Stocks making the biggest moves midday: Kroger, DocuSign, Planet Labs, First Solar and more

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Traders work as screens display the trading information for Kroger Co and Albertsons Cos Inc. on the floor of the New York Stock Exchange (NYSE) in New York City, October 14, 2022.
Brendan McDermid | Reuters

Check out the companies making headlines in midday trading.

Hudson Pacific Properties — The California-based commercial real estate company slid 4.2% after suspending its common stock dividend. Chief Executive Victor Coleman attributed the move to tougher market conditions including the Hollywood strike.

Avid Bioservices — Shares slid 4.7% after the company reported underwhelming quarterly results. Avid reported a loss of 3 cents per share, matching a StreetAccount forecast. The company’s revenue of $37.73 million came in just above estimates.

Kroger — The supermarket conglomerate climbed 3% on the back of better-than-expected earnings for the second quarter. Kroger earned an adjusted 96 cents per share, beating an LSEG estimate of 91 cents per share. Second-quarter revenue of $33.85 billion did miss expectations, however.

Planet Labs — The satellite imaging company plummeted 17% after reporting a greater-than-expected loss for the second quarter. Planet Labs lost an adjusted 14 cents per share on revenue of $53.8 million. Analysts polled by LSEG expected a loss of 8 cents per share on revenue of $54.1 million.

DocuSign — Shares slipped 2.7% despite an earnings beat a day earlier. DocuSign reported an adjusted 72 cents per share and $688 million in revenue, while analysts polled by LSEG forecast an adjusted 66 cents and $678 million, respectively.

Snowflake — The cloud data stock added 3.7% following DA Davidson initiating it with a buy rating. The firm highlighted Snowflake’s potential benefit from growing artificial intelligence application demand.

First Solar — Shares of the solar panel maker gained 1.4% after Deutsche Bank upgraded the First Solar to buy from hold, citing the company’s strong ongoing demand. The firm said First Solar is at an “attractive entry point.”

RH — The home goods store slipped more than 13% after a third-quarter earnings miss. Chief Executive Gary Friedman told shareholders that the he expects macroeconomic headwinds to persist throughout the remainder of 2023, further pressuring the luxury housing market.

Gilead Sciences — Gilead gained 3% on Friday after Bank of America upgraded the stock to buy from neutral and raised its target price, noting potential catalysts such as stronger-than-expected sales of its HIV/AIDS treatment medication. The firm said shares look oversold in its view, as the stock has declined more than 11% so far this year.

— CNBC’s Pia Singh contributed reporting

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