Earnings season remained a key driver in Tuesday's midday action. Transocean ( NYSE: RIG ), SunPower ( SPWR ) and ZoomInfo ( ZI ) all recorded double-digit percentage gains following the release of their financial figures.
On the other side of the spectrum, JetBlue Airways ( JBLU ) suffered a setback after its quarterly results fell short of expectations.
Gainers
Transocean ( RIG ) surged following the release of its latest financial figures . Shares of the offshore drilling contractor jumped almost 20% in midday trading after the firm's loss came in narrower than analysts had expected.
RIG said drilling revenue jumped 18% from last year, as three rigs returned to work after being idle in Q1. Meanwhile, the firm reported Q2 adjusted EBITDA that slipped 4% to reach $245M. This was above the $201M that analysts had predicted.
At the same time, earnings news also sparked a rally in SunPower ( SPWR ). The provider of solar energy generation systems matched expectations with its Q2 adjusted earnings, with revenue that soared 60% from last year.
SPWR also announced a strategic relationship with home goods retailer Ikea. Shares climbed 14% in intraday trading.
ZoomInfo ( ZI ) represented another earnings-inspired gainer, climbing by nearly 11%. The company exceeded projections with its top and bottom lines. The firm also provided an upbeat outlook.
Decliner
JetBlue Airways ( JBLU ) lost ground in the wake of its quarterly report. The company posted a wider-than-expected loss , sending the stock lower by 5%.
The airline, which recently won a bidding war to acquire Spirit Airlines ( SAVE ), posted a 63% rise in revenue, with the top line climbing to $2.45B. However, cost increases cut into the bottom line, including a near doubling in fuel prices since the pre-COVID days of 2019.
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Hot Stocks: RIG, SPWR, ZI jump on earnings news; JBLU declines