A look at the biggest gainers at midday: Southwest Airlines – Shares plummeted nearly 14% after the company announced it was “reassessing all previous full-year 2024 guidance, including capital expenditures expectations,” citing delays in Boeing deliveries. Southwest said first-quarter leisure bookings were lower than expected. The airline also forecast that its unit revenue would be flat and up no more than 2% compared with the same period last year, down from 4.5% before January. Oracle — The database software stock surged 11% and was on track for its best day since December 2021 after reporting fiscal third-quarter earnings that topped Wall Street expectations. Oracle also reported a 12% revenue increase in its cloud services and licensing support segment, driven in part by surging demand for AI servers. 3M — Shares of 3M rose more than 3% after the company announced that former L3Harris Technologies CEO William Brown will become 3M’s new CEO, effective May 1. Asana — The stock fell about 11% after the work management platform issued a weak overall report. Annual income guidance. Asana said it expected revenue between $716 million and $722 million, below the $725 million forecast by analysts surveyed by LSEG. Microstrategy — Shares of the Bitcoin developer rose 3.5% after upbeat comments from Wall Street analysts. Canaccord Genuity rates the stock a buy and raised its price target to $1,810, saying Microstrategy will not “rest on its laurels” during Bitcoin’s rally. TD Cowen also raised its price target to $1,560 and reiterated an outperform rating. Boeing Co. — The jet maker’s shares fell 4% after the New York Times reported that the jet maker failed 33 of 89 audits of its 737 Max jets, including 97 alleged violations. The investigation began after a door panel was blown off an Alaska Airlines Boeing 737 Max 9 in January. Acadia Pharmaceuticals — The biopharmaceutical company said it would halt a trial of its antipsychotic drug pimavanserin due to a failure to improve schizophrenia symptoms, sending its shares tumbling nearly $16 a day. %. American Airlines — Shares of American Airlines fell nearly 4% after the airline provided first-quarter guidance at the low end of its previous range. American Airlines expected an adjusted loss of 15 cents to 35 cents per share, while analysts polled by FactSet expected a loss of 22 cents. Management blamed rising fuel costs. Advance Auto Parts — Shares of Advance Auto Parts rose 3% a day after the auto parts retailer said Dan Loeb’s Third Point and activist Saddle Point reached a settlement with the company that gave them board seats. HOLD – The sneaker maker’s fourth-quarter profit left Wall Street muted, sending shares down 13.6%. On fell 0.05 Swiss francs per share, while analysts polled by StreetAccount expected On to earn 0.10 Swiss francs per share. Revenue of CHF 447.1 million was also below the consensus forecast of CHF 450.9 million. Archer-Daniels-Midland — The agriculture giant announced a plan to address accounting issues that led it to correct certain transactions in six years of financial results after the company Shares rose 4%. Archer Daniels Midland said the adjustments had no impact on its consolidated balance sheet, income statement, comprehensive profit and loss or cash flows. The company also authorized $2 billion in stock repurchases. New York Community Bancorp — Shares of New York Community Bancorp rose more than 4% after the regional bank said it had completed an equity investment deal of more than $1 billion, strengthening its balance sheet. —CNBC’s Samantha Subin, Lisa Han, Alex Harring and Sarah Min contributed reporting.
