In midday trading, several companies made headlines for various reasons. Ulta Beauty saw its shares drop 3% after being downgraded by Jefferies due to rising competition. Netflix also experienced a significant decrease of over 7% after announcing it would no longer report subscriber growth in its quarterly earnings reports starting next year. Conversely, Shopify saw its shares rise by 1.8% after being upgraded by Morgan Stanley, citing confidence in the company’s growth potential and international expansion.
SLB, an energy stock, fell nearly 2% despite meeting first quarter expectations with $8.71 billion in revenue, slightly above analysts’ projections. American Express, on the other hand, saw its shares increase by 4.5% after reporting diluted earnings per share of $3.33 for the first quarter, surpassing analyst expectations. The company also noted an 8% increase in U.S. consumer spending compared to the previous year.
Super Micro Computer experienced a significant decrease of over 17% after announcing that its fiscal third-quarter results would be released on April 30 without providing any guidance prior to the report. Ibotta, a technology company, saw its shares fall nearly 6% following its recent initial public offering, despite the stock still being 11% above its IPO price. Paramount, however, saw its shares climb more than 8% after reports surfaced that Sony Pictures Entertainment and Apollo Global Management were in talks to jointly acquire the media company.
PPG Industries, a materials stock, dropped nearly 3% after missing Wall Street’s revenue estimates in the first quarter due to falling sales volume. Intuitive Surgical’s shares ticked down 2% despite the company beating expectations on both the top and bottom line in the first quarter. The company also raised its full-year procedural growth forecast to 14% – 17%, up from a previous estimate of 13% – 16%. Overall, these companies in midday trading experienced a mix of stock price movements based on various factors such as earnings reports, analyst ratings, and industry competition.
