While earnings season is winding down, the release of quarterly results still provided one of the critical catalysts in Thursday's midday action. This included Warby Parker ( WRBY ), which rallied despite a weak forecast, as investors focused on the firm's cost-cutting commitment.
Elsewhere, Canada Goose ( GOOS ) gained ground on its financial figures, while Veru ( VERU ) received buying interest after it highlighted the potential upside it could see if it gets a regulatory green light for its COVID treatment.
On the other side of the spectrum, Marqeta ( NASDAQ: MQ ) dropped on an uninspiring forecast and a major shift in its C-Suite.
Gainers
Shares of Warby Parker ( WRBY ) surged 18% in midday trading even amid a weak forecast from the online eyewear retailer. The gains came as the company took steps to lower costs in the face of an "uncertain macroeconomic environment."
WRBY reported a loss for the latest quarter that came in narrower than expected. Revenue growth met expectations, rising nearly 14% to almost $150M.
Looking ahead, the company issued a soft forecast for the full year, its forecast saying it now expects 2022 sales of between $584M and $585M. Analysts were looking for a figure around $641M.
In a statement, the company said, "we are taking a disciplined approach to managing costs to set us up for sustainable growth and profitability.” This came amid reports that the WRBY had cut 63 corporate positions .
Meanwhile, the release of a quarterly update gave a lift to shares of Canada Goose ( GOOS ). Shares climbed almost 3% after the Toronto-based outerwear manufacturer exceeded projections on both the top and bottom lines, including a 34% advance in revenue.
Veru ( VERU ) represented another standout gainer in the wake of earnings news . The company missed expectations in its latest quarter but highlighted the potential benefit if its sabizabulin COVID treatment were to receive emergency-use approval from U.S. regulators.
Given this potential tailwind, shares of VERU jumped about 29%.
Decliner
Signs of slowing growth and a major management shakeup sent shares of Marqeta ( MQ ) spiraling. The stock dropped 24% in midday action.
The credit card issuer platform beat expectations with its Q2 results but gave a Q3 forecast that showed slowing revenue growth compared to the prior quarter. Meanwhile, the firm also announced the resignation of its COO and the launch of a search for a new CEO .
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Hot Stocks: WRBY, GOOS, VERU rally; MQ drops on forecast, management changes