Corporate earnings represented a key driver of individual stocks during Thursday’s midday trading. Moderna (NASDAQ:MRNA), Teladoc (TDOC) and Domino’s Pizza (DPZ) all posted notable declines following the release of their respective quarterly results.
Meanwhile, NeoGenomics (NEO) moved in the opposite direction on earnings news. The stock surged more than 20% after the firm beat expectations and issued an upbeat forecast.
Decliners
Moderna (MRNA) showed midday weakness following the release of its quarterly results. The company’s profit plunged 68% from last year, an even deeper drop than analysts were predicting.
MRNA said its revenue declined 29% to $5.08B, dragged down by a sharp drop in sales of COVID vaccines. Hurt by the financial figures, the stock dropped 8% in intraday action.
Earnings news also put pressure on Teladoc (TDOC). Shares of the telehealth company dropped 12% after missing expectations with its Q4 results.
The firm also issued a disappointing forecast for 2023. TDOC sees 2023 revenue of $2.55B-$2.675B, below the $2.7B that analysts were targeting. In addition, the firm predicted a loss between $1.25 and $1.75 per share.
Meanwhile, Domino’s Pizza (DPZ) experienced selling pressure in the wake of its quarterly results as well, falling almost 13% in midday action. The pizza chain beat expectations with its Q4 earnings but came up short on revenues. The top-line figure rose almost 4% to $1.39B.
Gainer
NeoGenomics (NEO) soared more than 21% in midday action, bolstered by Q4 results and a better-than-expected 2023 outlook. The company said its adjusted loss narrowed from last year and came in better than analysts had predicted. Revenue rose 10% to nearly $139M.
Looking ahead, NEO predicted an adjusted loss of $0.32 to $0.38 per share. This was significantly narrower than the loss of $0.53 per share that analysts were looking for.
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