Here’s a look at the companies making headlines in midday trading: Adobe — The software company reported lower-than-expected fiscal first-quarter revenue, sending its shares down more than 12%. According to LSEG, Adobe’s first fiscal quarter revenue is expected to be between US$5.63 billion and US$5.68 billion, lower than the market consensus of US$5.73 billion. Warner Bros. Discovery — Shares of Warner Bros. Discovery soared 15% after the legacy media company announced plans to reorganize and split its business into linear and streaming businesses. Constellation Energy — The energy company’s shares rose 3% after a rating upgrade from Bank of America, which cited rising demand and tighter supply as catalysts. Celsius Holdings — Shares of the energy drink maker soared 5% after JPMorgan debuted an overweight rating. JPMorgan said lower inventories and a reacceleration of growth could help share prices rebound. HERSHEY — While Wells Fargo downgraded the candy company to underweight from equal weight, saying Hershey is on the “precipice of historic earnings per share pressure in 2025 and (now) 2026… while Street per “Earnings need to drop significantly,” but the company’s stock price still rose 2%. Beverage stocks – Shares of Coca-Cola, PepsiCo and Keurig Dr Pepper all rose more than 1% after Deutsche Bank upgraded the beverage company to buy from neutral. Analyst Steve Powers said he expects restaurant traffic to accelerate next year and impulse buying to be stronger, which he believes should be a boon for the industry. Oxford Industries — Shares of Oxford Industries fell more than 7% after the apparel and footwear company guided for fourth-quarter profit below expectations. Oxford forecast earnings per share, excluding items, of $1.18 to $1.38 for the quarter. Analysts polled by FactSet expected earnings of $1.55 per share. Riot Platforms – Activist investor Starboard Value has a “significant position” in the Bitcoin miner and is pushing for the company to convert some of its Bitcoin mining facilities into large data centers, The Wall Street Journal reports. The company’s stock price rose by nearly 10%. This year, pure-play miners such as Riot have lagged behind others that have turned to artificial intelligence. Riot’s stock price fell 16% in 2024, even as some companies caught up with the post-election cryptocurrency rally. According to FactSet, Uber Chief Financial Officer Prashanth Mahendra-Rajah said at a Barclays conference on Wednesday night that the company is “very pleased” with the recent growth trajectory of its mobility business. Uber is still down 13% so far this month, in part due to concerns about its business as autonomous driving evolves. ServiceTitan — Shares of the cloud software company soared more than 40% as ServiceTitan debuted on the Nasdaq. The IPO priced late Wednesday at $71 per share, exceeding the company’s expected range. The stock trades under the symbol “TTAN”. —CNBC’s Alex Harring, Hakyung Kim, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting.
