Plug Power hydrogen delivery truck.
Source: Plug Power
Check out the companies that are making headlines in the midday trading session.
Plug Power – The shares of the fuel cell maker fell more than 16% after Plug Power said it will restate financial results after accounting errors. In a filing, the company said the errors are mainly related to areas, including the loss of certain long-lived assets, as well as accumulation of losses for certain service contracts. “There is no expected impact on our cash position, business operations or commercial agreement economics,” said the company, adding that the review found no misconduct.
Coupa Software – Shares in the financial management software company fell more than 7%, even after a better-than-expected quarterly report. Coupa earned 17 adjusted cents per share in its last quarter, compared to expectations of a loss of 11 cents per share, according to Refinitiv. The company’s revenue also exceeded expectations.
Lennar – The share price of the construction company rose almost 7% after reporting strong quarterly results. Lennar reported earnings per share of $ 2.04. Revenue stood at $ 5.33 billion, exceeding estimates of $ 5.13 billion, according to Refinitiv.
CrowdStrike Holdings – Security software stocks rose about 0.3% after the company reported earnings that exceeded analysts’ estimates. CrowdStrike reported quarterly earnings of 13 cents per share, exceeding estimates by 5 cents, according to Refinitiv. CrowdStrike also issued an optimistic outlook, projecting more than $ 1 billion in revenue this year.
Uber – Hitchhiking shares fell 4.7% on Wednesday morning, after the company said it would grant UK drivers worker status, minimum wage and some benefits. Uber’s decision came after the country’s Supreme Court upheld the decision that a group of drivers were workers, not independent contractors.
McDonald’s – McDonald’s shares rose 1.6% in the midday trading session after Deutsche Bank updated its global hamburger chain to buy and said investors should see an 11% rise next year. UBS also issued a bullish note on Wednesday and said McDonald’s should continue to see strong sales growth throughout 2021, thanks to its bet on chicken sandwiches.
Coherent – The laser company’s stock price rose 2.8% after Coherent said it received a revised takeover bid for optical component maker Lumentum for $ 6.9 billion in cash and shares. This is the 8º Coherent’s bid in an acquisition tender involving Lumentum, II-VI and MKS Instruments.
– with reports by CNBC’s Yun Li, Pippa Stevens, Tom Franck and Jesse Pound.