Take a look at the companies making headlines in midday trading. Duolingo — Shares of the online language app rose 7.5% after JPMorgan reiterated its overweight rating on the stock, saying its first-quarter guidance and 2024 outlook offer attractive risk/reward and potential upside. Taiwan Semiconductor Manufacturing — The Taiwanese chipmaker’s U.S.-listed shares fell 3.6% after the company noted that while it suffered no structural damage, some wafers “had to be scrapped” following the Taiwan earthquake in early April. . Management said most of the lost production will be recovered in the second quarter. The company still beat first-quarter revenue and profit expectations, and it expects healthy growth in 2024. potential, the company’s shares rose 6.6%. BITCOIN MINERS — Shares of Bitcoin mining companies rose ahead of the widely anticipated “halving,” which, according to the Bitcoin code, will cut miners’ primary income in half. Marathon Digital is up more than 6%, Riot Platforms is up nearly 5% and Iris Energy is up 8%. CleanSpark is one of the only miners still rising this year, with shares up 13%. Estée Lauder — Deutsche Bank increased its short-term buy rating on the cosmetics giant, sending the company’s shares up 4.7%. The company is positive about Estee Lauder’s earnings report due out on May 1. %. Rosner pointed to a Reuters report that Tesla had canceled plans to produce a cheaper Model 2 car, which he said would risk having no new cars in Tesla’s consumer product lineup for the foreseeable future. and will put continued downward pressure on the company’s sales and volume. Barnes Group — The global industrial technology and aerospace stock gained 9.3% after DA Davidson upgraded the company to “buy” from “neutral,” calling the stock attractive. Alaska Air Group — Shares of the airline rose 5.8% on better-than-expected first-quarter results. Alaska Airlines’ loss per share was 92 cents, missing LSEG’s estimate of $1.05 per share. Revenue was $2.23 billion, beating analysts’ forecasts of $2.19 billion. Blackstone — The asset manager cut its dividend to 83 cents a share from 94 cents a share, sending shares down 2.5%. First-quarter profit was 98 cents per share, slightly above LSEG’s consensus estimate of 96 cents per share. BJ’s Wholesale Club — BJ’s fell 4.4% after Loop Capital cut its valuation. The company lowered its forecast for warehouse store company merchandise same-store sales and gross margin. DR Horton — DR Horton beat expectations for its fiscal second quarter, earning $3.52 per share on revenue of $9.11 billion, sending its shares up 2.3%. Meanwhile, analysts polled by London Stock Exchange Group (LSEG) expected the homebuilder to earn $3.06 a share on revenue of $8.27 billion. eBay — The stock rose 2% after Morgan Stanley double upgraded the e-commerce stock to overweight from underweight. The company said eBay appears to be undervalued relative to peer Etsy. Elevance Health — Shares of Elevance Health rose 3.8% after the health insurance company reported better-than-expected profits and raised full-year guidance. However, Elevance’s revenue fell slightly short of expectations. Zoom Video Communications — Rosenblatt Securities upgraded the video conferencing company’s stock to “buy” from “neutral,” expressing optimism about Zoom’s “refocused” channel strategy and its healthy balance sheet. The stock rose 2.1% after the new rating. Trump Media & Technology Group — Shares of former President Donald Trump’s media company and parent company of Truth Social rose more than 14% from the previous day. Earlier this week, the company announced plans to launch Truth Social’s TV streaming division, sending shares lower. —CNBC’s Samantha Subin, Brian Evans, Hakyung Kim and Lisa Kailai Han contributed reporting.
