Check out the companies making headlines in midday trading. Micron Technology, Chip Stocks – Shares rose nearly 15% after the memory chip maker issued strong guidance as the rise of artificial intelligence drives demand for its products. Other chip stocks rose along with shares of Applied Materials, ASML Holding and Lam Research rising at least 4% each. Super Micro Computer – Shares fell more than 12% after a report from the Wall Street Journal that the Justice Department opened an investigation into the AI server maker. Southwest Airlines – The airline's stock jumped 5.4% after it raised third-quarter revenue forecasts and authorized a $2.5 billion stock buyback. The company also announced several changes to its business model as it tries to fend off activist Elliott Investment Management and convince investors that it is on the right track to boost profits and increase revenue. Starbucks — The coffee chain rose nearly 2% after Bernstein upgraded shares to outperform, citing confidence in the company's new CEO. NRG Energy – Shares rose 1.5% after the energy company boosted its full-year guidance. NRG Energy now expects adjusted EBITDA to be between $3.53 billion and $3.68 billion. GE Healthcare – Shares lost less than 1% after UBS downgraded the medical healthcare technology company to a sell rating from neutral, citing growth risks from its China business. Jefferies Financial – The investment bank lost more than 1%. The company reported earnings of 75 cents per share for the fiscal third quarter on revenue of $1.62 billion, falling short of FactSet estimates. CarMax – The used car retailer jumped 5% after beating sales estimates for its fiscal second quarter. The company also announced a 5.1% increase in retail used unit sales. Byblos – The manufacturing solutions provider saw its shares rise more than 11% after the company reported stronger-than-expected quarterly earnings and revenue. Jabil reported earnings per share of $2.30, beating the FactSet estimate of $2.22 per share. Revenues of $6.96 billion were also above expectations. New York Community Bank – Shares of the regional lender jumped more than 7% after Barclays upgraded the stock to overweight from equal weight. The New York Community Bank has completed the “heavy lifting” on its restructuring and has a positive risk-reward outlook going forward, according to Barclays. Bilibili – Shares of the US-listed Chinese internet company rose 15.4% after Goldman Sachs upgraded it to buy from neutral. Goldman said the company has begun a profitability growth cycle. Sonos – The home audio company fell 4.5% after Morgan Stanley was downgraded twice to underweight from overweight. Analyst Eric Woodring believes the backlash from the company's app redesign in May will impact the company's top- and bottom-line metrics more than the market is currently pricing it in. Accenture – Professional Services stock rose 5.6% in better-than-expected fiscal quarter results. The company also issued strong guidance and raised its quarterly earnings. — CNBC's Jesse Pound, Yun Lee, Alex Haring, Piya Singh and Hakyung Kim contributed reporting
Trending
- Shares of Hong Kong's New World Development Company rose 23% after the CEO resigned
- China's industrial profits fell 17.8% in August from a year ago
- OpenAI's CFO says the funding round should close by next week in a letter
- We're raising our price target on Costco after another flat quarter that reinforces our thesis
- The US Food and Drug Administration has approved Bristol-Myers Squibb's drug for schizophrenia
- Stocks making the biggest moves at midday: MU, SMCI, LUV
- Super Micro shares fell 12% after reports that the Justice Department has opened an investigation into the company.
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Stocks making the biggest moves at midday: MU, SMCI, LUV
