Check out the companies generating headlines during midday trade.
Five Below — Shares of Five Below slumped 12% after the bargain retailer missed Wall Street’s first-quarter revenue projections and issued poor guidance.
Salesforce – The stock went 2.7% higher following reports that Salesforce board member and co-CEO of activist investor ValueAct, Mason Morfit, had boosted his stake in the software giant to just under $1 billion.
Lululemon — Shares rose 5.7% after the sports gear retailer’s earnings beat. Profit per share was $2.54, higher than the $2.38 predicted by LSEG analysts.
Sprinklr – Shares of the business technology company fell 16% after it issued weaker-than-expected outlook for the current quarter and full year.
Old Dominion Freight Line – Shares fell 3% when the freight firm reported a slowing tonnage growth. In May, the company’s revenue increased by 1.5%, down from 2.3% in April.
Smart-sheet — The workplace technology stock rose 16.5% on first-quarter profits that exceeded Wall Street’s forecasts. Instacart’s stock rose 8.3% after the business launched a share repurchase programme. Instacart will buy back up to $500 million of its ordinary stock.
Instacart – The supermarket delivery company’s stock rose 8.3% after it launched a share repurchase programme. Instacart plans to buy back up to $500 million worth of its ordinary stock. J. M. Smucker. The food and beverage manufacturer’s stock rose around 5% on a better-than-expected earnings report for the fourth quarter of fiscal 2024.
Fluence Energy – The energy storage company’s stock fell approximately 6.4% after Guggenheim downgraded it to neutral from buy. Following a recent surge, the investment firm stated that the shares were “fairly valued”.
Ultragenyx Pharmaceutical – Shares of the biopharma business rose almost 3% after Goldman Sachs upgraded it to buy from neutral.
StoneCo — JPMorgan raised the financial technology company’s stock to overweight from neutral, sending shares up 3%.
Source (CNBC)