The stock market is always buzzing with activity, and today is no exception. Here are some of the companies making headlines in midday trading:
Krispy Kreme:
Krispy Kreme saw a nearly 30% increase in its stock price, heading for its best day on record. The company has announced plans to sell its doughnuts at McDonald’s restaurants nationwide by the end of 2026, with the rollout beginning later this year.
Trump Media & Technology Group:
Shares of former President Donald Trump’s social media company surged 35% after it began trading on the Nasdaq. Trump Media completed its merger with shell company Digital World Acquisition Corp on Monday.
McCormick:
The spice maker’s stock jumped 10% after topping earnings and revenue expectations for its fiscal first quarter. Adjusted earnings per share were 63 cents, beating the consensus estimate of 58 cents, and revenue came in at $1.6 billion compared to the expected $1.55 billion.
Reddit:
Reddit’s stock popped about 15% as investors continued to buy up shares following its debut on the New York Stock Exchange. The stock rallied 30% on Monday.
Viking Therapeutics:
The biotechnology stock rallied more than 21% after announcing promising results for its experimental weight loss drug. The company said the drug will move to the next stage of development this year.
Seagate Technology:
The data storage stock gained nearly 10% after a Morgan Stanley upgrade to overweight from equal weight. The firm cited better earnings power from generative artificial intelligence and other drivers.
Micron Technology:
The memory chipmaker saw a 2% increase after Mizuho Securities reiterated its buy rating and raised its price target. The firm mentioned a strong AI opportunity that could boost sales in 2024 and 2025.
UPS:
Shares of the delivery stock fell more than 6% after a long-term forecast update. UPS expects revenue to potentially reach $114 billion in 2026, but Wall Street analysts raised questions about the forecast pricing.
Canada Goose:
The luxury coat and parka maker dropped 3.4% after announcing plans to cut 17% of its global corporate workforce to trim costs amid decreased discretionary spending by consumers.
Super Micro Computer:
The stock rose 2.3% on the heels of an overweight rating from JPMorgan. The firm named the server and storage solutions provider a leader in the growing AI compute market.
Stay tuned for more updates on these companies and others as the trading day continues. – CNBC’s Alex Harring, Michelle Fox, Jesse Pound and Pia Singh contributed reporting.
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