Several companies were making headlines in midday trading, with Ross Stores leading the way by popping nearly 10% on strong first-quarter results. The discount retailer posted earnings of $1.46 per share on $4.86 billion in revenue, surpassing analysts’ expectations. Booz Allen Hamilton also saw its shares rise by 3.8% after reporting a quarterly revenue and earnings beat. The defense contractor posted adjusted earnings of $1.33 per share, higher than analysts’ forecast, and revenue of $2.77 billion, slightly exceeding expectations.
Coinbase shares jumped 5% after the U.S. Securities and Exchange Commission approved a rule change allowing exchange-traded funds to buy and hold ether, the second-largest cryptocurrency. Robinhood also gained 3.9% following this news. However, Lucid Group experienced a dip of almost 3% after announcing plans to lay off about 400 employees, or 6% of its workforce, as part of a restructuring effort. Intuit, the parent company of TurboTax, saw its shares fall about 8% after reporting weaker-than-expected fiscal fourth-quarter guidance. Toast, a financial tech company specializing in point-of-sale products for restaurants, gained nearly 1% following an outperform rating from Wedbush analyst Moshe Katri.
Workday, an enterprise management company, slipped 14% after its second-quarter subscription revenue guidance came out slightly below analysts’ estimates. Deckers Outdoor, the maker of Uggs, saw its stock advance about 14% after surpassing Wall Street’s fiscal fourth-quarter expectations for sales and profit. Guardant Health, a biotech company, also experienced a rise of more than 10% after an advisory committee for the U.S. Food and Drug Administration recommended approval of a new blood test to help screen for colorectal cancer.
Overall, the market saw a mix of positive and negative movements in midday trading, with companies like Ross Stores and Booz Allen Hamilton reporting strong results that led to share price increases. Other companies, such as Lucid Group and Intuit, experienced declines after reporting weaker guidance. The approval of a new blood test for colorectal cancer by Guardant Health also drove investor interest in the biotech company. These fluctuations highlight the volatile nature of the market and the impact that company-specific news can have on stock prices. Investors will be closely monitoring these developments as they continue to assess market conditions and make investment decisions.
