Hot Stocks: LUV, SWK, NOW drop on earnings news; ETSY climbs - Seeking Alpha

Summary

Earnings news remained a key focus during Thursday's midday trading. Southwest Airlines (LUV), Stanley Black & Decker (SWK) and ServiceNow (NOW) all dropped following the release of their respective quarterly results.

Meanwhile, the announcement of financial figures sparked a rally in shares of Etsy (ETSY).

Earnings news remained a key focus during Thursday's midday trading. Southwest Airlines (LUV), Stanley Black & Decker (SWK) and ServiceNow (NOW) all dropped following the release of their respective quarterly results.

Meanwhile, the announcement of financial figures sparked a rally in shares of Etsy (ETSY).

Decliners

Southwest Airlines (LUV) lost ground following the release of its quarterly results, dropping by 8%.

The company beat expectations with its quarterly profit and revenue surged 68% from last year. However, investors focused on cost and capacity concerns, with LUV warning about "cost headwinds" and capacity levels that are likely to remain "relatively in line with third quarter 2019."

The release of quarterly results also put pressure on Stanley Black & Decker (SWK). The tool maker's earnings and revenue came in below the amount analysts were predicting. At the same time, the company announced a cost-cutting initiative meant to save $1B by the end of 2023.

"As the softening of the demand environment accelerated rapidly during the last portion of the quarter, we began taking immediate corrective cost actions, which we are continuing to implement," CEO Donald Allan Jr. said. Based on the earnings news, SWK plunged 12% in intraday trading.

ServiceNow (NOW) represented another stock that suffered selling pressure in response to its quarterly update. Shares dipped almost 2% after the firm cut its 2022 subscription revenue guidance.

The cloud computing platform exceeded estimates with its Q2 results, with revenue that surged 30% from last year. However, the company slashed its 2022 subscription revenue, saying it now expects a figure between $6.915B and $6.925B. Previously, the firm had projected a range between $7.03B and $7.04B.

Gainers

Earnings news prompted buying in Etsy (ETSY). The ecommerce platform reported a quarterly profit that beat analysts' expectations, with revenue that rose 11% from last year.

"We see multiple scenarios possible for the remainder of 2022, but all still point to very healthy profitability throughout," Etsy CEO Josh Silverman said. The quarterly report sparked a 10% rally in intraday trading.

To track Wall Street's best- and worst-performing stocks throughout the session, click over to Seeking Alpha's On The Move section.

Hot Stocks: LUV, SWK, NOW drop on earnings news; ETSY climbs - Seeking Alpha
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