Stock Market

Stocks making the biggest moves midday: Roblox, Palantir, Tesla, Virgin Galactic & more

The New York Stock Exchange welcomes executives and guests of Roblox (NYSE: RBLX), today, Wednesday, March 10, 2021, in celebration of its Direct Listing.

Check out the companies making headlines in midday trading. 

Palantir — Shares of the secretive analytics and software firm rose 7.4% after it reported 49% revenue growth for its first quarter, thanks in part to the economic recoveries in the U.S. and the U.K. Palantir, which has both government and corporate clients, booked sales of $341 million in the quarter and now has 149 customers.

Virgin Galactic — The space stock dropped nearly 2% amid heavy trading volume after the company gave an update on progress toward a repeat of the spaceflight test that was aborted mid-flight in December. 

Roblox — Shares of the online gaming platform jumped 17% after it reported a first-quarter loss of 46 cents per share on revenues of $387 million, a 140% jump on a year-over-year basis. The company also said its average daily active users were 42.1 million during the quarter, up 79% year over year.

Tesla — The electric vehicle maker, the poster child for growth stocks with lofty valuations and expectations, fell about 1.8%. A Reuters report that Tesla halted plans to expand its Shanghai plant into an export hub, also fueled the sell-off.

Novavax – Shares of the drug maker slid 12% after the company pushed back its timeline for seeking Covid-19 vaccine approvals. The company is not planning to apply for regulatory approval in the U.S., U.K. and Europe until the third quarter. Novavax also pushed back its timeline for full production to the fourth quarter.

Affirm – Shares of the loan company dipped more than 6% after the company missed third quarter earnings estimates. Affirm posted a loss of $1.06 per share, larger than the 29-cent per share expected loss. The company did, however, beat revenue estimates. Affirm posted revenue of $230.7 million, which was ahead of the expected $198.2 million.

RealReal – Shares of the luxury consignment store dropped 20% after RealReal announced that its CFO was leaving the company. BTIG also downgraded the stock to neutral, citing “stubbornly high” negative margins and a lack of further catalysts. The company reported first-quarter results on Monday that were largely in line with expectations.

Hanesbrands –The apparel stock retreated more than 14% despite Hanesbrands beating expectations on the top and bottom lines in its first quarter report. The company also announced a new strategic plan that included a goal of growing its Champion brand from $2 billion in annual revenue to $3 billion by 2024.

— CNBC’s Pippa Stevens, Jesse Pound and Tom Franck contributed reporting.

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