Several companies attracted significant attention in midday trading with notable movements in their stock prices.
Micron Technology and other chip manufacturers experienced a surge in share prices, with Micron’s shares rising nearly 13%. This increase came after the memory chipmaker provided robust guidance amidst heightened AI-driven demand for its products. Shares of other chip companies, including Applied Materials, ASML Holding, and Lam Research, also increased by roughly 4% each.
Super Micro Computer saw its shares plummet more than 12% following a Wall Street Journal report that the Justice Department had initiated an investigation into the AI server manufacturer.
Southwest Airlines’ stock jumped 11% after the airline revised its third-quarter revenue forecast upwards and authorized $2.5 billion in share buybacks. The airline also announced various changes to its business model to counteract pressure from activist investor Elliott Investment Management and to reassure shareholders about its profitability and revenue growth prospects.
Starbucks’ shares rose nearly 2% after Bernstein upgraded the coffee chain to “outperform,” expressing confidence in the company’s new CEO.
NRG Energy’s shares increased by 1.6% after the company raised its full-year guidance, now expecting adjusted EBITDA to be between $3.53 billion and $3.68 billion.
GE Healthcare saw its shares decline by more than 1% after UBS downgraded the healthcare technology company to a “sell” rating from “neutral,” attributing the downgrade to growth risks associated with its business in China.
Jefferies Financial shares decreased by more than 2% after the investment bank reported earnings of 75 cents per share for the fiscal third quarter on $1.62 billion in revenue, missing FactSet estimates.
CarMax experienced a nearly 6% increase in its stock after the used car retailer reported better-than-expected sales for the fiscal second quarter and a 5.1% rise in retail used unit sales.
Jabil, a manufacturing solutions provider, saw its shares rise by more than 11% after reporting quarterly earnings and revenue that exceeded expectations. The company posted earnings per share of $2.30, surpassing a FactSet estimate of $2.22 per share, with revenue of $6.96 billion.
New York Community Bank’s shares jumped nearly 8% following an upgrade by Barclays to “overweight” from “equal weight.” Barclays noted that the regional lender has successfully completed significant restructuring efforts and has a favorable risk-reward outlook.
U.S.-listed shares of Bilibili rose 12.5% after Goldman Sachs upgraded the Chinese internet company to “buy” from “neutral,” indicating the start of a profitability growth cycle.
Home audio company Sonos saw its shares fall by 4.3% after being double-downgraded by Morgan Stanley to “underweight” from “overweight.” Analyst Erik Woodring highlighted that the backlash from the company’s app redesign in May is likely to impact its financial metrics more than the market currently anticipates.
Accenture’s stock increased nearly 5% following better-than-expected fiscal fourth-quarter results. The professional services firm also provided strong future guidance and raised its quarterly dividend.
This information was based on contributions from CNBC’s Jesse Pound, Yun Li, Alex Harring, Pia Singh, and Hakyung Kim.
