Midday Stock Market Update: Kroger, Petco, Moderna, and Roku Stocks Soaring
Shares of Kroger, the supermarket chain, surged over 4% in midday trading following the release of their mixed fiscal second-quarter results. Despite revenue falling short of expectations, Kroger reported adjusted earnings that beat estimates by 2 cents per share. Petco also saw a significant increase in their stock price, jumping 14% after a post-earnings rally of almost 33% the day before, marking their best day on record. Conversely, Moderna’s stock plummeted nearly 16% after announcing plans to cut $1.1 billion in expenses by 2027 while launching 10 new products. Gilead Sciences experienced a 2% increase in their shares after announcing positive results from a Phase 3 clinical trial for their HIV prevention medication. Alaska Air Group rose 1% after raising their third-quarter earnings outlook due to strong summer demand. Interpublic Group of Companies saw a 2% decrease in their stock following a downgrade from UBS. U.S. Bancorp slipped nearly 2% despite announcing a dividend hike and share buyback plan. Diageo’s stock increased by 3% after an upgrade from Bank of America. Roku’s shares jumped 5% after being upgraded by Wolfe Research, and Oracle saw a 2% increase in their stock price after being named a top investment idea by Bernstein..
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.