Hot Stocks: DLTR, SPLK, GRAB drop on earnings news; PLUG rises on AMZN supply deal
ismagilov


The release of earnings news provided a significant catalyst in Thursday's midday action. Dollar Tree (NASDAQ:DLTR), Splunk (SPLK) and Grab (GRAB) all dropped in the wake of their quarterly updates.
Meanwhile, Plug Power (PLUG) jumped after announcing a major hydrogen supply with Amazon.
Decliners
Dollar Tree (DLTR) lost ground after the company's quarterly earnings report included a lowered forecast for the full year. The company blamed inflationary cost pressures and a switch in consumer preference toward lower-margin items.
The low-price retailer said it now expected earnings for the full year between $7.10 and $7.40 per share. This was below the $7.80 to $8.20 that it had predicted previously. On the news, shares dropped 10% in midday action.
Meanwhile, the release of quarterly results prompted selling in Splunk (SPLK). Shares dropped 11% after the company reported a disappointing figure for a key metric.
The provider of data analysis software beat expectations on its top and bottom lines. However, the firm's annual recurring revenue came in below projections, as delayed cloud migrations cut into the statistic. 
Elsewhere, investors punished Grab (GRAB) in the wake of its quarterly report, with the stock dropping 12% in intraday action. The slide came as the company's Q2 loss came in wider than analysts had predicted. 
Gainer
Plug Power (PLUG) soared nearly 8% in intraday trading after the company revealed a hydrogen supply deal with Amazon. The agreement will start in 2025, calling on it to provide 10,950 tons/year of liquid green hydrogen.
The deal includes the granting of a warrant to AMZN to acquire up to 16M common shares. The exercise price for the first 9M warrants sits at $22.98 per share.

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