Several companies made headlines in midday trading with their performance on the stock market. Ross Stores saw a nearly 10% increase in its stock price following strong first-quarter results, beating analyst expectations with earnings of $1.46 per share on $4.86 billion in revenue. Booz Allen Hamilton also experienced a 3.8% increase after reporting adjusted earnings of $1.33 per share and revenue of $2.77 billion in its fiscal fourth quarter, exceeding analyst forecasts.
Coinbase’s shares jumped 5% after the U.S. Securities and Exchange Commission approved a rule change allowing ETFs to buy and hold ether, the second largest cryptocurrency. Robinhood also saw a 3.9% increase in its stock price. Lucid Group, however, dipped almost 3% after announcing plans to lay off about 400 employees as part of a restructuring effort. Intuit’s stock fell about 8% following weaker-than-expected fiscal fourth-quarter guidance, with adjusted earnings forecasted below analyst expectations.
Toast, a financial tech company specializing in point-of-sale products for restaurants, gained nearly 1% after an analyst initiated coverage with an outperform rating. The analyst predicts strong growth for Toast in gross profit and adjusted EBITDA in 2024 and 2025. Workday, on the other hand, slipped 14% after its second-quarter subscription revenue guidance missed analysts’ estimates. Deckers Outdoor, the maker of Uggs, saw a 14% increase in its stock price after surpassing Wall Street’s expectations for sales and profit in the fiscal fourth quarter.
Guardant Health, a biotech company, experienced a more than 10% increase in its stock price following a recommendation for approval of a new blood test by an FDA advisory committee. This new test from Guardant Health is designed to screen for colorectal cancer. Overall, the performance of these companies in midday trading reflected a mix of positive and negative developments, with some surpassing expectations and others facing challenges.
