Here’s a look at the companies making the biggest moves midday: Southwest Airlines — Shares fell nearly 14% after the airline announced it was “revising all previous guidance for all of 2024, including capital expenditure expectations,” citing delivery delays from Boeing side. Southwest said its first-quarter vacation bookings were lower than expected. The airline also forecast that its unit revenue will remain flat and rise no more than 2% from a year earlier, down from its previous estimate in January of as much as 4.5%. Oracle – Database software shares rose 11% and are on track for their best day since December 2021 after posting fiscal third-quarter earnings that beat Wall Street expectations. Oracle also reported a 12% increase in cloud services and license support revenue, partly due to a surge in demand for artificial intelligence servers. 3M — Shares rose more than 3% after the company announced that William Brown, former CEO of L3Harris Technologies, will become the new CEO of 3M effective May 1. Asana – Shares fell about 11% after the performance management platform released a weak full report. income forecast for the year. Asana said it expects revenue of $716 million to $722 million, below the $725 million forecast by analysts polled by LSEG. Microstrategy. Shares of the bitcoin developer rose 3.5% after upbeat comments from Wall Street analysts. Canaccord Genuity, which has a buy rating on the stock, raised its price target to $1,810, saying Microstrategy is not “resting on its laurels” amid the Bitcoin rally. TD Cowen also raised its price target to $1,560 and reiterated an outperform rating. Boeing – Shares fell 4% after a New York Times report said the jet maker failed 33 of 89 inspections of its 737 Max plane, with 97 suspected non-compliance cases. The investigation began after a door panel tore off a Boeing 737 Max 9 during an Alaska Airlines flight in January. Acadia Pharmaceuticals — Shares fell nearly 16% a day after the biopharmaceutical company said it was stopping trials of its antipsychotic drug pimavanserin due to its failure to relieve symptoms of schizophrenia. American Airlines — Shares of the airline fell nearly 4% after first-quarter guidance was at the lower end of its previous range. American expects an adjusted loss of 15 cents to 35 cents per share, compared with a loss of 22 cents expected by analysts polled by FactSet. Management blamed higher fuel costs. Advance Auto Parts — Shares rose 3% a day after the auto parts retailer said Dana Loeb’s Third Point and activist Saddle Point had reached an agreement with the company giving them seats on its board of directors. About the holding – Shares fell 13.6% after the athletic shoe maker’s fourth-quarter earnings failed to impress Wall Street. On lost 0.05 Swiss francs per share, while analysts polled by StreetAccount expected On to earn 0.10. Revenue was CHF 447.1 million, also missing the consensus estimate of CHF 450.9 million. Archer-Daniels-Midland — Shares of the agricultural giant rose 4% after it announced a plan to correct accounting problems that led to the correction of certain transactions over six years of financial results. Archer-Daniels Midland said the adjustments will not have an impact on its consolidated balance sheets, statements of operations, comprehensive income or loss or cash flows. The company also authorized a $2 billion share buyback. New York Community Bancorp — Shares jumped more than 4% after the regional bank said it closed a more than $1 billion equity investment deal that strengthened its balance sheet. — CNBC’s Samantha Subin, Lisa Hahn, Alex Harring and Sarah Min contributed reporting.
