Plug Power, Coupa Software, Lennar and more
Plug power hydrogen delivery truck.
Check out the companies that are making headlines in midday trading.
Plug Power – The fuel cell manufacturer’s shares fell 7.9% after Plug Power announced it would adjust its financial results after accounting errors. In a filing, the company said the errors were primarily related to areas, including the impairment of certain long-lived assets as well as loss provisions for certain service contracts. “There is no expected impact on our cash position, business operations or the soundness of any trade arrangement,” the company said, adding that the review did not reveal any wrongdoing.
Coupa Software – Shares in the financial management software company fell 4.8% after a better-than-expected quarterly report. Coupa made an adjusted 17 cents per share last quarter, compared to expectations of a 11 cents per share loss, Refinitiv said. The company’s sales also exceeded expectations.
Lennar – The builder’s stock price fell 13.8% after reporting strong quarterly results. Lennar reported earnings per share of $ 2.04. Revenue was $ 5.33 billion, above estimates of $ 5.13 billion, according to Refinitiv.
CrowdStrike Holdings – The security software’s stock rose 6% after the company reported earnings that beat analysts’ estimates. CrowdStrike reported quarterly earnings of 13 cents per share and, according to Refinitiv, topped estimates by 5 cents. CrowdStrike also issued an optimistic outlook, forecasting sales of more than $ 1 billion this year.
Uber – Shares in the Hailboat Service fell 4.2% Wednesday morning after the company announced it would grant UK drivers worker status, a minimum wage and certain benefits. Uber’s decision came after the country’s Supreme Court upheld a ruling that a group of drivers were workers and not independent contractors.
McDonald’s – McDonald’s stocks rose 1.9% in midday trading after Deutsche Bank upgraded the global burger chain to buy and investors should see an 11% uptrend over the next year. UBS also released a bullish announcement on Wednesday, saying that McDonald’s should see strong sales growth in 2021 thanks to its foray into chicken sandwiches.
Coherent – The laser company’s share price rose 3.3% after Coherent received a revised takeover bid from optical components maker Lumentum for $ 6.9 billion in cash and stock. This is the 8th offer for Coherent in a takeover competition with Lumentum, II-VI and MKS Instruments.
– with reports from Yun Li, Pippa Stevens, Tom Franck and Jesse Pound from CNBC.