Geron Corporation saw a significant surge of 90% in its stock price after a positive vote from a U.S. Food and Drug Administration advisory panel regarding its blood disorder treatment, imetelstat. The anticipation of a regulatory decision in June further added to the excitement surrounding the company.
Micron Technology experienced a 2.4% gain in its stock price following Citi’s endorsement, naming Micron one of its top picks and increasing its price target. The bank highlighted Micron’s growing exposure to artificial intelligence as a key reason for the premium shares deserve.
Rivian Automotive witnessed a 3.4% increase in its stock price after Piper Sandler upgraded the electric vehicle maker to overweight and raised its price target significantly. The optimism stemmed from Rivian’s new product launch and strategic decision to delay capital spending.
Fisker’s stock rose by over 13% after the company addressed concerns of a possible bankruptcy filing by focusing on raising additional capital and exploring partnership opportunities with other automakers. Despite this positive movement, the stock is still down significantly for the week.
Adobe faced a setback with a 15% decline in its stock price following the issuance of weak revenue guidance for the current quarter. Investors reacted negatively to this news, causing a significant dip in the company’s valuation.
Jabil
Jabil experienced a 17% drop in its stock price after the release of second-quarter revenue figures that fell short of analysts’ expectations. Additionally, the company revised its guidance for fiscal 2024, which contributed to the negative sentiment from investors.
Shares of PagerDuty plummeted by 8.9% after the company revealed a weaker-than-expected forecast for adjusted earnings per share and revenue. The outlook provided by PagerDuty did not align with the consensus estimate from LSEG, resulting in a sharp decline in the stock price.
Smartsheet experienced a 3.2% decline in its stock price after posting revenue guidance that fell below analysts’ expectations. The company’s revenue projections for both the current quarter and full year were lower than anticipated, leading to a negative response from investors.
Ulta Beauty
Ulta Beauty’s stock price dropped by 5.3% despite reporting a fourth-quarter earnings and revenue beat. The disappointing full-year earnings guidance overshadowed the positive quarterly results, leading to a sell-off in Ulta Beauty shares.
Stocks tied to cryptocurrencies faced volatility as bitcoin retreated from recent highs. Companies like Coinbase and Marathon Digital saw mixed movements in their stock prices, with Bitcoin buyer MicroStrategy witnessing a decline during midday trading.
Zumiez experienced a 10.3% decrease in its stock price after providing a first-quarter loss guidance that was significantly higher than the consensus estimate. The company’s revenue outlook also failed to meet expectations, resulting in a sharp decline in stock value.
Cardlytics
Cardlytics’ stock price surged by more than 50% after the company reported positive EBITDA for 2023 and provided a strong forecast for the first quarter. The optimistic outlook from Cardlytics led to a significant increase in investor confidence and drove the stock price higher.
Steel Dynamics witnessed a rise of over 2% in its stock price following strong earnings guidance for the first quarter. The company’s projection of earning above Wall Street analysts’ estimates further bolstered investor sentiment towards Steel Dynamics.
The midday trading session saw a mix of positive and negative movements in various stock prices. Companies like Geron Corporation and Rivian Automotive experienced significant gains, while others like Adobe and Jabil faced declines. It is essential for investors to carefully analyze company performance and market trends before making investment decisions in the ever-changing stock market.