Corporate earnings provided significant trading fodder in Thursday's midday trading. Okta ( OKTA ) was among the standout gainers, surging on a Street-beating profit figure.
Kroger ( NYSE: KR ) also pushed higher following its quarterly update. Meanwhile, Plug Power ( PLUG ) moved in the other direction on earnings news, falling in the wake of its financial figures.
In non-earnings news, Intellia ( NTLA ) pushed higher in intraday trading following a favorable regulatory development.
Gainers
Okta ( OKTA ) posted an 8% advance in midday trading, fueled by a Q4 earnings beat . The identity and access management company reported a quarterly profit of $0.30 per share, topping consensus by $0.21 per share.
The firm also announced better-than-expected revenue, with the top-line figure climbing 33% to $510M. For Q1, OKTA predicted revenue of $509M-$511M, topping the $498M that analysts were targeting.
Kroger ( KR ) also rallied on earnings news. Shares of the grocery store chain rose more than 3% after the firm included a strong forecast with its latest quarterly update.
KR reported Q4 revenue that missed expectations, but its profit figure came in above the amount predicted by analysts. Meanwhile, the firm projected adjusted EPS of $4.45-$4.60 for 2023, compared to a consensus estimate of $4.22.
The list of midday winners included Intellia ( NTLA ) as well, which surged 9% after clearing a key regulatory hurdle . The U.S. Food and Drug Administration cleared the firm's application to start a trial of its NTLA-2002, a CRISPR-based gene editing therapy, for the treatment of hereditary angioedema, an inherited disorder marked by episodes of swelling of the face and limbs.
Decliner
Plug Power ( PLUG ) lost ground in the wake of its quarterly report . Shares of the maker of hydrogen fuel cell systems dropped almost 12% after the company reported a wider loss than analysts had predicted.
PLUG reported revenue of $221M, rising 36% from last year. This was almost $50M below analysts' estimate.
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Hot Stocks: OKTA, KR rise on earnings news; PLUG drops; NTLA climbs as FDA clears trial