Check out the companies making headlines in midday trading. Intel – The tech giant sank 7% after the revealing a $7 billion operating loss within its semiconductor manufacturing — or foundry – business in 2023. Spotify Technology – The music-streaming company popped more than 5%. Bloomberg reported that Spotify is upping prices for its premium subscription service within several markets, including the U.S. The hikes would mark the second time the company has raised prices in a year. Ulta Beauty – Shares of the beauty retailer tanked more than 13%. Ulta warned at a conference that category growth is slowing quicker than expected, and that it expects moderating sales this year after a period of “very strong growth.” Dave & Buster’s – Shares jumped 11% after the restaurant and entertainment chain increased its share repurchase authorization by $100 million, bringing the total available share repurchase authorization to $200 million. The company also posted weaker-than-expected fourth-quarter earnings and revenue, however. Wolfspeed – The semiconductor company dropped more than 4% after Wells Fargo downgraded shares to equal weight from an overweight rating. The firm said Wolfspeed’s Tesla exposure could impact growth. Cal-Maine – The egg producer popped 2.5%. Cal-Maine posted $3 in earnings per share and $703 million in revenue for the latest quarter, while noting that market prices rose due to an influenza and typical seasonality. Disney – Disney shares slipped less than 1% as shareholders readied to vote on whether candidates nominated by activist investor Nelson Peltz should replace some board members at the entertainment giant’s annual meeting, bringing an end to a bitter proxy battle. Signet Jewelers – The jewelry retailer and owner of Zales popped 10% after announcing plans to buy back half of its preferred shares worth about $414 million. Ford Motor – The automaker added 2%. Ford Motor announced that first-quarter U.S. sales rose 7% from a year ago, while electric vehicle sales jumped 86%. SoFi Technologies – Shares of the financial technology company rose 3% after Needham initiated coverage with a buy rating . The investment firm called SoFi a “long-term winner” in digital lending. GE Aerospace – GE Aerospace surged more than 6%, a day after the conglomerate once known as General Electric completed the spinoff of its power business. The entity, known as GE Vernova, began trading under the ticker symbol GEV on the New York Stock Exchange Tuesday. — CNBC’s Alex Harring, Hakyung Kim, Tanaya Macheel and Jesse Pound contributed reporting
Source: www.cnbc.com