Here’s a look at the companies making the biggest moves midday: Peloton — Shares fell 14% after the fitness company announced it was beginning a “global refinancing” process that includes a convertible note offering and a five-year, $1 billion debt facility. Peloton, which recently announced a restructuring plan, has been struggling with falling sales. Lam Research – The company’s shares rose 2.1% after the semiconductor equipment maker said its board of directors approved a $10 billion share buyback and a 10-for-1 stock split. AstraZeneca – U.S.-listed shares rose by 2.3% after the British pharmaceutical company said it plans to increase its total revenue to $80 billion by 2030, up 75% from 2023. Macy’s — Shares of the department store fell about 1% after the company reported earnings for the first quarter of the fiscal year. Macy’s profit beat Wall Street’s expectations, while the retailer’s revenue was about in line. CEO Tony Spring said the company is in the “early stages” of turning around its namesake stores after it increased investment in its 50 Macy’s stores. VinFast Auto — Shares of the electric vehicle maker fell 15% after the National Highway Traffic Safety Administration said it would investigate a fatal crash in April involving a VinFast VF 8 EV. Lowe’s — Household goods shares fell 2.9% even as the company reported first-quarter earnings and revenue. Sales have been falling year over year, and CEO Marvin Ellison said on an earnings call that “home improvement customers are still on the sidelines.” Dell Technologies — Shares jumped 2.8% after Citi raised its price target to $170, suggesting upside of 16.9% from Monday’s close. The bank is optimistic about Dell’s capabilities in artificial intelligence. BlackLine – The software company fell nearly 8% after announcing a plan to offer $500 million in convertible senior notes due 2029. Toast – Shares fell more than 3% after Baird downgraded to neutral. The company believes the restaurant software company could be overvalued following a 43% jump in 2024. Palo Alto Networks — Cybersecurity shares fell 3% after issuing current guidance for the current quarter. Palo Alto Networks beat estimates for its fiscal third quarter, but said it expects fourth-quarter bills to be between $3.43 billion and $3.48 billion. Analysts polled by FactSet expected bills of $3.45 billion. Keysight Technologies – Shares fell 9% amid weak guidance for the current quarter. Keysight said it expects non-GAAP earnings to be between $1.30 and $1.36 per share and revenue to be in the range of $1.18 billion to $1.2 billion. By comparison, analysts polled by FactSet had forecast earnings per share of $1.45 on revenue of $1.21 billion. XPeng – U.S.-listed shares jumped nearly 5% after the Chinese electric vehicle company beat first-quarter revenue estimates and said expects quarterly shipments to increase. XPeng plans to deliver 29,000 to 32,000 vehicles in the second quarter, up about 25% to 37.9% year-on-year. AutoZone — Shares of the specialty retailer fell nearly 4% after fiscal third-quarter sales were weaker than expected. AutoZone reported quarterly revenue of $4.24 billion, below analysts’ expectations of $4.29 billion, according to FactSet. Li Auto, a Chinese electric vehicle maker, lost 4%. Reuters reported that Li Auto has delayed the launch of its pure electric SUV models until next year. Sprout Social — Shares of Sprout Social fell 4% after Sprout Social responded to a Reuters report, citing people familiar, that said its founders were in talks to take the social media strategy company private. Sprout said in a regulatory filing that there is currently “no process in place to sell or take the company private.” — CNBC’s Yun Lee, Jessie Pound, Sarah Min, Alex Harring, Lisa Han and Samantha Subin contributed reporting.
