A look at the top gainers at midday: RH — The luxury retailer’s shares surged 17.2% after giving strong forecasts for full-year demand and revenue growth. That allowed investors to look past fourth-quarter earnings that were worse than expected. Estée Lauder – Shares of Estée Lauder rose more than 6% after Bank of America upgraded the stock to “buy” from “neutral.” The company highlighted improved profitability, new product launches and a growing presence in the premium beauty space. Reddit — Shares fell 10.4% after CEO Steve Ladd Huffman revealed he sold 500,000 shares and COO Jennifer Wong revealed she sold 514,000 shares. The stock has soared since listing on the New York Stock Exchange on March 25, soaring 92% as of Wednesday’s close. CHEMOURS — Shares of Chemours fell more than 7% after the chemicals company announced it was cooperating with regulators and U.S. attorneys over an internal audit of its financial practices. An internal review found that senior executives manipulated cash flow to meet bonus-related goals. Snowflake — Shares of the cloud data provider rose 1.7% after Chief Executive Sridhar Ramaswamy disclosed in a filing that he purchased 31,542 shares. He paid $158.52 per share, bringing the total payment to $5 million. AMC Entertainment — Shares of AMC Entertainment fell 15% after the theater chain said in a filing that it would sell $250 million worth of stock. Verint Systems — The customer engagement solutions provider beat fourth-quarter earnings per share and revenue estimates, sending its shares up 5%. Verint Systems reported earnings per share excluding items of $1.07 on revenue of $265.1 million, while analysts polled by FactSet expected adjusted earnings of 97 cents per share on revenue of $262.5 million. TD Synnex — Shares of TD Synnex fell 2.5% after the IT company launched a secondary public offering of 10.5 million common shares currently held by Apollo Global Management, up from 9 million previously announced. TD Synnex has also authorized the simultaneous repurchase of 500,000 shares as part of its existing repurchase program. MillerKnoll — Shares of MillerKnoll plunged more than 18% after the furniture company reported fiscal third-quarter revenue that missed expectations and issued guidance that fell short of analysts’ expectations. Millernauer said demand patterns continue to be subdued due to high interest rates, geopolitical concerns and a lagging U.S. housing market. Braze — Shares fell 10% after the consumer engagement platform issued disappointing guidance. Braze expects a first-quarter loss of 10 cents to 11 cents a share, while analysts polled by FactSet expected a loss of 5 cents a share. Its full-year guidance was for a loss of 8 cents to 12 cents per share, compared with the consensus estimate of a loss of 2 cents per share. Allstate — Shares of the insurance company rose nearly 2% after HSBC upgraded the company to a hold rating. The bank cited Allstate’s “decisive management action” and light regulatory background. —CNBC’s Alex Harring, Hakyung Kim and Pia Singh contributed reporting.
