A look at companies catching our eye in midday trading: Dollar Tree — Shares fell 20% after the discount retailer sharply cut its full-year outlook for net sales and adjusted earnings per share. Dollar Tree cited growing pressure on middle- and upper-income customers for the reason. GitLab — Shares of the software development company surged 17% on a strong third-quarter profit outlook. The company expects earnings per share of 15 cents to 16 cents for the period, beating the 11 cents expected by analysts surveyed by LSEG. GitLab’s full-year revenue outlook also beat expectations. Zscaler — Shares fell 18% after the cloud security company’s first-quarter profit outlook fell short of expectations. Zscaler now sees earnings of 62 cents to 63 cents per share, LSEG said, below analysts’ expectations of 73 cents per share. The company also expects full-year earnings per share of $2.81 to $2.87, below analysts’ expectations of $3.33 per share. AST SpaceMobile — Shares soared more than 19% after the company said it plans to launch its first five commercial satellites, called BlueBird, from Cape Canaveral, Florida, after September 12. AST SpaceMobile also said the satellites will be placed in low orbit and provide cellular broadband service to billions of people around the world. Asana — Shares plunged 8% after third-quarter and full-year guidance fell short of expectations. Asana expects third-quarter revenue of $180 million to $181 million, compared with analysts’ expectations of $182 million, according to LSEG. For the full year, the company expects revenue of $719 million to $721 million, below the consensus estimate of $723 million. Dick’s Sporting Goods — The sporting goods company’s shares fell more than 6% after it gave weaker guidance for the full year. The company expects earnings of $13.55 to $13.90 per share, compared with analysts surveyed by FactSet who expected earnings of $13.80 per share. Hormel Foods — Shares fell more than 7% after the packaged food company reported weaker-than-expected third-quarter earnings and lowered its full-year outlook. Hormel’s revenue for the quarter was $2.9 billion, below analysts’ expectations of $2.95 billion, according to FactSet. Sweetgreen — The fast-casual chain’s shares rose 4% after TD Cowen raised its rating to buy from hold. Analyst Andrew Charles cited Sweetgreen’s introduction of Infinite Kitchens, or automated robotic kitchens, as a catalyst. ASML — Shares fell nearly 4% after UBS downgraded its rating to neutral from buy. The company said lithography production will plateau and demand will normalize, and it expects profit growth to slow to the mid-teens after 2026.AMD — Semiconductor shares rose 3%, recovering from a day earlier’s decline. AMD shares were hit by a sharp semiconductor sell-off on Tuesday, dropping 7.8%. — CNBC’s Lisa Kailai Hung and Michelle Fox contributed reporting.
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