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Discover the latest movers and shakers in midday trading.
Media stocks saw a boost after the writers’ strike, which lasted nearly 150 days, finally came to an end. Warner Bros. Discovery and Paramount Global experienced a 2.5% surge in their stock prices, while Comcast witnessed a 0.9% increase. Disney remained steady, while Netflix inched up by 0.3%.
MillerKnoll, a furniture stock, soared by over 27% after posting better-than-expected earnings for the first quarter of fiscal 2024 and increasing its earnings guidance for the full year. Excluding items, MillerKnoll now predicts earnings per share to range between $1.85 and $2.15, compared to the previous guidance of $1.70 to $2.00 per share.
ChargePoint and Blink Charging, two electric vehicle charging stocks, both gained 4.1% and 5.5%, respectively, after UBS initiated coverage of them with buy ratings. According to UBS, both companies are well-positioned to take advantage of the growing adoption of electric vehicles.
Costco, the wholesale superstore, experienced a 2.1% increase in its stock price following a fourth-quarter earnings beat. Executives at Costco noted increased store traffic and an 8% rise in year-over-year memberships.
XPO shares rose by approximately 2% after the stock was upgraded to outperform by Evercore ISI. Analyst Jonathan Chappell highlighted the potential for margin growth and stronger pricing power.
Mattel, the toymaker, saw its shares rise by over 4% after Morgan Stanley initiated coverage with an overweight rating. The investment firm believes that Mattel will experience sales and margin expansion in the third and fourth quarters, thanks to the success of the “Barbie” movie.
Amazon shares fell by 1% following the Federal Trade Commission’s filing of an antitrust suit against the technology giant. The stock had already dropped by 4% the previous day.
Levi Strauss & Co., the apparel maker, added 1.2% after TD Cowen initiated coverage with an outperform rating, stating that Levi’s is in the early stages of a favorable denim cycle.
Guardant Health, an oncology company, jumped 5.6% after Piper Sandler upgraded it to overweight from a neutral rating. The recent sell-off created a compelling investment opportunity, according to Piper Sandler.
AAR Corp, an aircraft services company, saw its shares rise by 2.3% following an impressive quarterly earnings report. The company surpassed analysts’ forecasts for earnings and revenue in the first quarter of the 2024 fiscal year, reporting $550 million in quarterly sales, a 23% increase from the previous year.
Kosmos Energy experienced a surge of over 6% after Bank of America upgraded it to a buy rating from a neutral rating. Bank of America believes that Kosmos Energy’s current valuation is compelling.
CNBC’s Brian Evans, Alex Harring, Jesse Pound, and Hakyung Kim contributed to this report.
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