Stocks making the biggest moves midday: Broadcom, Signet, Dave & Buster’s and more
Check out the companies making headlines in midday trading. Broadcom – Shares of the chipmaker surged around 12% after the company beat earnings and revenue estimates for the fiscal second quarter and announced a 10-for-1 stock split. Adjusted earnings per share came in at $10.96 and revenue was $12.49 billion. Analysts polled by LSEG expected earnings of $10.84 per share and revenue of $12.03 billion. Data storage and artificial intelligence plays Super Micro Computer , Arista Networks and Nvidia also rose, adding 12.4%, 6.5% and 3.5%, respectively. Signet Jewelers – Shares plummeted nearly 15% on the heels of the company reporting mixed earnings results for the first quarter. Signet posted adjusted earnings of $1.11 per share and revenue of $1.51 billion. Analysts polled by FactSet had expected earnings of 85 cents per share and revenue of nearly $1.52 billion. Company management also noted in an earnings call with analysts that there continues to be pressure on the consumer and that discount activity has been heightened among many jewelry participants. Dave & Buster’s – The stock fell almost 11% after the entertainment and restaurant chain’s sales for the first quarter missed expectations. The company reported revenue of $588 million, which is below the $621 million analysts had expected, per LSEG. Virgin Galactic – Shares plunged more than 14% after the space tourism company’s board of directors approved a 1-for-20 reverse stock split, which is set to take effect after market close on June 14. The stock is currently trading under $1. Oxford Industries – The stock fell about 1% after the clothing maker posted first-quarter earnings that missed estimates. The company, which owns Tommy Bahama, posted adjusted earnings of $2.66 per share and revenue of $398.2 million. Analysts had expected earnings of $2.68 per share and revenue of $404.8 million, according to FactSet. Both second-quarter and full-year forecasts were also softer than expected. Kimberly-Clark – Shares of the Huggies and Kleenex maker advanced around 3% after Bank of America gave the stock a double upgrade to buy and raised its price target. The consumer packaged goods company is facing structural changes ahead, according to Bank of America. Ford Motor – Shares dipped more than 1% after the automaker ended an expensive electric vehicle dealership program that required U.S. dealers to invest upward of $1 million to sell the automobiles. Tesla – The stock added nearly 3% after CEO Elon Musk said shareholders are set to pass his $56 billion pay package and a resolution to move the company’s incorporation to Texas. Ahead of the vote, some notable shareholders said they planned to vote against the pay package. Ulta – Shares of the beauty retailer rose 1.6% after being named a top pick stock by Oppenheimer. The firm said Ulta has a “compelling risk-reward scenario.” NextEra Energy Partners – The stock fell 7% after Barclays downgraded it to underweight from equal weight. The firm said it sees no “clear way out” for the company due to an overhang from convertible equity portfolio financing. Paramount Global – Shares of the entertainment giant slumped nearly 7%, adding to an already difficult week for the company. Earlier this week, National Amusements halted merger discussions between Paramount Global and Skydance. The stock has dropped more than 13% week to date. Warner Bros. Discovery – Shares of the media conglomerate sank 6.7% following the announcement that Liberty Global is acquiring shares held by the company in the racing series Formula E. The transaction is expected to close before the end of the year. Once completed, this would bring Liberty’s total share of ownership in the series to 65%, meaning it would take a controlling interest. Generac – The manufacturer of generators lost 4.6%. Janney Montgomery Scott cut its rating on the company to neutral from buy on Thursday, citing Generac’s valuation. “We think additional multiple expansion is unlikely,” noted analyst Sean Milligan, adding that his team seeks “additional clarity regarding the 2025+ rollout of updated energy technology products.” — CNBC’s Alex Harring, Michelle Fox, Sarah Min and Darla Mercado contributed reporting. This post has been syndicated from a third-party source. View the original article here.
