LW - Hot Stocks: SOFI warning; STZ LW rise on earnings; CDK jumps on takeover deal
SoFi Technologies (NASDAQ:SOFI) posted a double-digit percentage slide in Thursday's midday trading, dragged down by lowered guidance. Meanwhile, earnings-related news had the opposite impact on Constellation Brands (STZ) and Lamb Weston (LW). Both rose following the release of their respective earnings reports. At the same time, CDK Global (CDK) rallied after announcing a deal to be acquired. Decliner SoFi Technologies (SOFI) showed substantial midday weakness after cutting its 2022 guidance in the wake of another extension of the moratorium on student loan payments. Shares plunged nearly 13% on the news. The fintech said that it now expects 2022 adjusted net revenue of $1.47B, below the $1.57B that it had previously predicted. Analysts were projecting a figure of around $1.55B. Gainers Constellation Brands (STZ) received a boost from better-than-expected earnings and a raised dividend. Revenue rose nearly 8% from last year, reaching $2.1B. Based on the results, STZ climbed 4% in
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Hot Stocks: SOFI warning; STZ, LW rise on earnings; CDK jumps on takeover deal