Stocks making the biggest moves midday: Tilray, Salesforce, CrowdStrike, Dollar General and more

Check out the companies making headlines in midday trading.

Salesforce — The cloud software company saw its stock jump 3% after it announced quarterly results and guidance that surpassed Wall Street’s expectations. Salesforce delivered growth in all five of its product categories, and CEO Marc Benioff sees expansion ahead through artificial intelligence.

CrowdStrike — The cybersecurity company jumped 8.7% after it not only beat analysts’ second-quarter expectations on the top and bottom lines late Wednesday, but also issued positive earnings and revenue guidance for the third quarter and full year.

Dollar General — The discount retail chain plunged 13% Thursday after reporting second-quarter earnings per share of $2.13, which was lower than the StreetAccount consensus estimate of $2.47. Guidance for the second quarter and full year also disappointed.

Cannabis stocks — Cannabis stocks popped a day after the U.S. Department of Health and Human Services recommended easing restrictions on marijuana and classifying it as a lower-risk drug. Canopy Growth, Tilray Brands and Cronos Group gained 21%, 8.6% and 10.2%, respectively.

Ciena — The network equipment stock surged more than 16% after topping Wall Street’s fiscal third-quarter earnings expectations on the top and bottom lines. Revenue rose 23% from a year ago and the company said it expects fiscal 2024 to be a growth year. Ciena also expects AI adoption to contribute to growth over the long run.

Palantir Technologies — The data analytics stock dropped 10% following a downgrade from Morgan Stanley, which said difficulties monetizing artificial intelligence could drive the share price down more than 40%. The firm gave Palantir an underweight rating.

Arista Networks — The networking equipment stock rose 3.8% after Citi upgraded Arista Networks to a buy rating, citing its long-term AI exposure.

Okta — Okta shares surged 12.4% after the access management company topped analysts’ second-quarter earnings expectation and issued a strong full-year outlook. The company reported adjusted earnings of 31 cents per share, excluding items, on revenue totaling $556 million. That came in ahead of the earnings per share of 22 cents and $535 million in revenue expected by analysts polled by Refinitiv.

Five Below — The discount retail stock slumped 4.8% on disappointing third-quarter guidance. For the current period, Five Below said it expects revenue to range between $715 million and $730 million, versus the $738 million expected by analysts polled by StreetAccount. Earnings per share estimates also came in below expectations.

Shopify — Shares popped 8.1% after Shopify announced late Wednesday that its merchants on its e-commerce platform can use Amazon’s “Buy with Prime” option. The new Amazon app on Shopify’s ecosystem gives merchants access to benefits such as fast and free delivery outside of Prime.

Signet Jewelers — The jewelry stock jumped 5% after Signet reported a stronger-than-expected second quarter. The company reported $1.55 in adjusted earnings per share on $1.61 billion of revenue. Analysts surveyed by StreetAccount were expecting $1.45 in earnings per share on $1.58 billion of revenue. The company also said it expected a multiyear rebound in engagements to start later this year.

UBS — U.S.-listed shares rose more than 4% after the Switzerland-based bank topped profit expectations and announced a slew of job cuts as it integrates Credit Suisse following the recent takeover. Shares hit a multiyear high during Thursday’s session.

Chewy — Chewy shares tumbled more than 11%. The pet food retailer topped expectations and posted surprise earnings of 4 cents per share, but said active users declined year over year. The company also indicated that customers are growing more cautious.

Victoria’s Secret — The intimate apparel stock popped 6.1% even after missing second-quarter earnings expectations on both the top and bottom lines. Victoria’s Secret also said it expects a wider-than-expected loss for the current quarter.

UGI — UGI shares surged more than 9% in midday trading. The natural gas and electric utility said Thursday that its board will be exploring strategic alternatives, including a review of UGI’s cost structure and capital allocation priorities.

SkyWest — The regional airline jumped 6.6% following an upgrade to outperform from market perform by Raymond James. The firm said the company has an improved outlook for pilot hiring. 

— CNBC’s Tanaya Macheel, Sarah Min, Yun Li, Alex Harring, Michelle Fox, Pia Singh and Jesse Pound contributed reporting.