Midday Stock Movers: Salesforce, Disney, Sonos, and More

Sonos

Shares of Sonos surged 17% on Tuesday after the company reported good results for its fiscal first quarter. Refinitiv estimates that the audio products developer earned 57 cents per share, versus a consensus estimate of 40 cents per share, based on the company's earnings per share released last week. Despite expectations of $580 million in revenue, the company generated $673 million in revenue, exceeding the forecast.

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MGM Resorts International

Stocks of the casino operator rose 8% after it reported revenue of $3.59 billion for the fourth quarter of 2014, which beat analysts' estimates of $3.35 billion, according to Refinitiv. In its most recent research report, Deutsche Bank reiterated its buy rating for the stock, citing strong gaming activity in Las Vegas.

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Tapestry

Shares of the luxury fashion company behind Coach and Kate Spade gained 5% after the company announced earnings per share that surpassed analysts' expectations without including items, according to FactSet, according to reports from the company. The outlook for Tapestry fiscal 2023 has also been raised.

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Affirm Holdings

Refinitiv reports that share prices of the buy now, pay later finance company slumped 20% a day after its fiscal second-quarter earnings and revenue missed analysts' estimates, according to the company. In addition, Max Levchin, the company's founder and CEO, announced layoffs that amount to 19% of the entire workforce, effective immediately.

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Tesla

Shares of the company rose by 5% following the news that it has more than doubled from its 52-week low. In spite of that, Jonathan Krinsky, chief market technician at BITG, warned that the rally has reached the end of its course.

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Salesforce

There has been a rise of more than 2% in the price of Salesforce stock since the news broke that Dan Loeb's Third Point has taken a stake in the company, making it the fifth activist investor to hold a position in the company. With the firm experiencing slowing growth, other activist investors, such as Elliott Management, Starboard Value, ValueAct Capital, and Jeff Ubben’s Inclusive Capital, have also taken action against the company.

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Wynn Resorts

Shares of the hotel and casino operator have gained more than 4% since the end of last week. Wynn announced on Wednesday that it had a revenue of $1 billion for the fourth quarter, exceeding analysts' expectations of $958 million, according to Refinitiv. Las Vegas has once again been reported as one of the hottest places in the world by analysts, owing to the results.

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Hilton Worldwide Holdings

Hilton's latest earnings exceeded consensus estimates by more than 2%, according to a Refinitiv consensus estimate, and the stock of the hotel company gained more than 2% as a result.

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Walt Disney

A day after Disney announced an earnings report that was better than expected, shares surged more than 1%. A decrease in subscribers was also reported by the company, although it was smaller than expected. The CEO of Disney, Bob Iger, recently announced a massive reorganization of the company, which included a reduction of 7,000 jobs and a $5.5 billion cost reduction. A proxy fight fought by activist investor Nelson Peltz against the entertainment company has also been dropped.

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Exxon Mobil

As Trade Algo reported that Exxon Mobil is combining business units as part of a corporate restructuring to reduce costs and trim some jobs, the company's shares gained more than 1% after the report. In the memo viewed by Trade Algo, Exxon Mobil is integrating business units. 

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Lucid Group

Lucid shares dropped more than 8% Thursday after the electric vehicle maker announced a $7,500 credit for certain versions of its Air electric luxury sedan.

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Mattel

Stocks of the company dropped nearly 10% after the company reported that shoppers bought fewer toys this holiday season due to higher food prices and other necessities causing tighter budgets for the holiday shopping season. There was a 22% drop in sales compared to the same period last year in the fourth quarter. Refinitiv reported that both revenue and earnings were below the analysts' expectations for both quarters.

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Gitlab

Shares of GitLab dropped more than 12% after the software company announced it would cut about 130 employees, or about 7%, from its workforce.

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Credit Suisse Group

Stocks at Swiss bank UBS plunged 14% after the bank reported a fourth-quarter and annual net loss that missed predictions, according to Eikon, a research firm. In addition, Credit Suisse also reported that it is expecting to report another "substantial" loss for the full year of 2023.