Plug Power hydrogen delivery truck.
Source: Plug Power
Check out the companies that are in the headlines for midday trades.
Plug Power: Shares of the fuel cell manufacturer fell more than 16% after Plug Power said it will restate financial results after accounting errors. In a presentation, the company said that the errors are mainly related to areas that include the deterioration of certain long-lived assets, as well as the accumulation of losses for certain service contracts. “There is no expected impact on our cash position, business operations or the economics of trade agreements,” the company said, adding that the review did not find any misconduct.
Coupa Software: Shares of the financial management software company fell more than 7% even after a better-than-expected quarterly report. Coupa earned 17 cents a share adjusted for its latest quarter, compared with expectations for a loss of 11 cents a share, according to Refinitiv. The company’s revenue also exceeded expectations.
Lennar: The home builder’s stock price rose nearly 7% after reporting strong quarterly results. Lennar reported earnings per share of $ 2.04. Revenue reached $ 5.33 billion, topping estimates of $ 5.13 billion, according to Refinitiv.
CrowdStrike Holdings: Security software stocks rose about 0.3% after the company reported earnings that beat analyst estimates. CrowdStrike reported quarterly earnings of 13 cents a share, beating estimates by 5 cents, according to Refinitiv. CrowdStrike also issued an optimistic outlook, projecting more than $ 1 billion in revenue this year.
Uber – Shares of the ride-sharing service fell 4.7% on Wednesday morning after the company said it would grant UK drivers worker status, 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, not independent contractors.
McDonald’s – McDonald’s shares rose 1.6% in midday trading after Deutsche Bank upgraded the global hamburger chain to buy and said investors should see an 11% rise over the next year. UBS also issued a bullish note on Wednesday, saying McDonald’s should continue to see strong sales growth throughout 2021 thanks to its foray into chicken sandwiches.
Coherent: The laser company’s share price rose 2.8% after Coherent said it had received a revised takeover bid from optical components maker Lumentum for $ 6.9 billion in cash and shares. This is the 8th Bid by Coherent in an acquisition competition involving Lumentum, II-VI and MKS Instruments.
– with reporting by CNBC’s Yun Li, Pippa Stevens, Tom Franck and Jesse Pound.