COIN - Hot Stocks: COIN falls as SEC files suit; GTLB gains on earnings; LAZR rises; NVCR slides

2023-06-06 12:21:12 ET

Major market indices fell during Tuesday's intraday session as investors began to assess the likelihood of another Federal Reserve interest rate hike.

Gitlab ( NASDAQ: GTLB ) rose on solid Q1 earnings and an upbeat outlook, while Cracker Barrel Old Country Store ( NASDAQ: CBRL ) fell due to poor earnings results.

Meanwhile, British American Tobacco ( NYSE: BTI ) increased on the release of its trade report, while Luminar Technologies ( NASDAQ: LAZR ) climbed following the announcement of a partnership with a trucking-focused ADAS startup.

In other cryptocurrency news, Coinbase Global ( NASDAQ: COIN ) fell after the SEC sued the company the day after the agency sued Binance.

Elsewhere, NovoCure ( NASDAQ: NVCR ) shares plunged after the firm disclosed late-stage results on its cancer therapy device, Tumor Treating Fields (TTFields), in lung cancer patients.

Gainers

Gitlab ( GTLB ) stock surged more than 30% after the company reported better than expected Q1 earnings and an upbeat outlook for Q2 and fiscal year 2024. The company sees Q2 revenue in the range of $129M-$130M vs. consensus of $127.11M , non-GAAP EPS between -$0.03 and -$0.02 vs. consensus of -$0.08. For the fiscal year it expects revenue in the range of $541M-$543M vs. consensus of $532.79M , Non-GAAP EPS -$0.18 to -$0.14 vs. consensus of -$0.26.

British American Tobacco ( BTI ) stock rose ~2% after the company presented its first-half pre-close trading report. The business anticipated 3% to 5% organic constant currency revenue growth, with performance weighted towards the second half; mid-single digit constant currency adjusted diluted EPS growth; and operating cash flow conversion in excess of 90%.

Luminar Technologies ( LAZR ) shares increased by more than 8% after it landed an exclusive contract with Plus to provide mid-to-long-range LiDAR for commercial vehicles in return for AI-based improved driver aid software from the Santa Clara, Calif.-based company.

Decliners

Cracker Barrel Old Country Store ( CBRL ) shares dropped more than 3% after missing earnings expectations in Q3 due to reductions in casual dining traffic at the end of the quarter.

Coinbase Global ( COIN ) stock slid around 14% after the Securities and Exchange Commission sued the company , saying that it was functioning as an unregistered broker and exchange. This action comes only a day after the SEC filed a similar claim against Binance.

Even though late-stage research using an experimental device to treat a particular form of lung cancer showed a statistically significant increase in prolonging overall survival among patients, NovoCure's ( NVCR ) shares plunged more than 30% . Based on the information, the company intends to submit a marketing application to the US Food and Drug Administration in the second half of 2023.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .

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