Check out the companies making headlines in midday trading: Target — Shares of the retailer pulled back more than 7% after a first-quarter earnings miss , underscored by a 3% year-over-year decline in sales. Analog Devices — Stock in the semiconductor manufacturer surged more than 8% after second-quarter results beat analysts’ estimates. Massachusetts-based Analog reported adjusted earnings per share of $1.40 on revenue of $2.16 billion, compared to a consensus estimate from analysts polled by FactSet that forecast $1.26 in earnings per share and $2.11 billion in revenue. Shopify — Shares climbed more than 3% on the heels of an upgrade to buy from Goldman Sachs, with the investment bank noting Shopify’s current share price gives investors an attractive entry point. Urban Outfitters — The clothing retailer slid 4% despite posting a fiscal first-quarter beat, after trading higher before Tuesday’s opening bell. Urban Outfitters reported adjusted earnings of 69 cents per share, higher than the 52 cents per share analysts polled by LSEG had expected. Revenue of $1.20 billion also came in above the $1.18 billion consensus estimate. Garmin — Shares slipped 4.8% in the wake of a downgrade to underperform from neutral by Bank of America. The firm said shares were “priced to perfection,” raising concern that the current valuation may be unsustainable. PDD Holdings — Stock in the Chinese retailer ticked up roughly 2% thanks to a 131% jump in revenue in the first-quarter. Toll Brothers — Shares pulled back nearly 8% after the homebuilder beat Wall Street’s fiscal second-quarter estimates. Toll notched earnings per share of $4.55 on revenue of $2.65 billion, compared to forecasts from analysts surveyed by LSEG estimating $4.14 and $2.53 billion, respectively. Hims & Hers Health — Stock in the digital pharmacy fell nearly 5% after a Citi downgrade to neutral, with the bank asserting that any further upside has already been priced into the stock following news that it would add GLP-1 drugs to its platform. Lululemon — The athleisure stock declined more than 6% after a Wall Street Journal report said the company’s chief product officer was departing the company. Tesla — Stock in the Elon Musk-helmed electric vehicle company fell more than 3% after the company’s sales in Europe sank to a 15-month low, according to a Bloomberg report. First Solar — Shares surged more than 18% in midday trading. UBS increased its price target on the solar company by more than 7% on Tuesday, with the firm positing that investors were overlooking First Solar’s potential benefit from the rise of artificial intelligence. Other alt energy stocks also surged, in part owing to enthusiasm that AI will lift power demand. Bloom Energy surged 18%, Sunnova Energy added 14% and Enphase Energy , Fluence Energy and Sunrun were all up 10%. — CNBC’s Alex Harring and Lisa Kailai Han contributed reporting.
Self-service checkout stations at a Target store in Miami Beach, Florida.
Jeff Greenberg | Universal Images Group | Getty Images
Check out the companies making headlines in midday trading:
Target — Shares of the retailer pulled back more than 7% after a first-quarter earnings miss, underscored by a 3% year-over-year decline in sales.
Analog Devices — Stock in the semiconductor manufacturer surged more than 8% after second-quarter results beat analysts’ estimates. Massachusetts-based Analog reported adjusted earnings per share of $1.40 on revenue of $2.16 billion, compared to a consensus estimate from analysts polled by FactSet that forecast $1.26 in earnings per share and $2.11 billion in revenue.
Shopify — Shares climbed more than 3% on the heels of an upgrade to buy from Goldman Sachs, with the investment bank noting Shopify’s current share price gives investors an attractive entry point.
Urban Outfitters — The clothing retailer slid 4% despite posting a fiscal first-quarter beat, after trading higher before Tuesday’s opening bell. Urban Outfitters reported adjusted earnings of 69 cents per share, higher than the 52 cents per share analysts polled by LSEG had expected. Revenue of $1.20 billion also came in above the $1.18 billion consensus estimate.
Garmin — Shares slipped 4.8% in the wake of a downgrade to underperform from neutral by Bank of America. The firm said shares were “priced to perfection,” raising concern that the current valuation may be unsustainable.
PDD Holdings — Stock in the Chinese retailer ticked up roughly 2% thanks to a 131% jump in revenue in the first-quarter.
Toll Brothers — Shares pulled back nearly 8% after the homebuilder beat Wall Street’s fiscal second-quarter estimates. Toll notched earnings per share of $4.55 on revenue of $2.65 billion, compared to forecasts from analysts surveyed by LSEG estimating $4.14 and $2.53 billion, respectively.
Hims & Hers Health — Stock in the digital pharmacy fell nearly 5% after a Citi downgrade to neutral, with the bank asserting that any further upside has already been priced into the stock following news that it would add GLP-1 drugs to its platform.
Lululemon — The athleisure stock declined more than 6% after a Wall Street Journal report said the company’s chief product officer was departing the company.
Tesla — Stock in the Elon Musk-helmed electric vehicle company fell more than 3% after the company’s sales in Europe sank to a 15-month low, according to a Bloomberg report.
First Solar — Shares surged more than 18% in midday trading. UBS increased its price target on the solar company by more than 7% on Tuesday, with the firm positing that investors were overlooking First Solar’s potential benefit from the rise of artificial intelligence. Other alt energy stocks also surged, in part owing to enthusiasm that AI will lift power demand. Bloom Energy surged 18%, Sunnova Energy added 14% and Enphase Energy, Fluence Energy and Sunrun were all up 10%.
— CNBC’s Alex Harring and Lisa Kailai Han contributed reporting.
Check out the companies making the biggest moves premarket: Netflix — The streaming platform fell 10% as investors viewed the streaming giant’s forecast as disappointing. For its second quarter, Netflix expects to earn 78 cents per share, missing the 84 cents per share forecast from analysts polled by LSEG. The stock was also weighed down […]
ETF Edge If a violent downturn strikes the market, new ETF strategies may be vulnerable. Here’s why Published Fri, Apr 17 20267:00 AM EDT Blair Bao WATCH LIVE Source
Famed investor Michael Burry is wading back into beaten-down software stocks, betting the recent sell-off was driven more by technical factors than deteriorating business fundamentals. The “Big Short” investor said in a Wednesday Substack post that a “reflexive positive feedback loop” between falling equity prices and stress in bank debt tied to software companies helped […]
