Check out the companies that were trending in midday trading: Broadcom – The chipmaker’s shares rose nearly 12% after the company beat second-quarter earnings and sales expectations and announced a 10-for-10 stock split. Adjusted earnings per share were $10.96 on revenue of $12.49 billion. Analysts surveyed by LSEG had expected earnings per share of $10.84 and revenue of $12.03 billion. Data storage and artificial intelligence companies Supermicro Computer, Arista Networks and Nvidia also rose, rising 12.4%, 6.5% and 3.5%, respectively. Signet Jewelers – Shares plunged nearly 15% shortly after the company reported mixed first-quarter earnings. Signet posted adjusted earnings per share of $1.11 on revenue of $1.51 billion. Analysts surveyed by FactSet had expected earnings of 85 cents per share and revenue of about $1.52 billion. On an earnings call with analysts, management also noted continued consumer pressures, which have led to increased discounting among many in the jewelry industry. Dave & Buster’s – Shares fell nearly 11% after the entertainment and restaurant chain reported weaker-than-expected first-quarter sales. The company reported revenue of $588 million, below analyst expectations of $621 million, according to LSEG. Virgin Galactic – Shares plunged more than 14% after the space travel company’s board approved a 20-for-1 reverse stock split to take effect after the close of trading on June 14. The company’s shares are currently trading below $1. Oxford Industries – Shares fell about 1% after the clothing maker reported weaker-than-expected first-quarter earnings. The Tommy Bahama owner reported adjusted earnings of $2.66 per share on revenue of $398.2 million. It also gave a weaker-than-expected second-quarter and full-year outlook. Kimberly-Clark – Shares of the maker of Huggies and Kleenex rose about 3% after Bank of America double-upgraded the stock to “buy” and raised its price target. The consumer goods maker faces structural changes ahead, Bank of America said. Ford Motor – Shares fell more than 1% after the company ended its expensive electric-vehicle dealership program, which forced U.S. dealers to invest more than $1 million to sell cars. Tesla – The company’s shares rose about 3% after CEO Elon Musk said shareholders expect to pass a resolution to extend his $56 billion compensation package and move the company’s corporate headquarters to Texas. Ahead of the vote, some prominent shareholders said they plan to vote against the compensation package. Ulta – The beauty retailer’s shares rose 1.6% after Oppenheimer named it a top pick. The firm said Ulta has a “compelling risk-reward scenario.” NextEra Energy Partners – The company’s shares fell 7% after Barclays downgraded the company to underweight from equal weight. The firm said it saw no “clear exit” for the company as it was burdened by financings for its convertible bond portfolio. Paramount Global – The entertainment giant’s shares fell nearly 7%, compounding an already tough week for the company. Earlier this week, National Amusements called off merger talks between Paramount Global and Skydance. The company’s shares have fallen more than 13% so far this week. Warner Bros. Discovery – The media conglomerate’s shares fell 6.7% after Liberty Global announced it would buy the company’s stake in the Formula E racing series. The deal is expected to close by the end of the year. Once completed, Liberty’s ownership stake in the series will total 65%, giving it a controlling interest. Generac – Shares of the generator maker fell 4.6%. Janney Montgomery Scott on Thursday downgraded the company to neutral from buy, citing Generac’s valuation. “Further multiple expansion is unlikely,” analyst Sean Milligan wrote, adding that his team is “seeking further clarity on the rollout of advanced energy technology products beyond 2025.” — CNBC’s Alex Harring, Michelle Fox, Sarah Min and Darla Mercado contributed to this report.
AVGO, SIG, PLAY, etc.
Services
© 2024 Business Investopedia. All Rights Reserved.