Hot Stocks: DUOL rises on earnings; BRLT drops; Buffett buys more OXY shares; DVAX added to index

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Earnings news once again stirred trading in Friday’s midday action. Duolingo (NASDAQ:DUOL) jumped almost 40% on better-than-expected results. Meanwhile, Brilliant Earth Group (BRLT) lost more than a quarter of its value after issuing a cautious outlook with its latest results.

In other news, Occidental Petroleum (OXY) rallied on continued interest from Warren Buffett. At the same time, Dynavax Technologies (DVAX) advanced on news that it will be included in an S&P index.

Gainers

Duolingo (DUOL) experienced significant buying interest during midday trading, surging by 38% on earnings news. The maker of language education software reported a Q1 loss that came in significantly better than analysts had predicted.

At the same time, the firm’s revenue jumped 47% from last year. DUOL added that total bookings rose 55% to $102.1M.

Occidental Petroleum (OXY) also experienced substantial midday strength. The stock rose 7% on news that Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) purchased additional shares in the company.

Berkshire has added an additional 901K shares of OXY, valued at $52M. With the latest purchases, the firm’s stake has risen to 15.3%.

Dynavax Technologies (DVAX) advanced in intraday action as well, boosted by news that it will be added to the S&P SmallCap 600. The stock will replace Bottomline Technologies (EPAY) in the index, starting on May 17.

DVAX skyrocketed almost 27% in midday trading. Stocks often get a boost on news they will enter a major index, as fund managers tracking that index are forced to purchase shares.

Decliner

A cautious outlook triggered selling in shares of Brilliant Earth Group (BRLT). Shares retreated 27% following the release of its latest quarterly update.

The jewelry company matched expectations with its Q1 profit and reported revenues that rose 41% from last year. However, BRLT warned that sales trends had “moderated” as a result of “the uncertain geopolitical and macroeconomic environment.”

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