- Earnings news and analyst comments provided key themes for midday trading on Wednesday. Stitch Fix (NASDAQ:SFIX) was one of the standout gainers on the session, posting a double-digit advance after releasing strong financial figures.
- Turning to analyst comments, SoFi Technologies (NASDAQ:SOFI) rallied in the wake of an upgrade. On the other side of the spectrum, FibroGen (NASDAQ:FGEN) lost ground after it was downgraded to a Sell.
- In other news, Dynavax (NASDAQ:DVAX) jumped on strong data for a COVID vaccine. Meanwhile, Workhorse Group (NASDAQ:WKHS) came under pressure on word of a recall and a suspension of deliveries.
Gainers
- Stitch Fix (SFIX) held a 14% gain in midday trading, boosted by a strong earnings report. The company reported a profit for the latest quarter, surprising analysts who had predicted it would post a loss. Revenue rose 29% to $571M.
- SoFi Technologies (SOFI) soared in intraday action as well, jumping about 12% after Jefferies initiated coverage of the stock at a Buy rating. The firm pointed to SOFI's synergistic business model as a way to drive user growth and margin expansion.
- Shares of Dynavax (DVAX) skyrocketed after its partner Clover Biopharmaceuticals announced that its COVID-19 vaccine showed 79% efficacy against the Delta variant. DVAX jumped 28% on the news.
Decliners
- Workhorse Group (WKHS) dropped in midday action after it announced that it was suspending truck deliveries. The company also revealed that it would recall 41 vehicles in order to modify them to meet standards for C-1000 certification.
- WKHS fell about 10% on the news.
- FibroGen (FGEN) suffered significant selling pressure as well. The stock dropped 10% after Goldman Sachs downgraded it from Neutral to Sell. The firm cited regulatory uncertainty and a lack of convincing data for its roxadustat product as a treatment for anemia of chronic kidney disease.
- For more on today's biggest movers on Wall Street, turn to SA's On The Move section.