Stocks with Big Moves: CC, SNOW, HRL, AI

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The stock market is always bustling with activity, and it’s important to stay updated on the latest news and movements. Here are some of the companies making waves in midday trading.

Hormel Foods (HRL)

Shares of Hormel Foods soared by 14.6% after the food processing company exceeded expectations in its fiscal first-quarter earnings and revenue. With earnings of 41 cents per share (excluding items) and revenue of $3 billion, surpassing estimates, Hormel Foods is on a positive trajectory. The company cited growth in its food service business and improvements in its international segment as key factors contributing to its success.

Monster Beverage

Monster Beverage saw a 5.8% increase in shares after reporting strong January sales and gross margin expansion. Despite reporting in-line adjusted earnings and a slight revenue miss for the fourth quarter, the energy drink maker received positive feedback from Morgan Stanley and RBC, who raised their price targets for the stock.

C3.ai (AI)

C3.ai, an artificial intelligence software company, experienced a 24.5% surge in stock price after posting a narrower-than-expected adjusted loss per share of 13 cents. Additionally, the company’s revenue exceeded Wall Street’s expectations, further boosting investor confidence.

Chemours (CC)

Chemours faced a setback as shares fell by 31.5% due to the company placing its CEO, CFO, and principal accounting officer on leave. Chemours also announced an internal review to investigate potential “material weaknesses” in its financial reporting. As a result, the company delayed its fourth-quarter earnings report.

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Okta

Shares of Okta rallied by a remarkable 22.9% after Bank of America Securities double upgraded the identity management company to a buy rating from underperform. The bank believes that Okta’s conservative full-year guidance could drive upward estimate revisions throughout the year. Bank of America also raised its price target for Okta, suggesting nearly 55% upside from the previous day’s closing price.

Birkenstock

Shares of newly public footwear maker, Birkenstock, dipped by 2.4% despite reporting a 22% year-on-year increase in revenue. The growth was fueled by higher pricing and rising demand in the U.S. market.

Best Buy

Consumer electronics retailer, Best Buy, saw a 1.5% increase in shares after reporting fourth-quarter adjusted earnings of $2.72 per share, surpassing analysts’ expectations. The company’s revenue of $14.65 billion also exceeded consensus estimates.

Snowflake (SNOW)

Shares of cloud data company, Snowflake, plunged by 18.1% following disappointing product revenue guidance for the first quarter. The company also announced the retirement of CEO Frank Slootman. Morgan Stanley downgraded the cloud stock to equal weight in response to the news.

Paramount Global

Media company Paramount Global witnessed a small 0.2% decrease in shares after posting a surprise quarterly profit. Paramount’s streaming platform, Paramount+, gained 4.1 million subscribers during the latest quarter, reaching a total of 67.5 million. However, the company did fall short of revenue expectations for the fourth quarter.

Pure Storage

Shares of data storage company, Pure Storage, jumped by 25% after reporting stronger-than-expected fourth-quarter earnings and providing an upbeat first-quarter guidance. With earnings of 50 cents per share and revenue of $790 million for the period, Pure Storage impressed investors.

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AMC Entertainment Holdings

The movie theater operator, AMC Entertainment Holdings, experienced a 13.4% decline in shares after reporting a wider loss than expected. However, fourth-quarter revenue of $1.1 billion surpassed estimates.

Figs

Apparel company, Figs, encountered a 13.3% drop in shares after posting disappointing fourth-quarter sales. The company also announced the departure of its chief financial officer in April.

Celsius Holdings

Celsius Holdings, an energy drink maker, surged by 20.4% and reached an all-time high following a stronger-than-expected earnings report. Celsius reported earnings of 17 cents per share and revenue of $347.4 million for the fourth quarter, surpassing analysts’ estimates.

Duolingo

Shares of educational technology firm, Duolingo, soared by 22.2% after surpassing fourth-quarter estimates and providing strong first-quarter and full-year revenue forecasts. With earnings of 26 cents per share and revenue of $151 million, Duolingo outperformed analysts’ expectations.

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