Stocks making the biggest moves midday: Adobe, Ulta, Micron Technology, Rivian Automotive and more
Check out the companies making headlines in midday trading. Geron Corporation — Shares of the biotech company soared 92% after a U.S. Food and Drug Administration advisory panel voted in favor of Geron’s blood disorder treatment, imetelstat. Geron expects a regulatory decision in June. Micron Technology — The semiconductor stock gained 2% after Citi named Micron one of its top picks and increased its price target by $55 to $150. The bank said shares deserve a premium given the company’s increasing exposure to artificial intelligence. Rivian Automotive — Shares popped 3.3% after Piper Sandler upgraded the electric vehicle maker to overweight and hiked its price target to $21 from $15, suggesting 96% upside from Thursday’s close. The firm said it is bullish on Rivian’s new product launch and its decision to delay capital spending. Fisker — Shares rose 12.8%, or two cents, after the beaten-down EV maker played down talks of a possible bankruptcy filing , saying it is trying to raise more capital and hopes to strike a deal with another carmaker. The stock is still down about 53% week to date. Adobe — Shares slipped 13.7% after the software company issued weak revenue guidance for its current quarter. Jabil — Shares dropped 16.5% after the global manufacturing company’s second-quarter revenue came out lower than analysts’ expectations. Jabil also lowered its guidance for fiscal 2024. PagerDuty — Shares dropped 7.3% after the IT company issued a weaker-than-expected forecast, expecting adjusted earnings per share of 12 cents to 13 cents. That’s below the LSEG, formerly Refinitiv, consensus estimate of 18 cents per share. Revenue guidance came out in the range between $110.5 million and $112.5 million, also below the $113.4 million expectation from analysts. Smartsheet — The business software provider retreated by 6.9% after posting revenue guidance that was worse than analysts expected. Smartsheet penciled in revenue between $257 million and $259 million in the current quarter and a range of $1.113 billion to $1.118 billion for the full year. Meanwhile, analysts polled by FactSet forecast $262.3 million for the quarter and $1.14 billion for the year. Ulta Beauty — Shares edged lower by 5.2% after the beauty products retailer posted disappointing full-year earnings guidance. Ulta reported a fourth-quarter earnings and revenue beat, however. Crypto stocks — Stocks tied to cryptocurrencies wavered after bitcoin retreated from its recent highs in overnight trading. Coinbase and Marathon Digital gained 3.7% and nearly 6%, respectively, reversing the stocks’ earlier declines. Bitcoin buyer MicroStrategy also jumped 6.3%. Zumiez — The stock lost 7.7% after the specialty retailer on Thursday guided for a first-quarter loss of between $1.09 and $1.19 per share, versus the consensus estimate of a 34 cents per share loss, according to FactSet. The company’s revenue guidance also disappointed expectations. Cardlytics — The advertising company’s stock price jumped 77.2% after Cardlytics’ EBITDA for 2023 turned positive for the first time since 2019. The company also gave a higher-than-expected forecast for the first quarter. Steel Dynamics — Shares of the Indiana-based steelmaker rose 4.3% after strong earnings guidance for the first quarter. Steel Dynamics said it expected to earn between $3.51 and $3.55 per share for the current quarter. That is above the $3.32 per share penciled in by Wall Street analysts, according to StreetAccount. — CNBC’s Alex Harring, Jesse Pound, Lisa Kailai Han and Michelle Fox Theobald contributed reporting. This post has been syndicated from a third-party source. View the original article here.
