Companies making headlines in midday trading include Intel, Spotify Technology, Ulta Beauty, Dave & Buster’s, Wolfspeed, Cal-Maine, and Disney. Intel’s stocks fell 8% following its prediction of a $7 billion operational loss in its semiconductor manufacturing business in 2023. Spotify’s stocks rose over 8% after reports emerged that the firm intended to increase prices for its premium subscription service in several markets, including the U.S. Ulta Beauty’s shares dropped more than 15% after the company warned that sales may decline amidst a slowdown in category growth.
Dave & Buster’s stocks rose 10% after the company announced a $100 million increase in its share repurchase authorization, though it also reported lower-than-expected earnings for the fourth quarter. Wolfspeed’s shares fell 2.6% after Wells Fargo downgraded its rating of the company due to its Tesla exposure. Shares of egg producer Cal-Maine rose 3.6% after it reported increased earnings and revenue for the recent quarter, mainly due to the rise in market prices.
Disney’s shares fell more than 3% after their victory against activist investor Nelson Peltz in a proxy fight and re-elected all its current board members. Shares of Signet Jewelers increased by nearly 10% after it announced plans to repurchase half of its preferred shares worth around $414 million. Ford Motor’s stocks grew by about 3% after it released first-quarter sales showing a 7% year-on-year increase, and an 86% jump in electric vehicle sales. GE Aerospace’s stocks soared over 6% a day after former parent company, General Electric, completed the spinoff of its power business.
Tech giant Intel saw an 8% drop in share price following a $7 billion operating loss incurred by its semiconductor manufacturing business. The business, also known as a foundry, is expected to see these losses in 2023. Music-streaming company Spotify saw an increase in shares of more than 8% after Bloomberg reported that the company is raising prices for its premium subscription across various markets, including the U.S. This marks the second price increase in a year for Spotify.
Shares of beauty retailer Ulta fell more than 15% after the company warned at a conference that growth within the beauty sector was slowing down faster than predicted. The restaurant and entertainment chain Dave & Buster’s saw an increase of 10% in shares after it expanded its share repurchase authorization by $100 million. This move raised the total available share repurchase authorization to $200 million. However, the company also reported weaker-than-expected earnings and revenue for Q4.
Wolfspeed, a semiconductor company, experienced a 2.6% decrease in shares following a downgrade by Wells Fargo from an overweight to an equal weight rating. The firm stated this was due to Wolfspeed’s exposure to Tesla which could affect growth. Shares in egg producer Cal-Maine rose 3.6%. The company reported earnings per share of $3 and a revenue of $703 million for the most recent quarter, adding that market prices increased due to influenza and seasonality.
Entertainment giant Disney saw a more than 3% slip in shares, despite winning its proxy fight against activist investor Nelson Peltz and reelecting its board members. Jewelry retailer Signet Jewelers, owner of Zales, saw a nearly 10% share increase after its announced plans to buy back half of its preferred shares worth about $414 million.
Ford Motor posted a 3% upsurge in shares when it announced a 7% year-on-year rise in its U.S. sales for Q1 while its electric vehicle sales rocketed by 86%. SoFi Technologies saw a 4.7% increase in shares after Needham initiated coverage with a buy rating, labeling SoFi as a long-term winner in digital lending.
Finally, GE Aerospace saw a surge of over 6% following the spinoff of its power business from its parent company, previously known as General Electric. The spun-off entity, GE Vernova, began trading under the symbol ‘GEV’ on the New York Stock Exchange.
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