Stocks making the biggest moves midday: GOOGL, DIS, ANET, SMCI
Check out the companies making headlines in midday trading. Alphabet — The tech behemoth fell 8%. Eddy Cue, senior vice president of services at Apple, said on Wednesday that Apple was “actively looking at” reshaping its Safari web browser to focus on AI-powered search functions, according to a Bloomberg report . Cue made the comments during his testimony in the U.S. Justice Department’s lawsuit against Alphabet. Cue added that he believes AI search engines such as OpenAI will eventually replace their standard counterparts like Google. Uber Technologies — Shares slipped almost 2% after the ride-sharing company reported mixed first-quarter results . Revenue came in at $11.53 billion, less than the $11.62 billion expected from analysts polled by LSEG. Its earnings of 83 cents per share topped the consensus estimate of 50 cents per share. Arista Networks — The cloud computing stock dropped 6% after narrowly beating LSEG first-quarter revenue estimates, but managing a solid beat on the bottom line. Arista earned an adjusted 65 cents per share on revenue of $2.00 billion, while analysts had called for 59 cents per share on $1.97 billion in revenue. Lionsgate Studios — The entertainment stock surged nearly 20% after announcing it had completed the full separation of its studio and STARZ businesses into two independent, publicly-traded companies. Lionsgate’s former dual-share structure was collapsed into a single class of stock as part of the separation. Super Micro Computer — The server maker tumbled 6% after issuing weak guidance for its current quarter. Super Micro also posted earnings and revenue that missed expectations for its fiscal third quarter. Earnings for the company came in at 31 cents per share, excluding items, which was lower than the 50 cents a share analysts had sought, per LSEG. Super Micro’s $4.60 billion revenue also disappointed expectations of $5.42 billion. International Flavors & Fragrance — The consumer goods company fell 5% after reaffirming its full-year revenue guidance to come in between $10.6 billion to $10.9 billion, while analysts had been seeking $10.91 billion, per FactSet. However, the company reported first-quarter results that beat analysts’ expectations. Rivian Automotive — The electric vehicle stock fell 5% after Rivian reduced its full-year delivery guidance , citing potential economic impacts from the evolving tariff environment. Rivian’s first-quarter revenue of $1.24 billion did top estimates of $1.01 billion, according to analysts surveyed by LSEG. Disney — The entertainment giant climbed 11% after reporting fiscal second-quarter adjusted earnings of $1.45 per share, beating the $1.20 per share analysts polled by LSEG had expected. Disney’s $23.62 billion revenue also beat the consensus $23.14 billion. Additionally, Disney raised its full-year adjusted earnings outlook to $5.75 per share. Separately, Disney announced a new theme park and resort in Abu Dhabi . Logitech — U.S. traded-shares popped 1% following an upgrade to buy from neutral at UBS. Analyst Joern Iffert singled out the computer accessories company as a beneficiary of rising gaming popularity among Generation Alpha consumers, or those born between 2010 and 2024. Novo Nordisk — Shares added 2% after the Danish pharmaceutical giant predicted that sales of its Wegovy weight loss medication would improve in the second half of the year , once copycat compounded drugs were completely phased out. Novo Nordisk reported lower-than-expected first-quarter sales of Wegovy and also lowered its full-year sales growth forecast. Sarepta Therapeutics — The biotechnology stock plunged 20% after the company posted a major first-quarter loss and cut its full-year net product revenue forecast to between $2.30 billion and $2.60 billion. That’s down from its earlier call for $2.90 billion to $3.10 billion. Upstart Holdings — Shares of the artificial intelligence lending platform dropped more than 11% after the company’s revenue forecast for the current quarter missed Wall Street expectations, per FactSet. The company issued a beat on the top and bottom line in the first quarter. Charles River Laboratories — The pharmaceutical company soared nearly 16% after lifting its full-year earnings guidance. Charles River now anticipates its adjusted earnings will range from $9.30 to $9.80 per share, compared to its earlier call for $9.10 to $9.60 a share. Rockwell Automation — Shares gained 12% after the industrial automation company posted a fiscal second-quarter beat on the top and bottom lines. Rockwell earned an adjusted $2.45 per share on $2 billion in revenue, surpassing FactSet consensus expectations of $2.10 per share and revenue of $1.97 billion. — CNBC’s Sean Conlon, Michelle Fox and Jesse Pound contributed reporting.
