A look at the companies making headlines in afternoon trading: Five Below — Five Below shares fell 10.6% after the discount retailer missed Wall Street estimates for first-quarter revenue and offered disappointing guidance. For the current quarter, Five Below said it expects revenue of $830 million to $850 million, while analysts surveyed by LSEG expected $883 million. Salesforce — Shares rose 2.6% after news that Salesforce board member and co-founder -Activist investor ValueAct CEO Mason Morfitt has increased his stake in the software company to just under $1 billion. The move came earlier this week and comes just days after the company reported its first revenue decline since 2006. Lululemon — Shares rose about 4.8% after the athletic apparel retailer’s profits rose to a record high. Earnings per share were $2.54 versus $2.38 expected by analysts polled by LSEG. Revenue was $2.21 billion, beating the consensus estimate of $2.19 billion. Lululemon issued weak guidance for the current quarter, but forecast full-year earnings per share that came in above expectations. Sprinklr — Shares of the business technology company fell more than 15% after its guidance for the current quarter and full year came in weaker than expected. The company’s full-year revenue fell to $779 million to $781 million, below analysts’ consensus estimate of $805.4 million, according to FactSet. The previous forecast was set at $804.5 million to $805.5 million. Old Dominion Freight Line — Shares fell 3.3% after the freight company reported slowing tonnage growth. The company posted growth of 1.5% in May, compared with growth of 2.3% in April. Smartsheet — Shares of the workplace technology company rose more than 17% after first-quarter earnings beat Wall Street expectations. The company reported adjusted earnings of 32 cents per share, topping the forecast of 27 cents per share by analysts surveyed by LSEG. Smartsheet also recorded revenue of $263 million, beating expectations of $258 million. Instacart — Grocery delivery shares jumped more than 9% after the company announced a stock buyback program. Instacart will buy back up to $500 million of its common stock. J.M. Smucker — Shares of the food and beverage maker jumped about 4.6% after reporting better-than-expected earnings for the fourth quarter of fiscal 2024. The company recorded earnings of $2.66 per share, better than the LSEG consensus. earnings per share were $2.33. Fluence Energy – Energy storage stocks are down about 7.6% after being downgraded to a neutral rating since buying at Guggenheim. The investment firm called the shares “fair” after recent gains. Ultragenyx Pharmaceutical — Shares of the biopharmaceutical company jumped nearly 1% after Goldman Sachs upgraded its rating to neutral. The bank sees upside potential for the stock from “a variety of rare diseases”, saying it has “increased confidence” in monoclonal antibody treatments for brittle bone disease, also known as osteogenesis imperfecta. StoneCo — Shares of the financial technology company rose about 2.3% after JPMorgan upgraded its rating on the stock from neutral to overweight. The bank cited potential earnings per share and discounted valuation as reasons for the call. —Reporting by CNBC’s Samantha Subin, Michelle Fox, Lisa Hahn and Alex Harring.
