Stocks with the biggest gains at noon: ADBE, ULTA, MU | Private Equity Weekly
Take a look at the companies making headlines in midday trading. Geron Corp. – Shares of the biotech company soared 90% after a U.S. Food and Drug Administration advisory panel voted to support Geron’s blood disease treatment imetelstat. Geron expects a decision from regulators in June. Micron Technology — Micron Technology rose 2.4% after Citi named it one of its top picks and raised its price target from $55 to $150. The bank said its shares deserve a premium given the company’s increasing exposure to artificial intelligence. Rivian Automotive — Shares of Rivian Automotive rose 3.4% and were up 96% from Thursday’s close after Piper Sandler upgraded the electric vehicle maker to “overweight” and raised its price target to $21 from $15. The company said it was optimistic about Rivian’s new product launches and its decision to delay capital expenditures. Fisker — Shares of Fisker rose more than 13%, or $2.00, after the embattled electric-vehicle maker downplayed talk of a potential bankruptcy filing, saying it was working to raise more capital and hoped to strike a deal with another automaker. point. The stock is still down about 53% so far this week. Adobe — Shares of Adobe fell 15% after the software company issued weak revenue guidance for the quarter. Jabil — Shares of Jabil fell 17% after the global manufacturing company’s second-quarter revenue fell short of analysts’ expectations. Jabil also lowered its guidance for fiscal 2024. PagerDuty — Shares fell 8.9% after the IT company issued a weaker-than-expected forecast of adjusted earnings of 12 cents to 13 cents per share. That was below the LSEG consensus estimate of 18 cents per share. Revenue guidance was between $110.5 million and $112.5 million, also below analysts’ expectations of $113.4 million. Smartsheet — The business software provider reported revenue guidance that missed analysts’ expectations, sending its shares down 3.2%. Smartsheet’s revenue for the quarter was US$257 million to US$259 million, and full-year revenue was US$1.113 billion to US$1.118 billion. Meanwhile, analysts polled by FactSet forecast revenue of $262.3 million for the quarter and $1.14 billion for the full year. Ulta Beauty — Shares of Ulta Beauty edged down 5.3% after the beauty products retailer issued disappointing full-year profit guidance. However, Ulta reported fourth-quarter earnings and revenue that beat expectations. Crypto Stocks – Cryptocurrency-related stocks were volatile after Bitcoin pulled back from its recent highs in overnight trading. Coinbase and Marathon Digital rose 1.3% and 2.9% respectively, reversing early losses in their share prices. Meanwhile, Bitcoin buyer MicroStrategy fell 2.2%. Zumiez — The specialty retailer on Thursday forecast a first-quarter loss of $1.09 to $1.19 a share, compared with a consensus estimate of a loss of 34 cents a share, sending the stock down 10.3%, according to FactSet data. The company’s revenue guidance also came in below expectations. Cardlytics — Shares of the advertising company are up more than 50% after Cardlytics’ 2023 EBITDA turned positive for the first time since 2019. The company also gave a higher-than-expected first-quarter forecast. Steel Dynamics — Shares of the Indiana-based steelmaker rose more than 2% after the company reported strong first-quarter profit guidance. Steel Dynamics said it expected earnings per share for the quarter to be $3.51 to $3.55. That was higher than the $3.32 per share expected by Wall Street analysts, according to StreetAccount. —CNBC’s Alex Harring, Jesse Pound, Lisa Kailai Han and Michelle Fox Theobald contributed reporting.
