Welcome to Extreme Investor Network, where we bring you the latest updates on the companies making waves in the financial markets. Today, we are looking at some of the top performers and underperformers in midday trading.
Ulta Beauty saw a 3% drop in its shares after being downgraded by Jefferies to a hold from a buy rating, citing increased competition in the beauty industry. On the other hand, Netflix experienced a more significant decline of over 7% after announcing that it will no longer report subscriber growth in its quarterly earnings reports starting next year.
One stock that stood out was Shopify, with shares rising 1.8% following an upgrade from Morgan Stanley. The e-commerce company’s growth potential and expansion into international markets were highlighted as reasons for the positive outlook.
In the energy sector, SLB reported revenues slightly above expectations, but with a decline in North American revenue year over year, the stock fell nearly 2%. American Express, on the other hand, saw a 4.5% jump in shares after reporting better-than-expected earnings and increased consumer spending.
Super Micro Computer slipped more than 17% after announcing that its fiscal third-quarter results would be released later this month with no guidance provided. Ibotta, a recently IPO’d technology company, saw a 6% decrease in its share price, despite still being above its IPO price.
On the M&A front, Paramount saw an 8% increase in shares following reports of potential joint acquisition talks between Sony Pictures Entertainment and Apollo Global Management. PPG Industries, however, slumped nearly 3% after missing revenue estimates in the first quarter.
Lastly, Intuitive Surgical’s shares ticked down nearly 2% despite beating expectations in the first quarter. The company also raised its full-year procedural growth forecast, signaling confidence in its future performance.
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