In midday trading, several companies made headlines with significant stock movements. Victoria’s Secret saw its shares drop by 3.5% after Goldman Sachs initiated coverage of the stock with a sell rating, citing tough macroeconomic conditions and ongoing competitive pressure. Meta Platforms, the parent company of Facebook, plunged more than 11% after reporting lighter-than-expected second-quarter revenue guidance. Tech stocks, including Microsoft, Alphabet, and Amazon, also experienced declines due to Meta’s poor outlook.
JPMorgan downgraded Monster Beverage to neutral from overweight, causing shares to drop by roughly 3%. Honeywell’s stock declined by 1.5% despite beating analysts’ estimates for adjusted earnings per share and revenue for the quarter. Merck & Co. added 2% on stronger-than-expected results for the first quarter, with earnings per share and revenue exceeding analysts’ forecasts. Deckers Outdoor saw a 5% drop in shares following a downgrade by Bank of America, while Southwest Airlines declined more than 7% after missing on both top and bottom-line expectations.
ServiceNow slid 5% after narrowly beating analysts’ revenue expectations in the first quarter. Chipotle Mexican Grill rose 5% after surpassing Wall Street’s first-quarter estimates and reporting a 7% increase in same-store sales. International Business Machines (IBM) saw its revenue miss consensus estimates but beat on the bottom line, leading to a nearly 10% decline in shares. Caterpillar tumbled 6.5% after missing revenue estimates for the most recent quarter and revealing soft sales guidance for the second quarter.
Nvidia’s shares rose about 3% on Thursday, despite the broader market decline, as the chip giant continues to recover from a previous sell-off. Comcast’s stock shed more than 6% after reporting quarterly broadband subscriber losses, overshadowing a top-and-bottom line beat. U.S.-listed shares of Deutsche Bank jumped nearly 8% and hit a 52-week high following better-than-expected first-quarter revenue and profit, driven by continued recovery in its investment banking unit. Overall, the market saw mixed performances from various companies, with both positive and negative movements impacting individual stocks.
