Movers: Baxter, Coupa Software, Dexcom, Gitlab, Ross Stores, Twitter, Starbucks, United Airlines

Barry Adams
07 Sep, 2022
New York City

Stocks accelerated gains after three weeks of losses as investors surmised the economy is strong enough to handle rising interest rates. 

Crude oil prices declined in New York and in international markets on the falling demand worries and rising dollar. 

The oil price fell to the lowest level since Russia's invasion of Ukraine on February 24. 

Futures of West Texas Intermediate crude oil declined 3% to $84.21 a barrel and natural gas eased 20 cents to $7.92 a thermal unit. 

The yields on 2-year notes fell to 3.47%, 10-year Treasury notes eased to 3.28% and 30-year bond fell to 3.44%. 

The S&P 500 index increased 1.1% to 3,951.89 and the Nasdaq Composite index advanced 1.2% to 11,690.87. 

Baxter International soared 5.7% to $57.79 after the company made a presentation to investors at the Wells Fargo Healthcare Conference 2022 in Boston, Massachusetts. 

On July 28, the company reported second quarter revenues rose 21% to $3.75 billion and net income declined to $252 million or 50 cents a share from $298 million or 59 cents a a year ago. 

Baxter had also estimated full-year 2022 earnings per share in the range of $1.82 and $1.92 and revenues to increase in "the high teens."

Coupa Software Inc soared 15.6% to $64.52 after the company's latest quarterly results exceeded market expectations. The company also guided a stronger full-year outlook. 

Dexcom, Inc rose 5.5% to $86.57 after the company made a presentation to investors at a healthcare conference organized by Wells Fargo in Boston, MA. 

On July 28, the company said second quarter revenues increased 11% to $696 million and tightened its annual revenues range to between $2.86 billion and $2.91 billion. 

Net income in the second quarter was $50.9 million or 12 cents a diluted share compared to $78.4 million or $0.19 a diluted share a year ago. 

Gitlab Inc advanced 8.2% to $51.25 after the software developer reported smaller-than-expected loss in its latest quarter.  

Total revenues in the quarter ending in July increased to $101 million from $58 million a year ago. 

Net loss in the quarter increased to $61.4 million or 40 cents from $40.7 million or 75 cents a year ago. 

The company guided third quarter revenues in the fiscal year 2023 in the range between $105 million and $106 million and full-year fiscal 2023 between $411 million and $414 million. 

Ross Stores increased 5.5% to $91.49 in active trading and a week ago the discounted retail chain operator guided third quarter earnings per share between 72 cents and 83 cents. 

Starbucks Corporation rose 3.3% to $87.30 ahead of the coffee chain retailer's investor day on September 13, 

The company recently appointed Laxman Narasimhan as its next chief executive from October 1, 2022 and will work closely with Howard Schultz, interim CEO, before assuming full-responsibilities and joining the Board on April 1, 2023.

Previously, Indian-born Narasimhan served as chief executive officer of Anglo-Dutch consumer goods company Reckitt Benckiser Inc for three years.  

Twitter Inc increased 5.5% to $40.86 after a Delaware court disallowed Elon Musk's request to postpone the trial involving his decision to abandon a $44 billion deal to acquire the company. 

However, the court permitted Musk to add claims against the social media platform company filed by a whistleblower.  

United Airlines Holdings Inc added 3.3% to $37.79 after the company revised higher its third quarter revenues outlook on stronger Summer travel demand. 

Third quarter revenues are estimated to increase 12% above the same quarter in 2019 from its previous estimate of 11% increase from the pre-pandemic levels.