Here’s a look at the companies making headlines in midday trading: Five Below — Shares of Five Below fell 12% after the discount retailer missed Wall Street’s first-quarter revenue estimates and provided disappointing guidance. Five Below said it expected revenue of $830 million to $850 million for the quarter, while analysts polled by LSEG expected revenue of $883 million. Salesforce — Shares of Salesforce rose 2.7% after news that Mason Morfit, a Salesforce board member and co-CEO of activist investor ValueAct, increased his stake in the software company to just under $1 billion. . The move came earlier this week, just days after the company reported its first revenue decline since 2006. 5.7%. Earnings per share were $2.54, compared with $2.38 expected by analysts polled by LSEG. Revenue was $2.21 billion, above the consensus estimate of $2.19 billion. Lululemon issued weak guidance for the current quarter, but guidance for full-year earnings per share came in above expectations. Sprinklr — The business technology company’s guidance for the current quarter and full year fell short of expectations, sending shares down 16%. For full-year revenue, the company cut its range to between $779 million and $781 million, missing analysts’ consensus forecast of $805.4 million, according to FactSet. Its previous guidance was set at a range of $804.5 million to $805.5 million. Old Dominion Freight Line – Shares of Old Dominion Freight Line fell 3% after the freight company reported slowing tonnage growth. The company’s growth rate in May was 1.5%, down from 2.3% in April. Smartsheet — The workplace technology stock soared 16.5% after first-quarter earnings beat Wall Street expectations. The company reported adjusted earnings of 32 cents per share, above the 27 cents per share expected by analysts polled by LSEG. Smartsheet also recorded revenue of $263 million, above expectations of $258 million. Instacart — Shares of Instacart rose 8.3% after the grocery delivery company announced a stock buyback plan. Instacart will repurchase common stock totaling up to $500 million. JM Smucker — Shares of the food and beverage maker rose about 5% after the company reported better-than-expected fourth-quarter fiscal 2024 earnings. for $2.33. Fluence Energy — The energy storage stock fell about 6.4% after Guggenheim downgraded its rating to “neutral” from “buy.” The investment firm said the stock was “fairly valued” after its recent gains. Ultragenyx Pharmaceutical — Shares of the biopharmaceutical company rose about 3% after Goldman Sachs upgraded its rating to buy from neutral. The bank sees upside in the stock because of its “diversified rare disease pipeline,” and said it has “increased confidence” in its monoclonal antibody treatment for brittle bone disease, also known as osteogenesis imperfecta. StoneCo – Shares of the financial technology company rose 3% after JPMorgan upgraded the stock to overweight from neutral. The bank cited its earnings per share potential and valuation discount as reasons for the call. —CNBC’s Samantha Subin, Michelle Fox, Lisa Han and Alex Harring contributed reporting.
