Market Update: Key Movers at Noon

Here’s a look at some of the companies making significant moves in the market today:

Vestis – The uniform and apparel manufacturer saw a remarkable increase of over 30% after its second-quarter fiscal results surpassed expectations. They also upgraded their EBITDA forecasts for fiscal 2026.

Zebra Technologies – Shares surged by 17% following a first-quarter performance that beat analysts’ projections. Zebra reported earnings of $4.75 per share, excluding specific items, on revenue of $1.5 billion. Analysts had anticipated $1.48 billion in sales and earnings of $4.25 per share. The company’s guidance for the second quarter was also better than expected.

Raliant – This precision equipment and sensor manufacturer jumped 14% after its first-quarter profits exceeded market estimates, posting an adjusted profit of 57 cents per share. This result surpassed both the company’s guidance and the FactSet consensus of 49 cents per share.

Hub Group – Shares dipped more than 10% after the transportation and logistics company announced plans to redo its results for the end of 2024 and 2023.

Under Armour – The sports apparel company recorded a loss of 3 cents on revenues of $1.17 billion, down 18% year-over-year. Analysts had expected a slightly smaller loss of 2 cents on revenue of $1.68 billion.

GameStop and eBay – GameStop’s stock dropped by over 2% after eBay turned down a $56 billion acquisition offer, citing concerns over the deal’s financing. Meanwhile, eBay’s stock saw a slight increase.

AFFIRM – Shares fell by 4%, even though the running shoe company reported first-quarter earnings and sales that were above expectations. The company also reaffirmed its full-year net sales growth outlook and raised earnings estimates.

Wendy’s – Shares climbed more than 16% after a Financial Times report indicated that Nelson Peltz’s Trian Fund Management was considering raising capital to take the fast-food chain private.

ZoomInfo Technologies – Shares plummeted by over 33% after the company revised its full-year revenue forecast, now projecting between $1.185 billion to $1.25 billion, down from an earlier range of $1.247 billion to $1.267 billion.

Hims & Hers Health – Shares dropped 14% following the telemedicine provider’s disappointing earnings guidance.

AST SpaceMobile – The satellite developer saw a 13% decline after reporting a larger-than-expected loss for the first quarter, but reiterated its annual revenue outlook of $150 million to $200 million.

GitLab – Shares fell 11% after CEO Bill Staples discussed significant restructuring plans tied to its transition to agent AI. This includes potential layoffs, reducing management layers, and reorganizing research and development into around 60 smaller teams. The company didn’t specify how many jobs would be affected or the anticipated financial implications, but further details are set to be shared during its June 2 earnings call.

Webtoon Entertainment – The online platform’s stock dropped 9% after announcing its second-quarter revenue outlook was between $332 million and $342 million, lower than analysts’ expectations of $348 million. Its adjusted EBITDA guidance for the quarter was $0 to $5 million, missing estimates by $12.1 million. Moreover, Webtoon’s first-quarter revenue of $320.9 million also fell short of the expected $321.6 million.

Cleanspark – The Bitcoin miner and data center developer saw a share drop of 9%. Although its second-quarter loss of $1.52 per share was better than anticipated, it still wasn’t ideal. Analysts had expected a loss of 56 cents per share, and revenue for the quarter came in below targets at $136.4 million against an expectation of $145.4 million.

Mara Holdings – The cryptocurrency mining company’s stock declined by 10%. Mara reported a first-quarter loss of $3.31 per share, which was better than the expected $1.51 per share. However, sales were lower than projected at $174.6 million, compared to the expected $181.9 million.