In midday trading, Target saw a more than 7% drop in shares after reporting a first-quarter earnings miss, with a 3% year-over-year decline in sales. In contrast, semiconductor manufacturer Analog Devices saw its stock surge over 8% after beating analysts’ estimates in the second quarter, reporting adjusted earnings per share of $1.40 on revenue of $2.16 billion. Shopify’s shares climbed over 3% following an upgrade to buy from Goldman Sachs, noting an attractive entry point for investors. Despite posting a fiscal first-quarter beat, Urban Outfitters’ stock slid 4% after trading higher prior to Tuesday’s opening bell, reporting adjusted earnings of 69 cents per share and revenue of $1.20 billion.
Garmin’s shares fell 4.8% following a downgrade to underperform from neutral by Bank of America, citing concerns that the current valuation was unsustainable. PDD Holdings, a Chinese retailer, saw a 2% increase in stock due to a 131% jump in revenue in the first quarter. Toll Brothers’ shares pulled back nearly 8% despite beating Wall Street’s fiscal second-quarter estimates with earnings per share of $4.55 on revenue of $2.65 billion. Hims & Hers Health saw a nearly 5% drop in stock after a Citi downgrade to neutral, following news that it would add GLP-1 drugs to its platform.
Lululemon’s athleisure stock declined over 6% after reports of the company’s chief product officer departing. Tesla’s stock fell more than 3% after a Bloomberg report revealed a decrease in European sales to a 15-month low. On the other hand, First Solar saw shares surge over 18% in midday trading following a hike in price target by UBS, with investors excited about the potential benefits of artificial intelligence on the solar company and other alt energy stocks like Bloom Energy (up 18%), Sunnova Energy (up 14%), and Enphase Energy, Fluence Energy, and Sunrun (all up 10%).
Williams-Sonoma’s shares slipped 8% despite beating revenue estimates in the fiscal first quarter, with the company forecasting a full-year revenue range of down 3% to up 3%. Moderna, a drug developer, surged over 11% to a fresh 52-week high, gaining for an eighth consecutive day. The company has seen significant growth in the past month, nearly 60%, which includes reporting its latest financial results on May 2. Overall, the midday trading session saw a mix of gains and losses for various companies across different sectors, influenced by earnings reports, analyst upgrades and downgrades, and industry-specific news.
