Stocks were up on Monday amid optimism on progress for coronavirus treatments and vaccines, and the tech-heavy Nasdaq index hit a new intraday high. Here are some of the top stock movers for Monday, August 24.
Shares of Arlo (ARLO) - Get Report rose 6.5% to $6.84 amid bullish sentiment around the company, which makes cameras and other home security equipment. In its most recent earnings release, Arlo beat top and bottom line expectations and issued healthy third quarter revenue guidance of between $85 million and $95 million.
Shares of Overstock (OSTK) - Get Report tumbled 5.2% to $114.74 on Monday. Overstock's stock has gained more than 1,500% year to date, driven by a recent refocusing of its business on home goods, and tailwinds from COVID-19. For its second quarter, Overstock reported a 109% increase in sales to $783 million and diluted EPS of $0.84, a year-over-year improvement of $1.53 per share.
Shares of Hewlett-Packard Enterprise (HPE) - Get Report rose 4% to $9.71 ahead of its upcoming earnings report on Tuesday. For the quarter ending in July, analysts are expecting sales of $6 billion and non-GAAP earnings of 23 cents per share.
Share of travel aggregator Expedia (EXPE) - Get Report rose 4.5% to $95.24 on Monday, alongside positive developments on a potential COVID-19 vaccine and treatments. The FDA issued an emergency use authorization for a treatment; according to reports, it may issue emergency authorization for a vaccine as soon as October. The pandemic has hit travel-related internet firms hard, with Expedia's CEO recently calling the second quarter the worst ever for the travel industry.
Shares of Pinterest (PINS) - Get Report fell 4% $32.83 following a downgrade from Citibank. Citing valuation concerns, analyst Jason Bazinet downgraded Pinterest shares from Buy to Neutral, writing that there isn't "much room for downward estimate revisions (or higher interest rates)," but raised its price target to $35 from $25 per share.