A look at the companies making headlines in afternoon trading: Abercrombie & Fitch – Shares jumped 23.4% after the clothing retailer reported fiscal first-quarter sales that were up 22% from a year earlier. Abercrombie’s profit for the period rose nearly sevenfold from the same period last year and beat Wall Street estimates. Netflix — Morgan Stanley reiterated its outperform rating on the streaming company’s stock, sending shares up 1.3% on Wednesday. According to the company, Netflix could see strong double-digit revenue growth, which should go beyond the benefits it sees from its paid sharing initiative. American Airlines — Travel stocks fell 13.5% after cutting second-quarter guidance. The company said it now saw revenue fall as much as 6% in the period compared with a year earlier. Previous forecasts said the decline would not exceed 3%. American Airlines also lowered its forecasts for adjusted earnings per share. Dick’s Sporting Goods — Shares of the company soared 15.8% after the sports equipment retailer reported fiscal first-quarter earnings and revenue and raised its full-year guidance. Dick’s now expects full-year earnings of $13.35 to $13.75 per share, down from a previous range of $12.85 to $13.25. That’s higher than the $13.25 per share expected by analysts polled by LSEG. ConocoPhillips, Marathon Oil — Shares of the oil company fell 3.3% in afternoon trading following news that ConocoPhillips is acquiring peer Marathon Oil in an all-stock deal valued at $17 billion. Marathon shares rose nearly 8.5% on the news. HubSpot — The marketing software company added 1.1%. The company’s shares have increased their gains since Tuesday, which comes after CNBC’s David Faber reported that Google parent Alphabet is in talks to offer all shares of HubSpot. Fluence Energy – Shares rose 2.4% after UBS confirmed its purchase of the energy company, saying it is an “undervalued beneficiary” of growing demand from artificial intelligence tied to data center-driven electricity demand. Chewy — Shares of the pet supplies retailer jumped 26.9% after reporting strong quarterly growth. Chewy reported earnings per share of 15 cents on revenue of $2.88 billion, beating estimates of just 6 cents per share on revenue of $2.85 billion, according to LSEG. Insurance Company Shares – Shares of insurer UnitedHealth fell 3.8% following management’s comments about its Medicaid business. Other stocks also tied to the government’s health insurance program, namely Molina Healthcare, Elevance Health and Humana, also fell during Wednesday’s trading session. — CNBC’s Brian Evans, Hakyung Kim, Jesse Pound and Michelle Fox contributed reporting.
