Market Updates at Noon

Here are some noteworthy developments in the market as of noon:

Staar Surgical saw a significant boost, rising 45% after Alcon announced plans to acquire the embedded eye lens maker for $28 per share. This deal, valued at around $1.5 billion, is expected to finalize within the next six to twelve months.

DigitalOcean climbed 27% following better-than-anticipated results in the second quarter, coupled with an increase in its full-year revenue guidance.

Coinbase, on the other hand, dropped over 5% after it sold $2 billion in convertible senior bonds.

Lattice Semiconductors reported second-quarter revenue of $124 million, exceeding analyst expectations of $123.7 million by 9.5%. Earnings per share, discounting one-off items, came in at 24 cents, which aligned with projections.

UFP Technologies experienced an 11% surge after announcing an adjusted revenue of $2.50 per share for the second quarter. However, their overall revenues of $151.2 million fell short of the anticipated $151.6 million.

Palantir Technologies stocks rose by 6.8%, driven by quarterly revenue that surpassed $1 billion for the first time, leading to increased full-year revenue expectations. They now anticipate annual revenues between $4.142 billion and $4.15 billion, compared to prior projections of $3.89 billion.

Pfizer climbed 3.6% after it raised its guidance, bolstered by second-quarter earnings that exceeded analyst estimates. Current projections for annual adjusted revenues are now between $2.90 and $3.10 per share, up from earlier estimates of $2.80 to $3.

Yum Brands, the parent company of KFC, Taco Bell, and Pizza Hut, fell nearly 4% after their second-quarter performance missed expectations. Adjusted earnings of $1.44 per share were just shy of LSEG consensus estimates, while revenues of $1.93 billion also lagged behind the forecast of $1.94 billion.

Eaton experienced a 6% decline after providing weak guidance for the third quarter, projecting adjusted earnings of $3.01 to $3.07 per share, which was below analysts’ expectations of $3.09.

BP added 3% following an anticipated quarterly profit report, while DuPont de Nemours saw a 3.3% increase after its adjusted revenue of $1.12 per share exceeded estimates of $1.06. The company’s revenue also surpassed expectations, coming in at $3.26 billion against a consensus of $3.24 billion.

Duke Energy rose 1.1% after reporting adjusted earnings of $1.25 per share for the second quarter, surpassing the survey’s expectation of $1.18. They reaffirmed their annual revenue guidance between $6.17 billion and $6.42 billion.

Lemonade, an insurance company, surged 29% after providing higher-than-expected year-end guidance. They now project revenues between $710 million and $715 million, a significant rise from previous estimates of $661 million to $663 million.

HIMS & HERS HEALTH saw an 8% pullback after its second-quarter revenue fell short of the $545 million estimate, landing at $552 million. Their forecast for third-quarter revenues, ranging from $60 million to $70 million, also didn’t meet analysts’ expectations of $77 million.

Axon Enterprise, known for Tasers and law enforcement products, grew by 14% after its second-quarter revenue exceeded expectations and prompted full-year guidance updates. They reported earnings of $2.12 per share and $669 million in revenue, while analysts expected $1.45 with the same revenue per share. Axon forecasts annual revenues between $2.65 billion and $2.73 billion, marking an increase from the anticipated $2.66 billion.

Syndax Pharmaceuticals saw a notable rise of over 16% after their second-quarter earnings met analysts’ expectations and they reported a smaller loss per share than anticipated.

Gartner faced a nearly 30% drop after issuing disappointing guidance. The tech advisory firm predicts adjusted revenues of at least $11.75 per share, with total revenues expected to reach at least $6.455 billion for the year. Analysts had anticipated $12.48 per share in profits and $6.57 billion in revenues.