Market Movements at Noon

Here’s a quick overview of notable stock movements at noon:

• Micron Technology: Chipmakers saw a drop of nearly 2%, despite Micron’s third-quarter results exceeding expectations. The adjusted revenue came in at $1.91 per share, higher than the $1.60 analysts anticipated, with total revenue reaching $9.3 billion, surpassing the $8.87 billion consensus.
• Core Scientific: Stocks for the Bitcoin miner jumped by 27%. Reports indicated that CoreWeave, an artificial intelligence company with ties to Core Scientific, has acquired the firm. Interestingly, CoreWeave had attempted to buy it about a year ago. CoreWeave’s stock remained stable.
• Equinix: The data center company’s stock dropped approximately 8%, down 9% from the previous session. A disappointing long-term guidance shared on Wednesday led to downgrades from analysts.
• Kratos Defense & Security Solutions: Military technology stocks fell over 3% after Kratos announced plans to sell $500 million in stock. They indicated that the funds could be used for various capital expenditures.
• Aerovironment: The stock surged by 13%, marking a 21.6% increase from the previous day. The defense contractor reported quarterly results that exceeded expectations and provided optimistic guidance for upcoming fiscal years.
• McCormick: The food spice company’s stock rose 5%, as adjusted revenue for the second quarter exceeded estimates. They reported earnings of 69 cents per share, beating the expected 66 cents.
• Worthington Steel: The metal processor’s stock increased by 15% following strong fourth-quarter earnings. They reported earnings of $1.05 per share, though lower sales prices impacted revenue growth. However, the company claimed to have gained market share in key sectors.
• Millerknoll: Stocks for this furniture manufacturer surged by 12%. Net sales for the fourth quarter rose by over 8% year-on-year, reaching $961.8 million, though adjusted earnings per share came in lower than last year’s 60 cents.
• HB Fuller: After adjusting earnings per share for the second quarter, adhesive manufacturers saw a near 8% increase. They recorded an adjusted revenue of $1.18 per share, exceeding the consensus forecast of 10 cents.
• Penn Entertainment: The gaming stock rose about 7% following an upgrade from market performance to market outperform. The investment firm noted that Penn Entertainment is nearing an “inflection point” after being an underperformer for some time.
• Sight: Industrial technology providers rose by 7% after third-quarter sales and revenues surpassed Wall Street’s estimates, with forward guidance aligning with analyst expectations.