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Check out the companies making headlines in afternoon trading. Cisco Systems – Shares of the tech company fell 2.4% after a decline in fiscal second-quarter revenue. Cisco also issued a lighter-than-expected forecast for the third quarter and announced downsizing plans that will reduce jobs by 5%. Twilio – Cloud Communications stock dropped 15% after issuing disappointing first-quarter guidance. Twilio topped fourth-quarter expectations, but said it expected revenue to be between $1.025 billion and $1.035 billion, while analysts polled by LSEG had expected $1.049 billion. EPS estimates also fell short. Super Micro Computer – The technology name surged 14%, a Wall Street high, after Bank of America said shares could rise to $1,040. The call comes amid a run of strong gains for the stock and despite many analysts expecting massive declines ahead. Applovin — The game developer surged nearly 25% after posting strong fourth-quarter results and current-quarter guidance that beat Wall Street estimates. For the most recent quarter, Applovin reported earnings of 49 cents per share and revenue of $953 million. Wells Fargo – The bank’s shares rose 7% after the Office of the Comptroller of the Currency revoked a 2016 consent order. This is the sixth consent order that regulators have terminated since 2019. The consent orders were imposed following a fake account scandal, and the bank was required to improve the way it sold and marketed products. Deere – Shares fell 5.2% after the farm machinery maker cut its 2024 profit forecast to a range of $7.50 billion to $7.75 billion, compared with the previous forecast of $7.75 billion to $8.25 billion. Deere said higher borrowing rates impact demand. However, the company beat first-quarter earnings and revenue estimates. TripAdvisor – Shares jumped more than 9% to a 52-week high after better-than-expected earnings. TripAdvisor earned 38 cents per share, excluding items, on revenue of $390 million. Analysts polled by LSEG had forecast profit of 22 cents per share and revenue of $374 million. Shake Shack – The fast food stock surged 26% after reporting a stronger-than-expected fourth quarter. Shake Shack earned an adjusted 2 cents per share on revenue of $286.2 million, while analysts polled by LSEG had expected a profit of 1 cent per share on revenue of $280.3 million. The company also said it expects revenue to grow at least 11% in 2024. ALBEMARLE – Shares of the lithium producer rose 2.7% despite a 10% net sales decline in the fourth quarter. Albemarle’s sales of $2.36 billion were higher than the $2.18 billion expected by analysts, according to StreetAccount. Coinbase – Coinbase rose 3% after JPMorgan upgraded shares to neutral, citing the recent rise in cryptocurrency prices. Stellantis – Shares rose 6.6% after the parent company of Chrysler and Fiat announced a new share buyback program. JFrog – The software development stock soared 28% after topping Wall Street’s fourth-quarter estimates. JFrog earned 19 cents per share, excluding items, on revenue of $97 million. Top FactSet estimates are earnings of 12 cents per share on $93 million in revenue. Zebra Technologies – Shares rose 12% on strong earnings and better-than-expected guidance. The company reported fourth-quarter earnings excluding items of $1.71 per share on revenue of $1.01 billion and said it expected revenue growth to decline less than expected in the first quarter. Penn Entertainment – Shares fell more than 13% after the parent company of ESPN Bet missed Wall Street estimates on its fourth-quarter top and bottom lines. The results were hurt by higher-than-expected promotional and advertising spending for ESPN Bet, which Penn plans to introduce in North Carolina next month. — CNBC’s Jesse Pound, Hakyung Kim, Alex Haring, Michelle Fox, Brian Evans and Christina Cheddar Burke contributed reporting
