See the companies making headlines in midday trading. Fortinet – The cybersecurity stock was the biggest gainer in the S&P 500 on Wednesday, rising 26% after Fortinet released a strong second-quarter report and upbeat guidance for the current quarter. The company reported adjusted quarterly earnings of 57 cents per share on revenue of $1.43 billion. Analysts surveyed by LSEG had expected earnings of 41 cents per share on revenue of $1.40 billion. Shopify – The stock rose more than 22% after the Canadian e-commerce company beat second-quarter expectations. For the third quarter, Shopify expects revenue growth in the low- to mid-20s compared to the same period last year. Analysts had expected revenue growth of 20.9% year over year, according to FactSet. Lyft – Shares fell more than 12% after the ride-sharing company issued weaker-than-expected third-quarter guidance. Lyft expects adjusted earnings before interest, taxes, depreciation and amortization to be between $90 million and $95 million. Analysts had expected a forecast of $103.4 million, according to FactSet. Airbnb – Shares fell more than 13% after the company issued weaker-than-expected third-quarter revenue guidance. Airbnb expects revenue to be between $3.67 billion and $3.73 billion, while analysts surveyed by FactSet had expected $3.84 billion. Super Micro Computer – Shares of Super Micro Computer fell 16% after the server company reported a profit miss and a decline in gross margins in its fiscal fourth-quarter results, overshadowing strong guidance based on continued demand for artificial intelligence. The company also announced a 1-for-10 stock split. Lumen Technologies – Shares rose 40% after the cloud network data company reported second-quarter revenue that beat Wall Street expectations. Lumen reported revenue of $3.27 billion, while analysts surveyed by LSEG had expected $3.25 billion. Goldman Sachs also upgraded the stock to neutral from sell. Lumen was on a tear this week after the company announced $5 billion in new business driven by demand for AI. Upstart Holdings – Shares rose 49% after the company reported better-than-expected quarterly results. Upstart reported an adjusted loss of 17 cents per share on revenue of $128 million. Analysts had expected a loss of 39 cents per share on revenue of $125 million, according to LSEG. Novo Nordisk – Shares fell 8% after drugmaker Wegovy reported disappointing second-quarter results and cut its full-year operating profit forecast. While the stock has risen more than 25% year-to-date thanks to optimism surrounding its weight-loss drugs, the latest report raises concerns that the company is coming under pressure from Eli Lilly’s Zepbound and Mounjaro. VF Corporation – Shares rose about 12% after the company reported better-than-expected first-quarter results. VF Corporation reported an adjusted loss of 33 cents per share on revenue of $1.91 billion. That’s better than the FactSet consensus estimate of a loss of 37 cents per share on revenue of $1.85 billion. Sunrun – Shares rose more than 12% after CEO Mary Powell revealed the company is in talks with many of SunPower’s former dealers and even wants to bring some of them on as partners. This came after SunPower filed for Chapter 11 bankruptcy on Monday. Global Payments – The stock rose about 8% after the company beat Wall Street’s second-quarter earnings estimates. Global Payments reported adjusted earnings of $2.93 per share for the period. Analysts surveyed by FactSet had expected $2.91 per share. Amgen – Shares fell more than 5% after the biotech company missed Wall Street’s earnings expectations. Amgen reported adjusted earnings of $4.97 per share, below the $4.98 per share expected by analysts surveyed by FactSet. The company also revised down its full-year earnings outlook. Rivian Automotive – The electric vehicle maker’s shares fell more than 2% after the company’s second-quarter net loss widened to $1.46 billion from $1.2 billion in the year-ago period. The company beat expectations on certain metrics, reporting an adjusted loss of $1.13 per share. Analysts surveyed by LSEG had expected a loss of $1.21 per share. Advanced Micro Devices – Shares rose nearly 2% after Piper Sandler again named the company a top pick and expected “significant” market share gains in the traditional server market. Analyst Harsh Kumar sees more than 30% upside for the stock. Reddit – Shares of the social news company fell 5.7% even as Reddit reported second-quarter results that beat estimates on revenue and profit. Reddit also provided its third-quarter outlook, saying it now expects revenue between $290 million and $310 million, while analysts had expected $278.7 million. — CNBC’s Sarah Min, Jesse Pound, Samantha Subin, Pia Singh and Michelle Fox contributed reporting.
