Customers view merchandise in an experience room at the Sonos store in New York.
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Check out the companies making headlines in midday trading.
7 hours ago
MGM Resorts International — The casino operator’s stock rallied 8% after reporting fourth-quarter revenue of $3.59 billion, beating estimates of $3.35 billion, according to Refinitiv. Deutsche Bank reiterated its buy rating on the stock, citing strong Las Vegas gaming.
Tapestry — Shares gained 5% after the luxury fashion company behind Coach and Kate Spade reported a beat analysts’ expectations for per-share earnings, excluding items, according to FactSet. Tapestry also raised its fiscal 2023 outlook.
Affirm Holdings — The buy now, pay later finance company slumped 20% a day after its fiscal second-quarter earnings and revenue missed analysts’ estimates, according to Refinitiv. CEO and founder Max Levchin also announced layoffs equal to 19% of the workforce, effective immediately.
Tesla — Shares advanced 5% as the company has more than doubled off its 52-week low. But Jonathan Krinsky, chief market technician at BITG, warned the rally has “run its course.”
Salesforce — The software stock rose more than 2% after news that Dan Loeb’s Third Point has taken a stake in Salesforce, becoming the fifth activist investor with a position in the company. The firm, which is experiencing slowing growth, has attracted action from other activists including Elliott Management, Starboard Value, ValueAct Capital and Jeff Ubben’s Inclusive Capital.
Wynn Resorts — Shares of the hotel and casino operator gained more than 4%. On Wednesday, Wynn reported $1 billion in revenue for the fourth quarter, topping analysts’ expectations of $958 million, according to Refinitiv. The results prompted analysts to declare Las Vegas is heating back up.
Hilton Worldwide Holdings — The hotel stock added more than 2% after Hilton surpassed expectations on the top and bottom lines in its latest earnings, according to consensus estimates from Refinitiv.
Walt Disney — Shares gained more than 1% the day after Disney posted a better-than-expected earnings report. The company also reported a smaller-than-anticipated decline in subscribers. CEO Bob Iger announced a massive restructuring of the company, including cutting 7,000 jobs and slashing $5.5 billion in costs. Activist investor Nelson Peltz also dropped his proxy fight against the entertainment giant.
Exxon Mobil — Shares gained more than 1% after The Wall Street Journal reported Exxon Mobil is combining business units as part of a corporate restructuring to cut costs and trim some jobs, according to a memo viewed by the media outlet.
Lucid Group — Lucid shares fell more than 8% after the electric vehicle maker said Thursday that certain versions of its Air electric luxury sedan will be eligible for a $7,500 credit.
Mattel — Shares tumbled nearly 10% after the company said shoppers bought fewer toys this holiday season as higher prices for food and other necessities led to tighter budgets. Fourth-quarter sales fell 22% from the prior year. Revenue and earnings were both below analysts’ estimates, according to Refinitiv.
Gitlab — GitLab shares dropped more than 12% after the software company said it would cut 7% of workforce, or about 130 employees.
Credit Suisse Group — Shares plunged 14% after the Swiss bank reported a fourth-quarter and annual net loss that missed estimates, according to Eikon. Credit Suisse also said it is anticipating another “substantial” full-year loss in 2023.
— CNBC’s Michelle Fox, Alex Harring, Yun Li and Tanaya Macheel contributed reporting
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