In the midday trading session, several companies were making headlines for various reasons. Tesla’s stock declined by 3.5% after falling short of third-quarter delivery estimates, with deliveries coming in slightly below expectations. Nike’s stock also took a hit, dropping nearly 7% after the company withdrew its full-year guidance and postponed its investor day due to an impending CEO change. Despite this, Nike posted fiscal first-quarter earnings and revenue that exceeded Wall Street’s estimates. Humana, a health-care company, saw its stock plummet nearly 12% following the release of its preliminary 2025 Medicare Advantage data, which showed a significant decrease in the percentage of members enrolled in highly rated plans for the next year.
Chinese stocks continued to rally, driven by sweeping stimulus measures in the country. JD.com surged more than 4%, marking its fifth straight day of gains, while another e-commerce company, PDD, saw a nearly 5% increase in its stock value. Exchange-traded funds tracking Chinese stocks also experienced gains, with the KraneShares CSI China Internet ETF rising 6%, even as mainland markets were closed for a holiday. Harley-Davidson’s stock slipped 4.1% after being downgraded to neutral from buy by Baird, which cited risks to the company’s third-quarter forecast due to weak retail activity, excess inventory, and negative sentiment among dealers. Lamb Weston Holdings, a major player in the french fry market, saw its stock rise more than 2% after reporting earnings and revenue for the fiscal first quarter that exceeded analyst expectations. Despite soft demand, the company announced spending cuts to improve cash flow.
Diamondback Energy’s stock rose more than 2% after Barclays upgraded the energy company to overweight from equal weight, following its $26 billion merger agreement with Endeavor Energy Resources. Conagra Brands, a packaged foods company, saw its stock drop by 8% on disappointing fiscal first-quarter results, with earnings per share falling short of estimates and revenue slightly below expectations. Overall, the market saw a mixture of gains and losses among these companies, reflecting various factors such as earnings reports, corporate developments, and market conditions. Investors will continue to monitor these companies and others in the coming days for potential opportunities and risks in the market.
