Hot Stocks: HD, DNA climb on earnings news; ZM, SNOW fall on analyst downgrades
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Earnings news and analyst comments stirred trading in Tuesday's midday action. This included Home Depot (HD), which advanced following the release of strong financial figures.
Ginkgo Bioworks (NYSE:DNA) also showed strength in the wake of its quarterly update. The company advanced following the issuance of raised guidance.
Elsewhere, Zoom (ZM) and Snowflake (SNOW) both pushed lower following separate analyst downgrades.
Gainers
Home Depot (HD) rallied in the wake of its quarterly results. Shares of the home improvement retailer advanced 5% after exceeding expectations on its top and bottom lines.
Revenue advanced nearly 7% to reach $43.8B. This surpassed projections by $460M. Meanwhile, U.S. comparable sales advanced 5.4%. Looking ahead, the company projected growth in total sales and comparable sales of around 3% for 2022.
The release of financial figures also encouraged buying in Ginkgo Bioworks (DNA), which rallied 8% in intraday action. The company released a mixed Q2 report but raised its guidance for the full year.
The company said it now expects a 2022 top-line total between $425M and $440M, compared to its previous range of $375M-$390M. This followed a Q2 that saw revenue jump more than 200% to $144.6M.
Decliners
Zoom (ZM) retreated 4% in intraday action, weighed down by a bearish analyst comment. Citi lowered its rating on the provider of video conferencing services to Sell from Neutral.
In making the downgrade, analyst Tyler Radke pointed to "new hurdles to sustaining growth," such as a more competitive environment. Radke called the stock "high risk" in a post-pandemic environment that has become "more challenging."
Analyst commentary also put pressure on Snowflake (SNOW). UBS lowered its rating on the data cloud company to Neutral from Buy, citing field checks that "felt like a tone downtick."
Following the downgrade, SNOW dropped almost 5% in midday trading. The company is scheduled to report its quarterly results next week.

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