Stocks That Have Made Moves In The Midday

Apple— Apple experienced a decline of approximately 3%. According to Counterpoint Research, iPhone sales in China plummeted by 24% in the first six weeks of 2024 compared to the corresponding period last year.

Target— Target witnessed a remarkable surge of 12% following its outperformance of Wall Street’s fourth-quarter estimates. Despite lower same-store sales and a cautious sales forecast, the department store chain managed to boost profits and exhibit improved profit margins year over year.

Tesla— The electric vehicle manufacturer saw a decrease of nearly 4% in its stock value due to a suspected arson attack at a nearby electricity substation, resulting in production halts at its Berlin gigafactory.

Advanced Micro Devices— Shares of Advanced Micro Devices remained steady after Bloomberg reported the company’s failure to obtain approval from U.S. regulators for a made-for-China chip. Despite designing a lower-performing chip, AMD faced rejection from the Commerce Department for its sale in China, deemed too advanced.

apple faced a plum by 24%
Apple: iPhone sales in China plummeted by 24% despite global brand strength. 

Microstrategy— Microstrategy experienced a significant decline of over 21%. The company focused on bitcoin development, announced a private offering of $600 million in convertible senior notes, intending to allocate proceeds towards purchasing more bitcoin and covering general corporate expenses.

Albemarle— Albemarle’s shares plunged approximately 18% following the commencement of the sale of $1.75 billion of depository shares, each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock. Albemarle disclosed intentions to utilize proceeds for various purposes including funding construction and expansion in China and Australia.

GitLab— The software company witnessed a steep decline of 21% after issuing weaker-than-expected forward guidance. GitLab projected full-year revenue of $725 million to $731 million, falling short of analysts’ estimates. Profit forecasts also missed expectations, with GitLab anticipating earnings between 19 cents and 23 cents compared to a consensus estimate of 35 cents. Despite this, fourth-quarter sales and earnings exceeded expectations.

Black Tesla
Tesla: Sank 4% due to production halt at Berlin gigafactory after suspected arson attack.

Paymentus Holdings— Paymentus Holdings saw a significant increase of 20% following its surpassing of Wall Street’s fourth-quarter revenue and earnings estimates.

AeroVironment— The defense stock soared by nearly 28%, marking one of its best days ever, after surpassing Wall Street’s fiscal third-quarter expectations and offering a stronger-than-expected full-year guidance. AeroVironment reported third-quarter adjusted earnings of 63 cents a share on $187 million in revenue.

SoFi Technologies— SoFi Technologies experienced a decline of 15% after announcing a $750 million convertible senior note offering.

Vivid Seats— Shares of the ticket marketplace dropped more than 10% after reporting lower net income in the fourth quarter. Vivid Seats recorded a net income of $22.4 million, down 10% from the same period a year ago, and also revised its 2024 profit guidance downwards.

AT&T— The cellphone network witnessed a rally of about 2%. Wolfe Research upgraded shares to outperform peer performance, citing an attractive risk/reward.

Stitch Fix— Shares of the personal styling service company slid 21% after revising its full-year revenue outlook downwards. Active clients fell by 17% year over year

Sajda Parveen
Sajda Parveen
Sajda Praveen is a market expert. She has over 6 years of experience in the field and she shares her expertise with readers. You can reach out to her at [email protected]
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