Take a look at the companies making headlines in midday trading. Geron Corp. — Shares of the biotech company soared 92% after a U.S. Food and Drug Administration advisory panel voted to support Geron’s blood disease treatment imetelstat. Geron expects a decision from regulators in June. Micron Technology — Micron Technology rose 2% after Citigroup named it one of its top picks and raised its price target by $55 to $150. The bank said its shares deserve a premium given the company’s increasing exposure to artificial intelligence. Rivian Automotive — Shares of Rivian Automotive rose 3.3% after Piper Sandler rated the electric-vehicle maker an overweight and raised the price target to $21 from $15. The stock is up 96% from Thursday’s closing price. The company said it was optimistic about Rivian’s new product launches and its decision to delay capital expenditures. Fisker – Shares of Fisker rose 12.8%, or 2 cents, after the embattled electric car maker downplayed talk of a possible bankruptcy filing, saying it is working to raise more capital and hopes to strike a deal with another automaker. . The stock is still down about 53% so far this week. Adobe — Shares of Adobe fell 13.7% after the software company issued weak revenue guidance for the quarter. Jabil — Shares of Jabil fell 16.5% after the global manufacturing company’s second-quarter revenue fell short of analysts’ expectations. Jabil also lowered its guidance for fiscal 2024. PagerDuty — Shares fell 7.3% after the IT company issued a weaker-than-expected forecast of adjusted earnings of 12 cents to 13 cents per share. That was below the consensus estimate of 18 cents per share for LSEG (formerly Refinitiv). Revenue guidance was between $110.5 million and $112.5 million, also below analysts’ expectations of $113.4 million. Smartsheet — The business software provider reported revenue guidance that missed analysts’ expectations, sending its shares down 6.9%. Smartsheet expects revenue for the current quarter to be between $257 million and $259 million, and for the full year to be between $1.113 billion and $1.118 billion. Meanwhile, analysts polled by FactSet forecast revenue of $262.3 million for the quarter and $1.14 billion for the full year. Ulta Beauty — Shares of Ulta Beauty edged down 5.2% after the beauty products retailer issued disappointing full-year profit guidance. However, Ulta reported fourth-quarter earnings and revenue that beat expectations. Crypto Stocks – Cryptocurrency-related stocks were volatile after Bitcoin pulled back from its recent highs in overnight trading. Coinbase and Marathon Digital rose 3.7% and nearly 6%, respectively, reversing the stock’s earlier losses. Bitcoin buyer MicroStrategy also rose 6.3%. Zumiez — The specialty retailer on Thursday forecast a first-quarter loss of $1.09 to $1.19 a share, compared with a consensus estimate of a loss of 34 cents a share, sending the stock down 7.7%, according to FactSet. The company’s revenue guidance also came in below expectations. Cardlytics — Shares of the advertising company rose 77.2% after Cardlytics’ 2023 EBITDA turned positive for the first time since 2019. The company also gave a higher-than-expected first-quarter forecast. Steel Dynamics — Shares of the Indiana-based steelmaker rose 4.3% after the company reported strong first-quarter profit guidance. Steel Dynamics said it expected earnings per share for the quarter to be $3.51 to $3.55. That was higher than the $3.32 per share expected by Wall Street analysts, according to StreetAccount. —CNBC’s Alex Harring, Jesse Pound, Lisa Kailai Han and Michelle Fox Theobald contributed reporting.
