Plug Power hydrogen delivery truck.
Source: plug
Check out the companies that are making headlines during afternoon trading.
Plug Power – The fuel cell maker’s share 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 primarily related to areas, including the impairment of certain long-lived assets, as well as losses incurred on certain service contracts. “There is no expected impact on our liquidity position, business operations or economy from commercial arrangements,” the company said, adding that no misconduct was found in the review.
Coupa Software – Shares of the financial management software company fell more than 7%, even after a better-than-expected quarterly report. Coupa earned an adjusted 17 cents per share for the last quarter, compared to expectations of a loss of 11 cents per share, according to Refinitiv. The company’s sales also exceeded expectations.
Lennar – The homebuilder’s stock price fell nearly 7% after reporting strong quarterly results. Lennar reported earnings per share of $ 2.04. Revenue was $ 5.33 billion, higher than the estimates of $ 5.13 billion, according to Refinitiv.
CrowdStrike Holdings – Security software inventory rose about 0.3% after the company reported earnings that outpaced analysts. CrowdStrike reported quarterly earnings of 13 cents a share, 5 cents higher than estimates, according to Refinitiv. CrowdStrike also released a positive outlook, with sales of more than $ 1 billion this year.
Uber – Shares of the taxi service fell 4.7% Wednesday morning after the company said it would grant UK drivers employee status, minimum wage and certain benefits. Uber’s decision came after the country’s Supreme Court upheld a ruling that a group of drivers were workers and not independent contractors.
McDonald’s – Shares of McDonald’s rose 1.6% during afternoon trading after Deutsche Bank upgraded the global burger chain to buy and said investors should see an 11% rise next year. UBS also released a bullish note on Wednesday, saying McDonald’s should continue to see strong sales growth in 2021 thanks to its foray into chicken sandwiches.
Coherent – The laser company’s stock price rose 2.8% after Coherent said it received a revised takeover bid from optical components manufacturer Lumentum for $ 6.9 billion in cash and stock. This is the 8th offer for Coherent in a takeover competition between Lumentum, II-VI and MKS Instruments.
– with reports from CNBC’s Yun Li, Pippa Stevens, Tom Franck and Jesse Pound.