Hot Stocks: MSFT falls on guidance; FB rises after COO departure; CIEN, GME move on earnings
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Megacap names Microsoft (NASDAQ:MSFT) and Meta Platforms (FB) stepped into the spotlight in Thursday's midday trading. For MSFT, the stock lost ground after cutting its quarterly guidance. Meanwhile, FB edged higher even after revealing a major leadership change.
In other news, Ciena (CIEN) endured selling pressure following the release of its financial figures. On the other side of the spectrum, earnings news prompted a rally in shares of GameStop (GME).
Decliners
Microsoft (MSFT) slashed its Q4 forecast, sparking a 2% decline in midday action. MSFT said it now expects a profit for the quarter between $2.24 and $2.32 per share, below its previous forecast of $2.28 and $2.35 per share.
On the revenue side, the software giant targeted a quarterly top-line figure of $51.94B to $52.74B. The firm also predicted a $460M impact from foreign exchange.
Ciena (CIEN) represented another notable decliner in intraday action. Shares of the telecom equipment provider dropped about 5% in the wake of a disappointing quarterly report.
Citing an "increasingly challenging supply environment," the company reported Q2 non-GAAP EPS of $0.50, missing projections by $0.04. Revenue advanced nearly 14% to $949M.
Gainers
Facebook parent Meta Platforms (FB) received a bid in intraday action despite a high-profile departure from its C-Suite. The company revealed that Sheryl Sandberg will leave her post as chief operating officer after 14 years.
Sandberg will remain involved with the company, retaining her position on FB's board of directors. Following the announcement, the stock showed an advance of 3%.
Elsewhere, the release of earnings news inspired a rally in GameStop (GME). The video game retailer released a mixed report, with a Q1 operating loss of $154M but revenue that rose 8% from last year.
Investors took heart from the fact that the company took steps to stock up on merchandise to counteract supply chain issues, with the increased spending partially explaining its sizable loss in the period. GME also confirmed that it plans to launch an NFT marketplace in Q2.

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