Here’s a look at the biggest gainers at midday: Peloton – Shares of Peloton plunged 14% after the connected fitness company announced it would begin a “global refinancing” process that would include the issuance of convertible notes and a $1 billion five-year term loan. . Peloton recently announced a restructuring plan as the company has struggled with declining sales. Lam Research — The semiconductor equipment maker said its board of directors approved a $10 billion stock buyback and a 10-for-1 stock split, sending shares up 2.1%. AstraZeneca — The British pharmaceutical company said it plans to increase total revenue to $80 billion in 2030, a 75% increase from 2023, and its U.S.-listed shares rose 2.3%. Shares fell about 1% after the company reported its fiscal first-quarter earnings. Macy’s profit beat Wall Street forecasts, while the retailer’s revenue was broadly in line. Chief Executive Tony Spring said the company is in the “early stages” of turning a profit on its eponymous stores as it ramps up investment in 50 Macy’s stores. VinFast Auto — Shares of the electric vehicle maker fell 15% after the National Highway Traffic Safety Administration said it would investigate a fatal crash involving a VinFast VF 8 EV in April. Lowe’s — The home improvement stock fell 2.9% even after the company reported better-than-expected first-quarter profit and revenue. Sales have been declining year over year, and CEO Marvin Ellison said on an earnings call that “home improvement customers are still in a wait-and-see mode.” Dell Technologies — Dell shares rose 2.8% after Citigroup raised its price target to $170, moving up 16.9% from Monday’s closing price. The bank is optimistic about Dell’s opportunities in the field of artificial intelligence. BlackLine — Shares of BlackLine fell nearly 8% after the software company announced plans to issue $500 million in convertible senior notes due 2029. The firm believes the restaurant software company may be overvalued after rising 43% in 2024. Palo Alto Networks’ fiscal third-quarter revenue exceeded expectations, but said fourth-quarter revenue is expected to be between $3.43 billion and $3.48 billion. Analysts polled by FactSet expected revenue of $3.45 billion. Keysight Technologies — Shares plunged 9% on weak guidance for the quarter. Keysight said it expects non-GAAP earnings per share to be between $1.30 and $1.36 and revenue to be between $1.18 billion and $1.2 billion. By comparison, analysts polled by FactSet expected earnings of $1.45 per share on revenue of $1.21 billion. Xpeng Motors — The Chinese electric car company’s U.S.-listed shares rose nearly 5% after it beat first-quarter revenue estimates and said it expects quarterly deliveries to increase. Xpeng Motors expects to deliver 29,000 to 32,000 vehicles in the second quarter, an annual increase of approximately 25% to 37.9%. AutoZone – Shares of the specialty retailer fell nearly 4% after fiscal third-quarter sales fell short of expectations. AutoZone reported revenue of $4.24 billion for the quarter, below analysts’ expectations of $4.29 billion, according to FactSet. Li Auto — Shares of the Chinese electric vehicle maker fell 4%. Reuters reported that Li Auto has postponed the launch of its pure electric SUV model to next year. Sprout Social — Shares of Sprout Social fell 4% in response to a Reuters report that the company’s founders were in talks to take the social media strategy firm private, citing people familiar with the matter. Sprout said in a regulatory filing that there are “no processes in place to sell or take the company private.” —CNBC’s Yun Li, Jesse Pound, Sarah Min, Alex Harring, Lisa Han and Samantha Subin contributed reporting.
