Check out the companies making headlines in midday trading: Walgreens Boots Alliance — The stock plummeted more than 24.5% after the retail company reported third-quarter earnings results that missed Wall Street’s expectations . The company also announced a cut to its full-year adjusted profit outlook and said it would close stores that are underperforming as a way to cut costs. Shares of CVS fell more than 4% in sympathy. Levi Strauss — The denim maker’s stock tumbled 17.1% after revenue came in at $1.44 billion for the second fiscal quarter. That is slightly below the consensus forecast of $1.45 billion from analysts polled by LSEG. International Paper — Shares of the paper manufacturing company fell nearly 8% following the news that Suzano is no longer pursuing a potential acquisition of the company. Suzano said it believes it had reached the maximum price for the transaction to general value without receiving any response from the other party. Hims & Hers Health — The telehealth stock moved 10.3% lower after Hunterbrook Media published a report discussing alleged issues about the company’s sale of weight loss drugs. Hunterbrook Capital, a hedge fund Hunterbook is affiliated with, has a short position in the company’s shares. RH — The furniture company popped 5.6% after it announced that CEO Gary Friedman completed the purchase of $10 million worth of shares at an average of $216.10 per share. He now owns just more than a quarter of all the company’s outstanding shares. Micron Technology — The memory chip stock shed nearly 7% after Micron Technology offered guidance that was roughly in line with expectations. Analysts had been hoping for rosier guidance that topped expectations as artificial intelligence demand continues to boom. AeroVironment — The manufacturer of unmanned aerial vehicles plunged nearly 16% after the company reported EBITDA guidance for its fiscal 2025 year that came in 5% below what analysts had expected, according to FactSet. However, AeroVironment posted a fourth-quarter earnings and revenue beat. Arista Networks — The computer networking stock rose 4.3%. On Thursday, Citi raised its price target to $385 from $330, implying a 15% upside from Wednesday’s close. The bank said Arista Networks will benefit from ethernet’s growing share in the AI networking market. Goldman Sachs — The stock slipped around 2% following the latest results of the Federal Reserve’s stress test . The central bank said all 31 banks tested are able to withstand a severe recession scenario. — CNBC’s Alex Harring, Samantha Subin, Lisa Kailai Han and Michelle Fox contributed reporting.
https://www.cnbc.com/2024/06/27/stocks-making-the-biggest-moves-midday-wba-levi-ip-and-more.html
