Stocks with the biggest gains at noon: AAPL, TGT, TSLA, AMD | Private Equity Weekly
Take a look at the companies making headlines in midday trading. Apple — Apple fell about 3%. Counterpoint Research said iPhone sales in China fell 24% in the first six weeks of 2024 compared with the same period last year. Target — Target shares soared nearly 12% after the retailer’s fourth-quarter results topped Wall Street expectations. The department store chain reported a decline in same-store sales and gave a cautious sales forecast, but profits were still up and margins were healthier than a year earlier. Tesla — Shares of the electric car maker fell nearly 5% after a suspected arson attack at a nearby substation halted production at the Berlin Gigafactory. Advanced Micro Devices – Shares of Advanced Micro Devices fell more than 2% after Bloomberg said AMD’s chips made in China failed to pass review by U.S. regulators. According to the report, although AMD designed a lower-performance chip, the U.S. Commerce Department rejected sales in China because it was still too advanced. Microstrategy — Microstrategy fell more than 15%. The Bitcoin development company revealed that it will issue a private placement of $600 million in convertible senior notes, with the proceeds intended to purchase more Bitcoins and meet general corporate needs. Albemarle — Shares of Albemarle fell about 12% after the lithium producer began selling $1.75 billion worth of depositary shares, each equivalent to a 1/20th interest in Series A mandatory convertible preferred stock. Albemarle said the proceeds may be used to fund the construction and expansion of operations in China and Australia, the repayment of commercial paper and for general corporate purposes. GitLab — Shares of GitLab fell more than 19% after the software company issued weaker-than-expected forward guidance. GitLab expects full-year revenue of $725 million to $731 million, compared with analysts’ expectations of $732 million, according to LSEG (formerly Refinitiv). Profit forecasts were also lower than expected, with GitLab guiding for 19 cents to 23 cents, compared with the consensus estimate of 35 cents. Fourth-quarter sales and earnings beat expectations. Paymentus Holdings — The payments technology stock rose 21% after beating Wall Street’s fourth-quarter revenue and profit forecasts. AeroVironment — The defense stock soared nearly 28% and was on pace for its second-best single day ever after beating Wall Street’s fiscal third-quarter forecasts and providing stronger-than-expected full-year guidance. AeroVironment reported third-quarter adjusted earnings of 63 cents per share on revenue of $187 million. SoFi Technologies — The financial services stock fell 12% after issuing $750 million in convertible senior notes. Vivid Seats – Shares of Vivid Seats fell more than 9% after the ticket marketplace reported a drop in fourth-quarter net profit. Vivid’s net income totaled $22.4 million, down 10% from the same period last year. The company also lowered its profit guidance for 2024. AT&T — Mobile Internet rose about 3%. Wolfe Research upgraded the stock to outperform, citing attractive risk/reward. Stitch Fix — Shares of Stitch Fix fell more than 20% after the personal styling service cut its full-year revenue forecast. Active customers fell 17% from the same period last year. —CNBC’s Li Yun, Michelle Fox, Jesse Pond and Hakyung Kim contributed reporting.
