Several companies made headlines in midday trading, with SoFi Technologies seeing a 10% decline in stock price due to disappointing second-quarter earnings guidance. SoFi forecasted adjusted revenue between $555 million and $565 million, with net income of $5 million to $10 million, falling short of analysts’ expectations. Tesla’s shares soared 16% after achieving a significant milestone in rolling out its full self-driving technology in China, following the removal of restrictions by local Chinese authorities. Domino’s Pizza reported better-than-expected earnings for the first quarter, with earnings per share of $3.58 compared to analysts’ estimates of $3.39, leading to a 4.5% increase in its stock price.
Shares of Dutch medical devices giant Philips jumped more than 29% to a two-year high after agreeing to a $1.1 billion settlement in the U.S. for personal injury cases related to the recall of some of its sleep apnea devices. AT&T’s telecommunications stock rose 2.8% after receiving an upgrade to overweight from Barclays, citing a “mismatch” between the company’s valuation and growth prospects. Roku, the TV streaming distributor, saw a more than 3% increase following an upgrade to buy from neutral at Seaport Research Partners, with the company expected to grow its advertising numbers this year.
Apple’s shares rose over 3% after Bernstein upgraded the tech stock to outperform from market perform, stating that concerns about recent weakness in China may be overblown. Southwest Airlines experienced a 2% decrease in stock price after being downgraded to underperform from hold at Jeffries, with the firm citing a disappointing earnings report. Dave, a fintech company, saw a 9.8% increase in shares after receiving an outperform rating from JMP following financial stability and profitable adjusted EBITDA. AMC Entertainment Holdings lost 9.7% after preannouncing first-quarter results, reporting better-than-expected revenue but slightly disappointing adjusted EBITDA.
Paramount Global’s shares rose 3.7% ahead of its earnings report, amid reports that its board is preparing to fire CEO Bob Bakish as soon as Monday. Overall, these companies’ stock performance in midday trading reflected a variety of factors such as earnings guidance, milestone achievements, upgrades, downgrades, and potential leadership changes, impacting investor sentiment and market trends.
