Earnings news remained a major theme in Thursday's midday action. ChargePoint (NYSE:CHPT) and Signet (NYSE:SIG) rose following the release of their quarterly results. Meanwhile, the announcement of financial figures triggered a decline in American Eagle Outfitters (NYSE:AEO) and Hormel Foods (NYSE:HRL).
Outside of the earnings, General Motors (NYSE:GM) was a major headline generator. The automaker has cut its September production targets due to supply problems.
ChargePoint's (CHPT) Q2 revenue surged past expectations, rising nearly 61% from last year. The company also raised its full-year forecast and provided a Q3 target above the current consensus of market analysts. CHPT advanced nearly 9% in intraday trading.
The company also raised its forecast and increased its buyback authorization. Helped by the news, SIG rose about 6% in midday trading.
American Eagle Outfitters (AEO) moved in the opposite direction on earnings news. The apparel retailer topped projections with its Q2 earnings, but fell short on the revenue side. Shares slipped about 9% on the news.
Packaged food company Hormel Foods (HRL) also declined despite reporting a quarterly profit that met expectations on revenue that rose 20% from last year. However, like many in the industry, the maker of Spam warned that it faced higher costs, though it looked to mitigate the impact of these with higher prices.
Still, HRL dropped about 4% in midday action.
Turning to non-earnings news, GM has been forced to cut its September production at eight North American plants. The automaker made the decision in response to supply constraints, specifically the ongoing chip shortage. Shares of GM were largely unchanged on the news.