Pacific Land – Shares jumped more than 12% after the announcement that the landowner will join the S&P 500, replacing Marathon Oil following ConocoPhillips’ acquisition of the company. Included in the index will be effective November 26 before the bell. – CNBC’s Alex Harring, Jesse Pound and Michelle Fox contributed reporting.
RDDT, SMCI, INTU and others
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