Stocks making the biggest moves midday: Amazon, Lennar, GoodRX, Gilead Sciences & more
Check out the companies making headlines in midday trading. EchoStar — EchoStar announced a corporate reorganization one week after closing its merger with Dish Network, including retaining Houlihan Lokey as financial adviser to help evaluate “potential strategic alternatives” that the Hollywood Reporter said signaled a possible future deal for EchoStar Wireless. EchoStar shares rallied 36%. WD-40 — The maker of lubricants and degreasers jumped 15% after WD-40 reported first-quarter revenue of $140.4 million, 13% higher from $124.8 million in the prior year. The company also reaffirmed earnings-per-share and revenue guidance for the full year ending August 2024. GoodRx — GoodRx shares popped 13% after the health care company issued fourth-quarter revenue guidance of $195 million to $197 million, topping prior guidance of $188 million to $194 million, as well as a FactSet consensus estimate of $190.8 million. PriceSmart — Shares advanced 5% after PriceSmart reported first-quarter results. The American operator of membership warehouse clubs reported per-share earnings of $1.24, compared to $1.12 earnings per share in the year-ago period. Revenue of $1.17 billion is 11% above the $1.05 billion the prior year. Intuitive Surgical — Shares popped nearly 6% after the company, which makes robotic surgical equipment, reported preliminary fourth quarter revenue that beat expectations postmarket Tuesday. Intuitive Surgical expects revenue of $1.93 billion for the quarter, topping the $1.87 billion anticipated from analysts polled by StreetAccount. Lennar — Shares of the homebuilder rose more than 2% after Lennar increased its annual dividend to $2 per share from $1.50 per share previously. Lennar also said that it plans to repurchase an additional $5 billion of its stock. Howmet Aerospace — Shares climbed 2.7% following two positive Wall Street calls. Bernstein called the stock a top U.S. aerospace pick, saying higher prices will help the company. Meanwhile, Truist upgraded Howmet to buy from hold, saying it’s one of the highest quality picks for original equipment manufacturers in commercial aerospace. Hewlett Packard Enterprise , Juniper Networks — Hewlett Packard Enterprise’s stock rose 1% after the company announced it’s acquiring Juniper Networks for about $14 billion, or $40 per share, in an all-cash deal. Juniper’s gained 1.9%, building on a roughly 22% gain during Tuesday’s session. Amazon — Amazon shares gained 1.3% after the online retailer laid off hundreds of employees across its Prime Video and MGM Studios divisions. Gilead Sciences — Gilead Sciences shares slid 2.3% following a Inc. can’t avoid the claims of thousands of plaintiffs who allege they were harmed by early HIV medications because the company delayed the development of safer ones. Chewy — Shares of the pets products company tumbled more than 4% after announcing a block sale of 12.3 million shares through Morgan Stanley. Shares are being resold by the firm between a range of $20.45 and $20.85 per share. Aehr Test Systems — Shares dropped 15% after Aehr Test Systems issued full-year 2024 revenue guidance of $75 million to $85 million, below prior guidance of at least $100 million. Salesforce — Shares gained 0.7% after a Fortune report , citing an internal message, said Salesforce will pause all hiring in its technology and product divisions, including in its workspace chat subsidiary Slack. TG Therapeutics — The biopharmaceutical stock tumbled 16.5% midday. TG provided preliminary net revenue for the company’s multiple sclerosis treatment, telling investors to expect around $40 million for the fourth quarter of 2023 and $89 million for the full year. The company guided net revenue tied to the treatment to between $41 million and $46 million for the first quarter of 2024, while offering a range of $220 million and $260 million for the full year. — CNBC’s Michelle Fox, Alex Harring, Hakyung Kim, Jesse Pound, Scott Schnipper and Samantha Subin contributed reporting
