Check out the companies making the biggest moves at midday: Southwest Airlines — Citing delivery delays from Boeing, the company said it would “reevaluate all of its previous full-year 2024 guidance, including its capital spending expectations.” After the announcement, the stock price plummeted by nearly 14%. Southwest Airlines said leisure bookings in the first quarter were lower than expected. The company also expects unit revenue to be flat, up just 2% year-on-year, below its previous forecast in January of up to 4.5% growth. Oracle — The database software stock rose 11% for its best day since December 2021 after reporting fiscal third-quarter profit that beat Wall Street expectations. Oracle also reported a 12% increase in revenue in its cloud services and license support division, due in part to a surge in demand for AI servers. 3M — L3Harris Technologies’ former CEO William Brown’s stock rose more than 3% following the company’s announcement that he will become 3M’s new CEO on May 1. . Asana — Shares fell about 11% after the work management platform announced a blanket selloff. Annual revenue guidance. Asana expects revenue to be $716 million to $722 million, but said it is below the $725 million expected by analysts surveyed by LSEG. . Microstrategy — Bitcoin developer gains his 3.5% following bullish comments from Wall Street analysts. Canaccord Genuity, which rates the stock a Buy, said MicroStrategy is not “complacent” amid the Bitcoin rally and raised its price target to $1,810. TD Cowen also raised its price target to $1,560 and reiterated its Outperform rating. Boeing — Shares fell 4% after a New York Times report that Boeing Co. has failed 33 of 89 audits of its 737 Max jet, with 97 suspected violations. The investigation began in January after a door panel on a Boeing 737 Max 9 was blown off during an Alaska Airlines flight. Acadia Pharmaceuticals — Shares fell about 16% a day after the biopharmaceutical company announced it was halting a clinical trial of the antipsychotic drug pimavanserin after it failed to improve symptoms of schizophrenia. American Airlines — The company fell nearly 4% after giving its first-quarter outlook at the lower end of its conventional range. American expects an adjusted loss of 15 cents to 35 cents per share, compared to analysts surveyed by FactSet expecting a loss of 22 cents. Management blames rising fuel costs. Advance Auto Parts — Shares rise 3% a day after the auto parts retailer announced that Dan Loeb’s Third Point and activist shareholder Saddle Point have reached a settlement with the company that will give it a seat on its board of directors. did. Holding — Shares fell 13.6% after the athletic shoe maker’s fourth-quarter profits overwhelmed Wall Street. On posted a loss of CHF 0.05 per share, while analysts polled by Street Account had expected On to post a profit of CHF 0.10. Sales came in at CHF 447.1 million, also below the consensus estimate of CHF 450.9 million. Archer Daniels Midland — The agricultural giant rose 4% after announcing plans to fix an accounting problem that caused it to restate certain transactions in its six-year financial results. Archer Daniels Midland said the adjustment does not affect the consolidated balance sheet, income statement, comprehensive income or cash flow. The company also approved a $2 billion share buyback. New York Community Bancorp — Shares rose more than 4% after the local bank announced it had completed a more than $1 billion equity transaction that strengthened its balance sheet. —CNBC’s Samantha Subin, Lisa Han, Alex Harring and Sarah Min contributed reporting.
LUV, ORCL, MMM, NYCB etc.
