Here’s a look at the companies making headlines in midday trading: Abercrombie & Fitch – Shares of Abercrombie & Fitch surged 22% after the clothing retailer reported a 22% year-over-year increase in fiscal first-quarter sales. Abercrombie’s profit in the period was nearly seven times higher than a year earlier, beating Wall Street expectations. Netflix – Morgan Stanley reiterated its overweight rating on the streaming stock, sending shares up 2%. The company said Netflix will see strong double-digit revenue growth, which should outweigh the benefits of its paid-for sharing plans. American Airlines — The travel stock fell 14% after lowering its second-quarter guidance. The company said it now expects unit revenue for the period to be down 6% compared with the same period last year. Previous guidance said the decline would not exceed 3%. American Airlines also lowered its forecast for adjusted earnings per share. Dick’s Sporting Goods – Shares of Dick’s Sporting Goods soared 15% after the sports equipment retailer reported better-than-expected first-quarter earnings and revenue and raised full-year guidance. Dick’s now expects full-year earnings per share of $13.35 to $13.75, up from the previous range of $12.85 to $13.25. That was higher than the $13.25 per share expected by analysts polled by LSEG. ConocoPhillips, Marathon Oil — ConocoPhillips is set to acquire peer Marathon Oil in a $17 billion all-stock deal, the oil company said. It was down nearly 4% in midday trading. Marathon shares rose nearly 8% after the news broke. HubSpot — The marketing software company gained 1.7%. The stock rose on Tuesday after CNBC’s David Faber reported that Google parent Alphabet is in talks to make an all-stock acquisition offer for HubSpot. Fluence Energy — Shares of Fluence Energy rose 3% after UBS reiterated its buy rating on the energy company, calling it an “undervalued beneficiary” of growing demand for artificial intelligence, which is closely tied to power demand driven by data centers. . Chewy — Shares of the pet supplies retailer jumped 28% after a sharp quarterly gain. Chewy reported earnings of 15 cents a share on revenue of $2.88 billion, beating estimates of 6 cents a share on revenue of $2.85 billion, according to LSEG. Insurance-related stocks – Insurer UnitedHealth fell 4.5% after management commented on its Medicaid business. Other stocks related to government-run health insurance plans, namely Molina Healthcare, Elevance Health and Humana, also fell during Wednesday’s trading session. —CNBC’s Brian Evans, Hakyung Kim, Jesse Pound and Michelle Fox contributed reporting.
