Torrid Reports Upbeat Results, Joins MBIA, Virco Mfg. And Other Big Stocks Moving Higher On Friday

U.S. stocks traded mostly higher, with the Dow Jones index gaining more than 40 points on Friday.

Shares of Torrid Holdings Inc. CURV shares rose sharply during Friday’s session after the company reported better-than-expected third-quarter financial results and issued FY23 revenue guidance above estimates.

Net sales fell 8.3% Y/Y to $275.4 million, beating the consensus of $245.8 million. EPS loss of $(0.03) came above the consensus of $(0.05).

For FY23, Torrid raised guidance for net sales to $1.125 billion-$1.140 billion (from $1.080 billion and $1.115 billion) vs. $1.09 billion estimate and adjusted EBITDA to $99 million-$103 million (from $90 million-$100 million).

Torrid Holdings shares jumped 22.3% to $5.07 on Friday.

Here are some other big stocks recording gains in today’s session.

• MBIA Inc. MBI shares jumped 63.8% to $12.09 after the company announced it declared an extraordinary cash dividend on MBIA common stock of $8.00 per share.
• ALX Oncology Holdings Inc. ALXO shares climbed 35.7% to $12.56. Jefferies upgraded ALX Oncology Holdings from Hold to Buy and raised the price target from $8 to $18.
• Virco Mfg. Corporation VIRC shares gained 18.2% to $8.28 following third-quarter results.
• Bitfarms Ltd. BITF jumped 15% to $2.46
• Hello Group Inc. MOMO rose 14.8% to $7.54 after reporting results for the third quarter.
• Paramount Global PARA climbed 13.8% to $17.11.
• Arvinas, Inc. ARVN gained 12.8% to $36.88. Arvinas and Pfizer recently announced interim data from the Phase 1b trial of Vepdegestrant in combination with Palbociclib.
• Axos Financial, Inc. AX rose 12.2% to $50.15. Axos closed purchase of two loan portfolios from the FDIC.
• bluebird bio, Inc. BLUE gained 10.9% to $5.34. Morgan Stanley upgraded bluebird bio from Underweight to Equal-Weight and raised the price target from $3 to $7.
• CleanSpark, Inc. CLSK jumped 10.3% to $10.18. JP Morgan downgraded Cleanspark from Overweight to Neutral.
• Eneti Inc. NETI jumped 10.3% to $10.83. Cadeler A/S and Eneti announced extension of share exchange offer for all outstanding shares of common stock of Eneti Inc. to Dec. 14, 2023.
• Applied Optoelectronics, Inc. AAOI rose 9.4% to $19.33.
• ChargePoint Holdings, Inc. CHPT climbed 9.1% to $2.4550.
• Applied Digital Corporation APLD gained 8.8% to $6.13.
• Eventbrite, Inc. EB rose 7.9% to $7.96. B. Riley Securities initiated coverage on Eventbrite with a Buy rating and announced a price target of $13.
• Warner Bros. Discovery, Inc. WBD climbed 7.6% to $11.65.
• Marathon Digital Holdings, Inc. MARA gained 7.2% to $16.62.
• Upstart Holdings, Inc. UPST rose 7.2% to $36.29.
• Carvana Co. CVNA gained 7.2% to $40.67.
• JAKKS Pacific, Inc. JAKK gained 6.8% to $32.31.
• Coinbase Global, Inc. COIN rose 4.6% to $142.43.

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