Take a look at the companies making headlines in midday trading. Broadcom – Shares of Broadcom soared about 12% after the chipmaker beat fiscal second-quarter earnings and revenue estimates and announced a 10-for-1 stock split. Adjusted earnings per share were $10.96 on revenue of $12.49 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of $10.84 per share on revenue of $12.03 billion. Data storage and artificial intelligence stocks Super Micro Computer, Arista Networks and Nvidia also rose, rising 10%, 4% and 2% respectively. Signet Jewelers – Shares of Signet Jewelers plunged more than 13% after the company reported mixed first-quarter earnings results. Signet reported adjusted earnings of $1.11 per share on revenue of $1.51 billion. Analysts polled by FactSet expected earnings of 85 cents per share on revenue of nearly $1.52 billion. Company management also noted during an earnings call with analysts that consumers remain under pressure, with many jewelry players experiencing increased discounting activity. Dave & Buster’s – The entertainment and restaurant chain’s first-quarter sales fell short of expectations, sending the company’s stock down nearly 10%. According to LSEG, the company’s revenue was US$588 million, lower than analysts’ expectations of US$621 million. Virgin Galactic — Shares of Virgin Galactic plunged nearly 13% after the space tourism company’s board of directors approved a 20-for-1 reverse stock split that will take effect after the market closes on June 14. Dollar. Oxford Industries – Shares of Oxford Industries fell 1% after the apparel maker reported lower-than-expected first-quarter profit. The company, which owns Tommy Bahama, had adjusted earnings of $2.66 per share on revenue of $398.2 million. Analysts had expected earnings of $2.68 per share and revenue of $404.8 million, according to FactSet. Second-quarter and full-year forecasts were also lower than expected. Kimberly-Clark – Shares of the maker of Huggies and Kleenex rose about 3% after Bank of America gave the stock a dual rating and raised its price target. Bank of America said the consumer products company faces structural changes ahead. Ford Motor Co. shares fell 1% after the automaker ended a costly electric vehicle dealer program that required U.S. dealers to invest more than $1 million to sell the cars. Tesla Inc. shares rose 4% after Chief Executive Elon Musk said shareholders would approve his $56 billion compensation package and a resolution to move the company’s domicile to Texas. Ahead of the vote, some prominent shareholders said they planned to vote against the pay package. Ulta – Shares of the beauty retailer rose 1.8% after being named a top pick by Oppenheimer. The company said Ulta has a “compelling risk-reward profile.” NextEra Energy – The renewable energy stock gained 1% despite Barclays downgrading it to underweight from equal weight. The company said it sees no “clear path forward” for the company due to the pending financing of the convertible equity portfolio. Paramount Global – Shares of the entertainment giant fell nearly 7%, adding to an already difficult week for the company. Earlier this week, National Entertainment halted merger discussions between Paramount Worldwide and Skydance. The stock has fallen more than 13% so far this week. Warner Bros. Discovery – Shares of the media conglomerate fell 6% after Liberty Global announced it would acquire the company’s stake in the Formula E racing series. . Once completed, Liberty’s total ownership share in the series will reach 65%, meaning it will acquire a controlling stake. Generac – Generator manufacturer loses more than 5%. Janney Montgomery Scott on Thursday downgraded Generac to neutral from buy, citing the company’s valuation. “We believe additional multiple expansions are unlikely,” said analyst Sean Milligan, adding that his team was seeking “further clarity on the launch of newer energy technology products beyond 2025.” . —CNBC’s Alex Harring, Michelle Fox, Sarah Min and Darla Mercado contributed reporting.
