Stocks with the biggest moves at midday: MU, SMCI, LUV
See the companies making headlines in midday trading. Micron Technology, a chip stock — Shares jumped nearly 13% after the memory chipmaker issued strong guidance as the rise of AI drives demand for its products. Other chip stocks also rose, with Applied Materials, ASML Holding and Lam Research rising about 4% each. Super Micro Computer — Shares plummeted more than 12% after The Wall Street Journal reported that the Justice Department had opened an investigation into the AI server maker. Southwest Airlines — The airline jumped 11% after raising its third-quarter revenue forecast and authorizing a $2.5 billion stock buyback. The company also announced several changes to its business model as it tries to fend off Elliott Investment Management and convince investors it’s on track to increase profits and revenue. Starbucks — The coffee chain rose nearly 2% after Bernstein upgraded the stock to outperform, citing confidence in the company’s new CEO. NRG Energy — Shares rose 1.6% after the energy company raised its full-year guidance. NRG Energy now expects adjusted EBITDA to range from $3.53 billion to $3.68 billion. GE Healthcare — Shares fell more than 1% after UBS downgraded the health care technology company to sell from neutral, citing growth risks stemming from its China business. Jefferies Financial — The investment bank lost more than 2%. The company reported earnings of 75 cents per share in its fiscal third quarter on revenue of $1.62 billion, below FactSet estimates. CarMax — The used car retailer rose nearly 6% after beating sales estimates in its fiscal second quarter. The company also reported a 5.1% increase in used vehicle retail sales. Jabil — The manufacturing solutions provider saw its stock jump more than 11% after the company reported stronger-than-expected quarterly earnings and revenue. Jabil posted earnings per share of $2.30, beating FactSet estimates of $2.22 per share. Revenue of $6.96 billion also exceeded expectations. New York Community Bank — Shares of the regional lender jumped nearly 8% after Barclays upgraded the stock to outperform from equal weight. Barclays said New York Community Bank has completed “advanced work” around its restructuring and has a favorable risk-reward outlook going forward. Bilibili — The Chinese internet company’s U.S.-listed shares jumped 12.5% after Goldman Sachs upgraded it to buy from neutral. Goldman said the company is entering a profit growth cycle. Sonos — The home audio company fell 4.3% after Morgan Stanley downgraded it twice from equal weight to underperform. Analyst Erik Woodring said the backlash from the company’s app redesign in May will impact the company’s top and bottom lines more than the market is currently pricing in. Accenture — The professional services stock jumped nearly 5% on better-than-expected fourth-quarter financial results. The company also issued strong guidance and raised its quarterly dividend. — CNBC’s Jesse Pound, Yun Li, Alex Harring, Pia Singh and Hakyung Kim contributed reporting
