Why NetEase Shares Are Trading Lower? Here Are Other Stocks Moving In Friday's Mid-Day Session

Author: Avi Kapoor | May 24, 2024 01:57pm

Shares of NetEase, Inc. (NASDAQ:NTES) fell during Friday's session after the company reported worse-than-expected first-quarter revenue.

NetEase reported fiscal first-quarter 2024 revenue growth of 7.2% year-on-year to $3.72 billion (26.9 billion Chinese yuan), missing the analyst consensus estimate of $3.79 billion. The Chinese gaming player’s adjusted EPADS of $1.81 beat the analyst consensus estimate of $1.79, according to data from Benzinga Pro.

NetEase shares declined 4% to $91.02 on Friday.

Here are some other stocks moving in today’s mid-day session.

Gainers

• Akanda Corp. (NASDAQ:AKAN) shares climbed 101% to $4.81. The international medical cannabis company implemented a 1-for-40 reverse stock split on its ordinary shares effective May 23, 2024, according to a recent exchange filing.
• OneMedNet Corporation (NASDAQ:ONMD) gained 75.2% to $2.58. OneMedNet shares jumped 208% on Thursday after the company highlighted a ‘five-fold expansion’ of its iRWD network and platform.
• Innovative Eyewear, Inc. (NASDAQ:LUCY) jumped 66% to $0.3096.
• Netcapital Inc. (NASDAQ:NCPL) rose 62.7% to $0.2846 after jumping 15% on Thursday.
• Better Choice Company Inc. (NYSE:BTTR) shares gained 44.4% to $5.94.
• SCWorx Corp. (NASDAQ:WORX) jumped 36% to $2.66.
• Smart for Life, Inc. (NASDAQ:SMFL) gained 31% to $3.62.
• Innovative Solutions and Support, Inc. (NASDAQ:ISSC) jumped 30.3% to $6.50.
• Merus N.V. (NASDAQ:MRUS) gained 30% to $57.26 after the company announced the publication of an abstract regarding petosemtamab in combination with pembrolizumab on the 2024 ASCO Annual Meeting website.
• Alset Inc. (NASDAQ:AEI) gained 25% to $0.66.
• Blue Star Foods Corp. (NASDAQ:BSFC) shares gained 23% to $3.0886. The company, earlier during the week, reported first-quarter financial results.
• iPower Inc. (NASDAQ:IPW) gained 21% to $1.8040
• Cue Health Inc. (NASDAQ:HLTH) gained 21% to $0.1143 after falling around 12% on Thursday. Cue Health, last week, announced that it voluntarily and temporarily paused sales and distribution of its EUA COVID-19 Test Cartridge.
• LuxUrban Hotels Inc. (NASDAQ:LUXH) rose 16.7% to $0.3499. LuxUrban Hotels announced closing of public offering of securities.
• Alpha Technology Group Limited (NASDAQ:ATGL) gained 16% to $4.20.
• Biora Therapeutics, Inc. (NASDAQ:BIOR) gained 12.6% to $0.56 after tumbling 28% on Thursday.
• Magnite, Inc. (NASDAQ:MGNI) gained 12.3% to $12.43. B of A Securities analyst Omar Dessouky upgraded Magnite from Neutral to Buy and raised the price target from $13 to $15.
• Oklo Inc. (NYSE:OKLO) surged 11.8% to $8.48 after the company announced a collaboration with Wyoming Hyperscale to supply 100 megawatts of clean power to a data center campus.
• Deckers Outdoor Corporation (NYSE:DECK) gained 11.6% to $1,009.99 after the company reported better-than-expected quarterly financial results.
• Ross Stores, Inc. (NASDAQ:ROST) rose 8.2% to $142.68 after the company reported better-than-expected earnings for its first quarter and increased its profit forecast for the year.

Losers

• Verastem, Inc. (NASDAQ:VSTM) shares fell 62.5% to $4.5650. The company announced that it initiated the rolling submission of a NDA to the FDA for accelerated approval of the combination of avutometinib and defactinib for adult patients with recurrent KRAS mutant low-grade serous ovarian cancer.
• Sensei Biotherapeutics, Inc. (NASDAQ:SNSE) fell 48.8% to $0.7502. Sensei Biotherapeutics presented clinical data from Phase 1 dose escalation study of SNS-101.
• Genelux Corporation (NASDAQ:GNLX) fell 43.7% to $2.5900 after the company reported pricing of approximately $27.5 million underwritten offering of common stock and accompanying warrants.
• Zoomcar Holdings, Inc. (NASDAQ:ZCAR) dipped 32.6% to $0.1733.
• Ascent Solar Technologies, Inc. (NASDAQ:ASTI) fell 30% to $0.15.
• TriSalus Life Sciences, Inc. (NASDAQ:TLSI) declined 28.7% to $6.80. TriSalus Life Sciences announced commencement of exchange offer and consent solicitation relating to warrants.
• Solowin Holdings (NASDAQ:SWIN) dipped 27.5% to $4.4915.
• Pineapple Energy Inc. (NASDAQ:PEGY) shares fell 23.7% to $0.1850 after jumping 61% on Thursday.
• Exicure, Inc. (NASDAQ:XCUR) dipped 21.1% to $0.3489. Exicure received Nasdaq delisting determination notice.
• Summit Therapeutics Inc. (NASDAQ:SMMT) shares fell 20.7% to $3.4250.
• SRIVARU Holding Limited (NASDAQ:SVMH) fell 19.2% to $0.1620.
• Barnes & Noble Education, Inc. (NYSE:BNED) shares dipped 18.2% to $0.6464 after the company reported preliminary FY24 consolidated revenue of approximately $1.567 billion.
• Kronos Bio, Inc. (NASDAQ:KRON) fell 17.7% to $0.7986.
• Candel Therapeutics, Inc. (NASDAQ:CADL) dipped 15.3% to $9.06.
• Lilium N.V. (NASDAQ:LILM) fell 15% to $0.9031 after the company announced pricing of $114 million in financing.
• Akoustis Technologies, Inc. (NASDAQ:AKTS) shares fell 12.8% to $0.1830 after dipping 33% on Thursday. Akoustis recently announced a $10 million registered direct offering priced at-the-market under Nasdaq rules.
• Immunocore Holdings plc (NASDAQ:IMCR) dipped 12.5% to $42.00. Needham analyst Gil Blum reiterated Immunocore with a Buy and maintained a price target of $81.
• Workday, Inc. (NASDAQ:WDAY) shares declined 12.3% to $228.83. Workday posted upbeat earnings for its first quarter. However, the company lowered its forward guidance and now sees second-quarter subscription revenue of $1.895 billion and fiscal-year subscription revenue of between $7.7 billion and $7.725 billion.
• Gyre Therapeutics, Inc. (NASDAQ:GYRE) fell 11.5% to $11.16.
• Roadzen Inc (NASDAQ:RDZN) fell 8.1% to $3.54.
• Murano Global Investments Plc (NASDAQ:MRNO) dipped 7.6% to $11.06.
• Intuit Inc. (NASDAQ:INTU) shares fell 7.5% to $612.27. Intuit posted better-than-expected earnings for its third quarter and boosted its full-year outlook. However, the company issued weak earnings guidance for the current quarter.
• Endava plc (NYSE:DAVA) fell 5.3% to $29.34. Needham analyst Mayank Tandon maintained Endava with a Buy and lowered the price target from $50 to $42, while TD Cowen analyst Bryan Bergin cut the price target from $46 to $42.

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