Customers leave an Abercrombie & Fitch store in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Citigroup – Citigroup shares fell nearly 3 percent.The bank announced plans Spin off its Mexican business Banamex went through an initial public offering after efforts to find a buyer for the unit failed.
Palo Alto Networks – Shares of the cybersecurity company rose nearly 8%. The move came a day after Palo Alto Networks reported a better-than-expected quarterly report and strong earnings guidance. The company reported adjusted earnings per share of $1.10 on revenue of $1.72 billion. Analysts polled by Refinitiv expected earnings of 93 cents a share on revenue of $1.71 billion.
Netflix — Shares rose 1.2 percent.On Tuesday, the company began notifying customers of its Password Sharing Rules In the U.S oppenheimer said the crackdown on account sharing should help the stock.
analog device — Analog Devices fell 8% in midday trading.semiconductor manufacturing company Guidance was weaker than expected For the third fiscal quarter, although the revenue and profit in the second quarter exceeded expectations. Analog Devices expects adjusted earnings per share of about $2.52 in the third quarter, compared with analysts’ forecast of $2.65 per share, according to FactSet. The company expected revenue of about $3.1 billion, missing estimates of $3.16 billion.
tesla — Shares of Elon Musk’s electric car maker were down about 2% in midday trading. Disappointing quarterly results from Chinese rival Xpeng sent electric vehicle stocks lower. Xpeng missed estimates Revenue and loss were bigger than analysts expected, according to Refinitiv data. The company also forecast a decline in vehicle deliveries.
Energy stocks – Shares of oil companies rose on Wednesday.The move came after Saudi Arabia’s energy minister said Potential OPEC+ production cuts. this Energy Select Sector SDPR Fund (XLE) rose 0.3%. marathon oil and What Both rose about 1%.
Semiconductor Stocks – Semiconductor stocks fell on Wednesday.Spokesperson of China’s Ministry of Commerce expresses opposition to Japan’s restrictions on chip exports to China one day ago. Shares Microchip Technology down 6%. NXP Semiconductors down 4%, while ON Semiconductor 3% reduction. Nvidia It was also down 2 percent ahead of an after-hours earnings announcement.
modern — Shares of the biotech company fell more than 4%. The drop marks a sharp reversal for the stock, which has surged in recent days on news of a new wave of XBB variants in China. Beijing officials reportedly estimated This could lead to 65 million new cases per week by the end of June.
Abercrombie & Fitch — Shares of the apparel retailer soared 26% after the company’s release Reports Fiscal First Quarter Earnings Revenue beat analysts’ expectations, according to Refinitiv data. The apparel retailer also issued strong guidance for its fiscal second quarter and full year.
Urban Outfitters — Shares of the retail company soared about 16%.On Tuesday, Urban Outfitters released a financial report quarterly report This exceeded top-line and bottom-line expectations. The company earned 56 cents a share on revenue of $1.11 billion. Analysts polled by Refinitiv expected earnings of 35 cents a share on revenue of $1.09 billion.Barclays upgrades the stock to equal weight overweight After the financial report is released.
honor – Shares up nearly 7% upgrade Buy neutrally from Bank of America. The health benefit assistance company has a “stable growth engine,” the company said.
Dry — Stem shares rose 5%. Evercore ISI initiated coverage on the stock with an Outperform rating, saying the energy storage company is a leader in a fast-growing market given the rise of clean energy technologies. Stem is “well positioned to capture significant market share” and is a “growth story,” the company said in a note Tuesday.
Corning – Shares rose 2% a day after the announcement it will raise the price Its display glass products increased by 20%. The price adjustments are aimed at offsetting continued high energy and material costs, the company said. Corning said it expects demand to grow in the second half of 2023.
Cole’s – Shares of the retail giant jump 5% after reporting the surprise first quarter profit It also reiterated its full-year outlook on Wednesday. The company said its stores had seen increased productivity and noted Sephora’s continued momentum at Kohl’s.
Agilent Technologies — Shares of the laboratory technology company fell nearly 8%. Agilent on Tuesday issued third-quarter earnings and revenue guidance that missed expectations, according to Refinitiv data. However, the company posted top and bottom results for the previous quarter.
intuition — Shares of the tax software company fell 7% a day after Intuit reported its quarterly results. While Intuit’s fiscal third-quarter earnings beat analysts’ expectations, the company reported lower-than-expected revenue, according to Refinitiv data. The company’s earnings outlook for the quarter also fell short of analysts’ expectations.
— CNBCof Samantha Subin, Alex Harring, Yun Li, Brian Evans, Jesse Pound and Tanaya Macheel contributed to this report