Stocks making the biggest moves midday: Clover, Stitch Fix, Biogen and more

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A person skateboards past Biogen Inc. headquarters in Cambridge, Massachusetts, on Monday, June 7, 2021.
Adam Glanzman | Bloomberg | Getty Images

Stitch Fix — Shares of Stitch Fix jumped 12% after the online styling service reported better-than-expected fiscal third-quarter results. The company posted a loss of 18 cents per share, narrower than analysts’ projection of 27 cents lost per share, according to Refinitiv. Stitch Fix also reported revenue of $535.6 million; analysts were projecting revenue of $511 million.

Clover Health — Shares of Clover Health surged as much as 100% and last traded up 76% as retail traders on Reddit’s WallStreetBets forum piled into the Medicare insurance start-up that went public via Chamath Palihapitiya’s SPAC. Clover became the most mentioned name in the chatroom, according to QuiverQuant. Trading volume exploded during the retail mania as Clover has already traded over 400 million shares, versus its 30-day average volume of 22 million shares, according to FactSet. Speculative trading activity was also seen in Wendy’s shares, which jumped about 22%.

Biogen — Shares of the drugmaker ticked about 1% lower after rallying 38% on Monday upon the approval of Biogen’s Alzheimer’s therapy drug, which goes by the name Aduhelm. Cowen upgraded the stock to outperform from market perform on Tuesday, saying shares have upside even if only a small number of Alzheimer’s patients use the drug.

Marvell Technology — The semiconductor stock rose more than 4% after Marvell beat estimates on the top and bottom lines for its first-quarter report. The report earned praise on Wall Street, with investment firm Stifel reiterating its buy rating and JPMorgan resuming coverage with an overweight rating.

Generac Holdings — Shares of the generator company jumped about 7% after KeyBanc upgraded the stock to overweight from sector weight. The firm said in a note that concerns about the stability of the electric grid should increase demand for home generators.

Coupa Software  — The software giant’s stock fell more than 6% despite reporting quarterly earnings of 7 cents per share, beating analysts’ expectations of a 19-cent loss per share, according to Refinitiv. Coupa’s revenue of $166.9 million also beat estimates of $152.6 million.

Contango Oil & Gas — The energy producer’s stock fell nearly 4% after agreeing to merge with KKR’s Independence Energy business in an all-stock deal. The combined company will have an initial market capitalization of about $4.8 billion.

Vail Resorts — Shares of the resort operator fell more than 3% in midday trading despite reporting quarterly earnings of $6.72 per share, beating Wall Street forecasts by 18 cents. The company said it cut season pass sales prices by 20%, leading to increased sales by 50% and 33%, by units and dollars, respectively, compared to pre-pandemic results.

Chico’s — Shares of the apparel retailer rose about 6% in midday trading after reporting quarterly earnings that beat Wall Street analysts’ estimates. The company also said it’s taking measures to improve performance and shareholder value, in response to a letter from activist investor Barington Capital.

 — CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound and Yun Li contributed reporting

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