Take a look at the companies making headlines in midday trading: CrowdStrike — Shares of the cybersecurity company rose 12% after posting strong guidance and better first-quarter results. CrowdStrike reported adjusted earnings of 93 cents per share on revenue of $921 million, beating the 89 cents per share profit on revenue of $905 million that analysts polled by LSEG had forecast. Hewlett Packard Enterprise – Technology shares rose 10.7% to hit a new 52-week high after earnings beat expectations. Hewlett Packard Enterprise reported adjusted earnings per share of 42 cents on revenue of $7.2 billion, while analysts surveyed by LSEG had forecast earnings per share of 39 cents and revenue of $6.82 billion. Dollar Tree – Stock The discount retailer fell 4.9% after its second-quarter guidance came in below expectations. Dollar Tree said it expected adjusted earnings per share of $1 to $1.10, while analysts polled by FactSet had forecast $1.19 per share. The company also said it is exploring the possibility of selling its Family Dollar division. GameStop – Meme shares rose 19.1% after falling 5.4% in the previous session. The stock is up more than 30% in a week. The speculative rally was initially sparked by GameStop champ “Growling Kitty,” who posted a screenshot of his portfolio containing a massive amount of stock and call options in the video game retailer. Shares of AMC, another meme, were trading up 7.5% on Wednesday. Riot Platforms – Shares of the bitcoin miner fell about 0.2% after Kerrisdale Capital disclosed its short position in the company. In a post on social media site X, Kerrisdale said Riot’s platforms “will always remain too expensive to mine Bitcoin profitably.” Brown-Forman – Shares of the liquor retailer fell 5.9% to a new 52-week low after disappointing fiscal fourth-quarter earnings. Brown-Forman reported $964 million in revenue for the three-month period, below the $1.03 billion consensus of analysts surveyed by FactSet. WalkMe – Shares of the software company soared 43% after the announcement that SAP had agreed to acquire WalkMe in as part of a $1.5 billion cash deal. The deal is expected to close in the third quarter of 2024. SAP shares also rose during Wednesday’s session, rising about 1.6%. Archer Aviation — Shares of Archer Aviation jumped 6.2% after the maker of electric vertical take-off and landing aircraft received a key Federal Aviation Administration certification that brings it one step closer to flying passengers. Verint Systems — The customer service automation platform rose 23% after reporting better-than-expected revenue and an upgrade to full-year guidance. Verint reported adjusted earnings of 59 cents per share on revenue of $221.3 million in the first quarter. Analysts surveyed by LSEG expected earnings per share of just 54 cents on revenue of $214.5 million. PVH – Fashion stocks rose 3.8% on better-than-expected first-quarter financials. Tommy Hilfiger’s parent company reported adjusted earnings of $2.45 per share on revenue of $1.95 billion, while analysts surveyed by LSEG had forecast earnings of $2.16 per share on revenue of $1.93 billion. PVH also raised its full-year earnings per share forecast while reaffirming its revenue forecast for the period. Applied Materials, KLA – Semiconductor stocks jumped 5.3% and 4.6%, respectively, following Barclays’ upgrade to equal weight from underweight. Barclays said rising Chinese spending is a catalyst for equities. Taiwan Semiconductor Manufacturing – Shares gained 6.9% after Barclays raised its share price target to $170 per share from $150. The firm said a new generation of more advanced chips, called 2nm, should benefit the semiconductor maker given its dominant market share. Clothing maker Hanesbrands gained 5% after closing a deal to sell its Champion brand to Authentic Brands Group. The deal is valued at $1.2 billion and includes contingent cash consideration. Old Dominion Freight Line — Trucking shares rose 2.2% after BMO Capital Markets initiated outperform coverage on the stock in a report Wednesday. Analyst Fadi Chamoun said the industry could benefit from long-term tailwinds such as consolidation and potential production relocations. Artificial intelligence darling Nvidia traded 5.2% higher after Bank of America reiterated a buy rating on the stock. The company said Nvidia remains the favorite and best positioned to enable the information technology industry to provide artificial intelligence services. Jazz Pharmaceuticals – Shares rose about 2% after Goldman Sachs initiated coverage with a buy rating. Goldman said the company has an “attractive portfolio of projects.” LifeMD – Shares rose 9.2% following KeyBanc’s weight-conscious initiative. KeyBanc said the company expects strong growth in both areas. — CNBC’s Lisa Kailai Khan, Pia Singh, Yun Lee, Sean Conlon, Jessie Pound and Samantha Subin contributed reporting.
