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Midday movers: Marvell Technology, Zscaler, PagerDuty and more

By Liz Moyer

Investing.com -- 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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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.