Self-checkout at a Target store in Miami Beach, Florida.
Jeff Greenberg | Group of universal images | Getty Images
See the companies that made headlines in afternoon trading:
Target — The retailer’s shares fell more than 8% after first-quarter profits fell, highlighted by a 3% year-on-year decline in sales.
Analog devices — Shares of the semiconductor maker rose more than 10% after second-quarter results beat analysts’ estimates. Massachusetts-based Analog reported adjusted earnings per share of $1.40 on revenue of $2.16 billion, compared with the consensus estimate of analysts polled by FactSet, who forecast earnings per share of $1.26 and revenue of $2.11 billion. .
Shopify — Shares rose more than 2% following an upgrade from Goldman Sachs, with the investment bank noting that Shopify’s current share price gives investors an attractive entry point.
Urban outfitters — The clothing retailer’s shares fell 4.6% despite reporting fiscal first-quarter results, after shares surged ahead of Tuesday’s open. Urban Outfitters reported adjusted earnings of 69 cents per share, higher than the 52 cents per share expected by analysts surveyed by LSEG. Revenue of $1.20 billion was also above the consensus estimate of $1.18 billion.
Garmin — Shares fell 5% after Bank of America downgraded its rating to neutral. The firm said the shares were “perfectly priced”, raising concerns that the current valuation could be unsustainable.
SDA Holdings — Shares of the Chinese retailer rose about 1% on a 131% jump in revenue in the first quarter.
Toll Brothers — Shares fell 8.4% after the homebuilder beat Wall Street forecasts for its fiscal second quarter. Toll Brothers reported earnings per share of $4.55 on revenue of $2.65 billion, compared with analysts surveyed by LSEG who had expected earnings per share of $4.14 and revenue of $2.53 billion.
His and her health — Shares of the digital pharmacy fell nearly 8% after Citi downgraded its rating to neutral, with the bank saying any further upside potential was already priced into the stock following news it would add GLP-1 drugs to its platform.
Lululemon — Sports stocks fell more than 7% after the Wall Street Journal report. report announced that the company’s chief product officer is leaving the company.
Tesla — Shares of the electric vehicle company led by Elon Musk fell more than 3% after the company’s sales in Europe fell to a 15-month low, according to a Bloomberg report.
First sunny — Shares were up more than 18% in midday trading. UBS raised its price target on the solar company by more than 7% on Tuesday, with the firm saying investors were overlooking First Solar’s potential gains from advances in artificial intelligence. Shares of other alternative energy companies also rose, partly due to enthusiasm that AI will increase demand for electricity. Flowering energy grew by 18%; Sannova Energy added 14%; And Enphase Energy, Fluence Energy And Sanran all increased by 10%.
Williams-Sonoma — Shares of the home goods retailer fell 11% despite fiscal first-quarter revenue beating estimates. The company said it expects full-year revenue to be in the range of 3% to 3%, compared with analyst consensus of a decline of 0.4%, according to FactSet.
Moderna — Shares of the drug developer rose more than 13% to a new 52-week high, gaining for the eighth straight day. Moderna shares are up nearly 60% over the past month, which includes the release of its latest financial results on May 2.
— CNBC’s Alex Harring and Lisa Kailai Han contributed reporting.