Moody's bank downgrades, Novavax, Hims & Hers, Olaplex: Trending stocks
Moody's analysts have downgraded several small and mid-sized banks, while other banks remain on a downgrade watch over financial conditions. Novavax (NVAX) reports a surprise second-quarter profit tied to its COVID-19 vaccine. Health and wellness company Hims & Hers (HIMS) sees shares rise on a revenue beat and raising full-year guidance. Olaplex (OLPX) stock dips as retail sales plunge amid a demand slump. Yahoo Finance Live anchor Julie Hyman takes a look at several trending stocks in the morning trading session.
Video Transcript
- And we're a little more than 30 minutes into the trading day, so let's take a look at how stocks are moving. We are seeing the major averages in the red. That's due in part to the downgrade that we saw from Moody's for a slew of regional banks. Several big lenders also now on downgrade watch. The banking sector has been combating higher deposit and borrowing costs thanks to rising interest rates. So we are seeing the major averages under some pressure, although it is tech that is feeling the most pressure today.
Shares of Novavax jumping this morning after the vaccine maker reported a surprise second quarter profit from its new COVID-19 vaccine. CEO John Jacobs tempering expectations for the near future though, noting there would be little to no sales of the shot in the next quarter. Novavax can only start rolling out vaccines once the FDA makes a decision on the new shot that's expected to come in late September.
Hims & Hers shares also on the up today after surging revenue led to narrowed losses in the second quarter. The company saw its subscribers jump from 748,000 to 1.3 million and also raised its full year revenue guidance as it announced the launch of its weight loss management business that's to come by the end of this year.
And we are also watching Olaplex shares here those shares down by 17.5% after the company cut its full year guidance amid slumping demand. Its professional channel sales plunged over 60% in the second quarter, and specialty retail sales fell by over 53%.
