Check out the companies making headlines in midday trading. SoFi Technologies — The consumer fintech company's stock price plunged about 10% on disappointing second-quarter earnings guidance. SoFi forecast adjusted revenue between $555 million and $565 million and net income of $5 million to $10 million, while analysts polled by FactSet had called for $580.8 million in revenue and net income of $13.9 million. SoFi's earnings for the first quarter topped analysts' estimates, however.
Analyst David Joyce said that investors have oversold the stock based on fears of streaming competition, and that Roku's risk/reward looks attractive as the company should grow its advertising numbers this year. Apple — Shares rose more than 3% after Bernstein upgraded the tech stock to outperform from market perform. Analyst Toni Sacconaghi said concern about recent weakness in China may be overdone and that it could be time for investors to "buy the fear.
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