Check out the companies making the biggest moves midday:
Peloton — Shares of Peloton fell more than 18% after the company reported quarterly results Thursday, with expected losses and declining revenue. The company did not give an outlook for its next fiscal year.
Salesforce — Shares of the enterprise software maker fell 3.39% after the company gave a disappointing forecast for fiscal 2023. Salesforce reported earnings and revenue that topped analysts’ estimates, a first for the company, while approving a $10 billion stock buyback program.
Snowflake – Shares of Snowflake rose 23.07% in the most recent quarter after beating Wall Street’s revenue estimates. The cloud data platform provider said product revenue grew 83% year over year.
Splunk — Despite posting better-than-expected earnings, Splunk shares fell 12% after reporting earnings after hours on Wednesday. The big-data company noted that headwinds impacted the quarter. CNBC’s Jim Cramer believes the stock is “in Snowflake’s crosshairs.”
Figs – Figs shares jumped 17.92% after billionaire investor Ron Barron said on CNBC’s “Squawk Box” that he was buying shares of the medical apparel company. Barron’s called it the “Lululemon of health care,” referring to one of the fastest-growing apparel stocks of the past decade.
SoFi Technologies – Shares of SoFi rose 3.72% a day after President Joe Biden forgave $10,000 in federal student loan debt for most borrowers. On Wednesday, Mizuho said the company was making a purchase following the news.
Dollar Tree — Shares of the discount retailer fell 10.22% after the company cut its forecast for the full year, citing efforts to offer competitive pricing. The company beat earnings estimates but reported earnings in line with Wall Street expectations.
Autodesk — Shares of the software maker rose 2.67% after the company reported better-than-expected results for the latest quarter and issued optimistic financial guidance. Autodesk also said it is seeing “strong” demand.
American Well and Teladoc – Shares of American Well jumped 6.09% in midday trading on Thursday after Amazon announced late Wednesday that it is shutting down its telehealth service, Amazon Care. Shares of Teladoc also rose 4.01% on the news.
Semiconductors – Semiconductors share increased with larger market. Advanced Micro Devices rose 4.8%, Micron Technology rose 4.96% and ON Semiconductor rose 6.5%. Nvidia, which fell in premarket trading after reporting earnings, moved up 4.01%.
— CNBC’s Samantha Subin, Carmen Reinick, Yun Li, Tanaya Machel and Jesse Pound contributed reporting.