Even with the market continuing to digest the latest Federal Reserve decision, earnings news provided a key catalyst for individual stocks during Thursday's midday trading. This included results-inspired gains in Etsy ( NASDAQ: ETSY ), Under Armour ( UAA ) and Robinhood ( HOOD ).
Meanwhile, Moderna ( MRNA ) was in the red during intraday action, as a drop in the demand for COVID vaccines sent the firm's sales plummeting.
Gainers
Etsy ( ETSY ) showed strength in midday trading, jumping 15% following its latest quarterly update . The online auction platform missed expectations with its Q3 earnings but posted sales that easily topped projections.
ETSY's top line climbed 12% to more than $594M, exceeding analysts' consensus by about $30M. Looking ahead, the firm predicted Q4 revenue of $700M to $780M, compared to analysts' estimate of $741M.
Under Armour ( UAA ) surged on earnings news as well. The athletic apparel maker surpassed expectations on both the top and bottom lines, with revenue edging up about 1% to $1.57B. Shares jumped about 12% on the news.
The release of earning news also inspired gains in Robinhood ( HOOD ). Shares rose almost 10% after the online financial trading platform announced EBITDA profitability and lowered its expense forecast for the year.
The company reported Q3 adjusted EBITDA of $47M compared to a loss of $80M last year. Looking ahead, HOOD predicted total operating expenses of $2.34B-$2.40B, down from its previous forecast of $2.46B-$2.60B.
Decliner
Disappointing results weighed on shares of Moderna ( MRNA ). Revenue plunged 32% from last year, dragged down by a crash in sales for COVID vaccines.
Following the earnings news, MRNA slumped more than 10% in early trading. The stock bounced back during the morning and briefly ticked into positive territory. In intraday actions, MRNA was lower by about 2%.
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Hot Stocks: ETSY, UAA, HOOD rose on quarterly results; MRNA retreats