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Stocks making the biggest moves midday: Sonos, Salesforce, Disney, Credit Suisse and more
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Check out the companies making headlines in midday trading.
Sonos — Shares surged about 16.5% after Sonos reported a big beat in its fiscal first-quarter results. The audio products developer posted per-share earnings of 57 cents, compared to consensus estimates of 40 cents per share, according to Refinitiv. Revenue came in at $673 million, greater than forecasts for $580 million.
MGM Resorts International — The casino operator's stock rallied 6.4% 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 nearly 3.5% 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 17% 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 3% 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
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UPS
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