Midday market movers include Microsoft, Chewy, GameStop, MongoDB, & others

• Microsoft — Microsoft shares rose 0.8 percent after falling earlier in the session after the firm reduced its earnings and revenue estimate for the fiscal fourth quarter.
• Meta Platforms — The parent company of Facebook surged 5.4 percent after Sheryl Sandberg announced her resignation as chief operating officer.
• GameStop reported $1.38 billion in revenue in its fiscal first quarter, up marginally from $1.27 billion the previous year.

Microsoft shares rose 0.8 percent after falling earlier in the session after the firm reduced its earnings and revenue estimate for the fiscal fourth quarter. Microsoft attributed the move to poor foreign exchange rates.

Meta Platforms — The parent company of Facebook surged 5.4 percent after Sheryl Sandberg announced her resignation as chief operating officer. This September, Javier Olivan will take over as chief growth officer.

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GameStop — Following the release of the company’s quarterly earnings, shares of the video game retailer rose 10.4 percent. GameStop reported $1.38 billion in revenue in its fiscal first quarter, up marginally from $1.27 billion the previous year. However, it also recorded a net loss of $157.9 million, which was higher than the $66 million net loss in the previous quarter.

Chewy – The pet e-commerce company increased by 24.2 percent after announcing a surprise profit in the previous quarter. Chewy reported earnings of 4 cents per share on revenue of $2.43 billion. According to Refinitiv, analysts predicted a loss of 14 cents per share on revenue of $2.42 billion.

MongoDB — The database platform provider’s stock rose 18.6 percent after the company’s previous quarter results above analyst estimates. MongoDB announced an unexpected profit of 20 cents per share on revenue of $285 million. Analysts had predicted a loss of 9 cents per share on $267 million in revenue.

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Generac – The stock of the generator manufacturer increased 10.3 percent after UBS labelled it a top pick. According to the investing firm, the downside for Generac’s main business has already been priced into the market, and the company’s push into sustainable energy has provided significant upside to the stock.

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