Roku gains after announcing job cuts, Zscaler slips and other stocks on the move

By MarketWatch

Harley-Davidson and AMC were among stocks moving on Wednesday

Here are some of the most notable stock moves on Wednesday.

Stock gainers

Roku Inc.'s stock (ROKU) rose 7% after the streaming-media company announced plans to lay off 10% of its staff as it looks to slow the growth of its operating expenses.

Harley-Davidson Inc.'s stock (HOG) rallied 4% after its board has approved an additional share buyback authorization of up to 10 million shares. The new authorization is on top of the existing program, which had 5.8 million shares remaining as of June 30.

Hycroft Mining Holding Corp.'s stock (HYMC) rallied 10% after the company said a study has confirmed significant gold and silver recoveries at its Nevada mine. The company is part owned by AMC Entertainment Holdings Inc. (AMC)

Shares of GitLab Inc.(GTLB) rose 5% after the software company reported a surprise second-quarter adjusted profit and offered up a slightly more upbeat full-year outlook.

Palisade Bio Inc.'s stock (PALI) more than doubled in price, after the company announced a licensing agreement with privately held Giiant Pharma Inc. that will give it access to IBD therapies.

Stock decliners

Apple Inc.'s stock (AAPL) slid 3% to lead the Dow Jones Industrial Average lower by 0.7%, after the Wall Street Journal reported that China is planning to ban iPhone use for government officials at work.

Google parent Alphabet Inc.'s stock (GOOGL) fell about 1%, after it reached a settlement in a long-running antitrust case with a coalition of 36 states and Washington, D.C., led by Utah who claimed the company ran its app store as an illegal monopoly.

AMC was down 21% after it disclosed an equity-distribution agreement in which the company could sell up to 40 million common shares. The sales could represent up to 7.7% of the 519.2 million common shares outstanding as of Aug. 4.

Airbnb Inc.'s stock (ABNB) was down 0.6%, after a new ordinance went into effect in New York, requiring all short-term-rental hosts to be registered with the city, live in the place they are renting, be present when someone is staying, and host only two guests at once.

Lithium miner Albemarle Corp.'s stock (ALB) fell 4.7% to lead S&P 500 decliners, after Mizuho analysts said the company's increased bid for Australia's Liontown Resources looks a little rich.

Xponential Fitness Inc.'s stock (XPOF) tumbled 6% after the company unveiled three-year targets at an investor day.

Southwest Airlines Co.'s stock (LUV) fell 1.8% after the air carrier said it booked record revenue for the Labor Day weekend, but said close-in leisure bookings in August were on the lower-end of expectations.

Zscaler Inc. shares (ZS) fell 2.8%, after the cybersecurity company's strong quarter and outlook paled amid repeated mentions from execs about the difficult deal environment, and longer-than-usual closing times.

Verb Technology stock (VERB) fell 33%, after a 347% surge on Tuesday when the company announced a new strategic relationship with TikTok.

-MarketWatch

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09-06-23 1334ET

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