In midday trading, several companies made headlines for various reasons. Intel, a tech giant, saw a 7% drop after revealing a $7 billion operating loss in its semiconductor manufacturing business in 2023. Spotify Technology, a music-streaming company, saw a more than 5% increase in its stock price after reports that it is raising prices for its premium subscription service in several markets, including the U.S. Ulta Beauty, a beauty retailer, saw its shares plummet over 13% after warning of slowing category growth and moderating sales. Dave & Buster’s, a restaurant and entertainment chain, saw an 11% jump in its stock price after increasing its share repurchase authorization.
Wolfspeed, a semiconductor company, dropped over 4% after a downgrade from Wells Fargo due to concerns over its Tesla exposure impacting growth. Cal-Maine, an egg producer, saw a 2.5% increase in its stock price after posting strong earnings per share and revenue for the latest quarter. Disney shares slipped slightly as shareholders prepared to vote on whether activist investor Nelson Peltz’s candidates should replace some board members. Signet Jewelers, a jewelry retailer, saw a 10% increase after announcing plans to buy back half of its preferred shares.
Ford Motor, an automaker, added 2% after announcing that first-quarter U.S. sales rose 7% and electric vehicle sales jumped 86%. SoFi Technologies, a financial technology company, saw a 3% increase in its stock price after receiving a buy rating from Needham, which called it a “long-term winner” in digital lending. GE Aerospace surged more than 6% after completing the spinoff of its power business, with the new entity known as GE Vernova starting trading on the New York Stock Exchange.
Overall, the midday trading activity highlighted a mix of positive and negative news for various companies in different industries. While some companies saw significant increases in their stock prices due to positive earnings reports or strategic announcements, others faced downward pressure from concerns over growth prospects or market conditions. Investors will continue to monitor these developments and assess their impact on the overall market performance.
