The pace of earnings releases is still relatively slow, with a steep increase slated for the coming weeks. Still, corporate results represented a catalyst for stock-specific movement in Thursday’s midday trading.
This included InMode (INMD), which rallied on the release of preliminary data. An earnings report also prompted an upswing in Domino’s Pizza (NYSE:DPZ).
However, Progressive (PGR) moved in the opposite direction following the release of financial figures. The stock dropped after issuing its monthly performance update.
In non-earnings news, Biogen (BIIB) rose following an analyst upgrade.
Gainers
Biogen (BIIB) posted gains in midday trading following a bullish analyst comment. Stifel upgraded the biotech to Buy from Hold, spotlighting the firm’s Alzheimer’s candidate as a catalyst.
Stifel said that BIIB’s lecanemab will have a competitive clinical profile against rival candidates being created at Eli Lilly (LLY) and Roche (OTCQX:RHHBY). BIIB rose about 6% on the news.
Elsewhere, InMode (INMD) received significant buying interest, rising nearly 12% after the healthcare equipment firm provided better-than-expected preliminary results.
The company said it now expects its Q3 revenue to reach a range between $120.5M and $120.9M. This represents a significant improvement compared to analysts’ consensus of about $106M.
Earnings news also gave a boost to Domino’s Pizza (DPZ). Shares jumped 10% in midday trading.
The company issued sluggish Q3 results, with EPS falling 14% from last year and missing analysts’ expectations. However, the company showed improvement in U.S. same-store sales, with the figure rising 2% from last year. The number dropped 3.6% in the previous quarter.
Decliner
The release of September performance figures sparked selling in Progressive (PGR), with shares dropping 2% in midday trading. The figures showed a net loss for September of $684M, with net premiums written flat with last year.
For the quarter as a whole, PGR reported a 5% increase in net profit, as well as 5% growth in its net premiums written. Net premiums earned rose 9% from last year.
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