Check out the companies making headlines in midday trading. Geron Inc. – Shares of the biotech company rose 90% after an FDA advisory panel voted in favor of Geron's treatment for blood disorders, imetelstat. Geron expects a regulatory decision to be issued in June. Micron Technology – The semiconductor stock rose 2.4% after Citi picked Micron as one of its top picks and increased its price target by $55 to $150. The bank said the shares deserve a premium given the company's growing exposure to artificial intelligence. Rivian Automotive – Shares rose 3.4% after Piper Sandler upgraded the electric car maker to overweight and raised its price target to $21 from $15, suggesting a 96% upside from Thursday's close. The company said it was optimistic about Rivian's new product launch and its decision to delay capital spending. Fisker — Shares rose more than 13%, or 2 cents, after the struggling electric car maker downplayed talks about a potential bankruptcy filing, saying it is trying to raise more capital and hopes to strike a deal with another automaker. The stock is still down about 53% since the beginning of the week. Adobe – Shares fell 15% after the software company issued weak revenue guidance for the current quarter. Byblos – Shares fell 17% after the global manufacturing company’s second-quarter revenues fell short of analysts’ expectations. Jabil also lowered its guidance for fiscal 2024. PagerDuty – Shares fell 8.9% after the IT company issued a weaker-than-expected forecast, forecasting adjusted earnings per share of 12 cents to 13 cents. That's below LSEG's, formerly Refinitiv, estimate of 18 cents per share. Revenue guidance came in a range of $110.5 million to $112.5 million, also below analysts' expectations of $113.4 million. Smartsheet – The business software provider fell 3.2% after posting revenue guidance that was worse than analysts expected. Smartsheet pegged revenue of between $257 million and $259 million in the current quarter and a range of $1.113 billion to $1.118 billion for the full year. Meanwhile, analysts polled by FactSet expected $262.3 million for the quarter and $1.14 billion for the year. Ulta Beauty – Shares fell 5.3% after the beauty retailer posted disappointing full-year earnings guidance. However, Ulta reported earnings and revenue in the fourth quarter. Cryptocurrency Stocks – Cryptocurrency-related stocks fluctuated after Bitcoin retreated from its recent highs in overnight trading. Shares of Coinbase and Marathon Digital rose 1.3% and 2.9%, respectively, reversing earlier declines for the shares. Meanwhile, Bitcoin buyers MicroStrategy lost 2.2%. Zumiez — The stock lost 10.3% after the specialty retailer on Thursday directed a first-quarter loss of between $1.09 and $1.19 per share, versus the consensus estimate of a loss of 34 cents per share, according to FactSet. The company's revenue guidance also missed expectations. Cardlytics – The advertising company's stock price jumped more than 50% after 2023 EBITDA turned positive for the first time since 2019. The company also gave a higher-than-expected outlook for the first quarter. Steel Dynamics – Shares of the Indiana-based steelmaker rose more than 2% after strong first-quarter earnings guidance. Steel Dynamics said it expects earnings of between $3.51 and $3.55 per share during the current quarter. That's higher than the $3.32 per share Wall Street analysts had expected, according to StreetAccount. — CNBC's Alex Haring, Jessie Pound, Lisa Kailai Hahn and Michelle Fox Theobald contributed reporting.
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Stocks making the biggest moves at midday: ADBE, ULTA, MU
