Stocks making the biggest moves midday: Unity Software, JetBlue, Juniper Networks and more
Check out the companies making headlines in midday trading. Unity Software — The gaming technology stock dropped 8% after announcing Monday it’s cutting 1,800 positions , or about 25% of its workforce, as part of broader restructuring efforts. Hewlett Packard Enterprise , Juniper Networks — Shares of Juniper Network climbed 21.7% after The Wall Street Journal reported that the hardware company was close to being acquired by technology giant Hewlett Packard. The deal would cost roughly $13 billion. Hewlett Packard stock shed 9% during Tuesday trading. Match Group — Shares of the dating app parent jumped 3% after The Wall Street Journal reported that activist investor Elliott Investment Management had built a roughly $1 billion stake in the company. Elliott is reportedly expected to engage with Match management. CrowdStrike — The cybersecurity stock added 4.8% following an upgrade by Morgan Stanley to overweight from equal weight. As catalysts for the upgrade, analyst Hamza Fodderwala cited the firm’s promising product cycles, including its newly launched artificial intelligence platform. Netflix — Shares of the streaming giant slipped less than 1% following a downgrade by Citi to neutral from buy. The bank said Wall Street has lofty expectations for Netflix, but the company faces potential risks, including revenue estimates that may be too high. GoDaddy — The website domain stock added 1.5% after an upgrade to overweight from Piper Sandler. The bank believes that after years of multiple compression, GoDaddy can reaccelerate to high single-digit growth in 2024. JetBlue — Shares of the airline carrier slid 10.2% after Bank of America downgraded the stock to underweight from neutral, pointing toward a tough outlook for domestic airlines. Analyst Andrew Didora also believes that issues with its Geared TurboFan engines could compress growth in 2024. United Airlines — The airline stock climbed almost 1.4% after a double upgrade to buy from underperform from Bank of America. The firm said the stock has a “valuation disconnect” with a better outlook for leverage than expected. Illumina — Shares popped 4.6% after the biotechnology firm guided for fourth-quarter revenue that exceeded analysts’ expectations. Illumina is expecting fourth-quarter revenue of around $1.115 billion, higher than the $1.07 billion anticipated by FactSet. Revvity — The biotech stock jumped 2%. Revvity reported preliminary fourth-quarter revenue of at least $690 million, topping the FactSet consensus estimate of $669.9 million. It also anticipates adjusted earnings for 2023 will meet or exceed prior guidance of $4.53 to $4.57 per share. Cardinal Health — The health-care company slid 1.7% despite guiding for full-year 2024 non-GAAP earnings closer to the higher end of its previously anticipated range of $6.75 to $7 per share. This could exceed the $6.96 per share expected by analysts polled by FactSet. — CNBC’s Michelle Fox, Alexander Harring, Yun Li, Sarah Min and Samantha Subin contributed reporting. This post has been syndicated from a third-party source. View the original article here.
