In midday trading, several companies made headlines. Meta’s shares dropped 1.3% as the European Union launched an investigation into child safety concerns on its social media platforms Facebook and Instagram. Deere saw a 3% decline after cutting its full-year guidance, now expecting net income of around $7 billion. Walmart’s shares surged nearly 6% after reporting adjusted first-quarter earnings of 60 cents per share, exceeding analysts’ expectations. Chubb’s stock rose almost 4% after Warren Buffett’s Berkshire Hathaway disclosed it as the confidential stock it had been purchasing for two quarters. Meme stocks GameStop and AMC retreated following a speculative rally earlier in the week, with declines of 23% and 14%, respectively. Despite this, both companies were still up more than 60% for the week.
Canada Goose, the luxury apparel maker, saw its shares climb 16% after posting stronger-than-expected earnings and revenue in its fiscal fourth quarter. The company also projected a 100 basis point expansion in profit margin for the 2025 fiscal year. South Korean e-commerce company Coupang rose 2.1% after being upgraded to buy by UBS, which highlighted its expanding portfolio and strong logistics network. Corebridge Financial’s shares surged over 14% following the announcement that insurance company AIG would be selling its 20% stake in Corebridge to Nippon Life in a $3.8 billion deal. GoodRx’s healthcare company saw a 12.7% increase in its share price after an upgrade from Raymond James to outperform, citing positive investor sentiment following GoodRx’s first-ever investor day.
Overall, the market was reacting to a mix of news from different companies. Meta’s setback from the EU probe led to a mild drop in its stock price, while Deere’s lowered guidance impacted its shares negatively. On the other hand, Walmart’s strong earnings report led to a substantial increase in its stock price. The revelation of Berkshire Hathaway’s stake in Chubb caused a significant uptick in the insurance company’s shares. The decline of meme stocks GameStop and AMC signified a cooling off period after a speculative rally earlier in the week. Canada Goose’s positive earnings and revenue report boosted its stock price, as did UBS’s upgrade of Coupang. The sale of AIG’s stake in Corebridge and the upgrade of GoodRx by Raymond James also had positive impacts on their respective stock prices.
In conclusion, the midday trading session saw a mix of positive and negative reactions to various news from different companies. While some stocks were impacted by external factors like regulatory probes or changes in financial guidance, others saw significant gains due to positive earnings reports or investor upgrades. The market remains volatile, with meme stocks like GameStop and AMC still experiencing fluctuations despite their overall gains for the week. Investors will continue to monitor these companies and others as they navigate through the ever-changing landscape of the stock market.
