Midday movers: Marvell Technology, Zscaler, PagerDuty and more

December 2, 2022 1:59 PM EST

By Liz Moyer -- Stocks were falling on Friday after a stronger-than-expected jobs report for November blunted expectations the Fed would ease the pace of interest rate hikes. Here are the midday movers for Dec. 2.

  • Marvell Technology Group Ltd (NASDAQ: MRVL) stock fell 4.6% after the chip maker missed expectations on revenue and profit, saying customers are reducing chip inventory that has built up over time.

  • Zscaler Inc (NASDAQ: ZS) shares fell 12% after the cloud security software maker said billings for the first fiscal quarter rose 37%. That beat expectations but the pace has slowed from the prior three quarters, when billings jumped by at least 50%.

  • PagerDuty Inc (NYSE: PD) stock rose 6.8% as the company reported third-quarter revenue increased 31.3% and beat expectations. It sees fourth quarter revenue of between $98 and $100 million, which is higher than expectations.

  • CSX Corporation (NASDAQ: CSX) stock dropped 1.6% along with other railroad operators after President Joe Biden signed a measure passed by both houses of Congress to stop a railroad strike that could have started in the next week. Union Pacific Corporation (NYSE: UNP) shares fell 0.5%, and Norfolk Southern Corporation (NYSE: NSC) stock fell 0.9%.

  • Ford Motor Company (NYSE: F) stock fell 2% even after the auto maker said its electric vehicle deliveries in November doubled from the year before.

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