Stocks making the biggest moves midday: BB, KYMR, AAPL, WEN
Check out the companies making the biggest moves midday: Kymera Therapeutics — The biotech stock surged 17% after Kymera enrolled in a Phase 2b Broaden2 trial for its KT-621 drug, which aims to treat atopic dermatitis. BlackBerry — Shares rallied 20% after the software company and former maker of the eponymous cellphone posted better-than-expected fiscal first-quarter results. BlackBerry earned an adjusted 4 cents per share on revenue of $152.9 million. Analysts expected a profit of 3 cents per share on revenue of $137.2 million, per FactSet. Apple — Shares of the iPhone maker slid nearly 5% after Apple announced price hikes on MacBooks and iPads. The company pointed to growing demand and rising costs for memory and storage as a driver. AeroVironment — Shares of the maker of unmanned aircraft systems slid 4%. AeroVironment is slated to report fourth-quarter results next Monday, and analysts are calling for earnings of $1.46 per share on revenue of $557.2 million, per FactSet. Shares are on pace for their fourth straight losing day after AeroVironment disclosed earlier this week that it will have to restate results for the three- and nine-month periods ended Jan. 31. Microsoft — Shares dropped to session lows and was last down 3.8% after the tech giant said it would raise Xbox console prices by $100 for the 512-gigabyte model and by $150 for its 1 terabyte one . “Unlike phones, computers, speakers, and other consumer devices, consoles are typically not sold at a profit, but instead for less than they cost to make,” Microsoft said in a statement. Hertz Global — The car rental agency’s stock dropped more than 9% after a 37-million share secondary offering priced at $2.70 a share. Hertz won’t receive any proceeds from the sale. Instead, the stock will be loaned by Hertz to JPMorgan, which will receive all the proceeds. JPMorgan will sell the borrowed shares “and use the resulting short position to facilitate transactions by which investors in [Hertz notes] may hedge their investments through short sales or privately negotiated derivatives transactions.” Micron — The memory chipmaker’s stock soared 15% after its third-quarter earnings blew past expectations. Micron saw adjusted earnings of $25.11 per share, topping the $20.78 expected from analysts polled by LSEG. The company’s revenue, which also surpassed estimates, quadrupled to $41.46 billion from $9.3 billion a year prior. Qualcomm — Shares gained 8% after the semiconductor builder nearly doubled its projection for 2029 non-handset revenue to $40 billion, up from a prior forecast of $22 billion. The company is also targeting $15 billion in data center sales for the same year. Memory stocks — Shares of memory companies also moved higher. Sandisk ‘s stock jumped 18%, and Western Digital ‘s rose 7%. Lam Research ‘s stock added 5%. Wendy’s — Shares were down nearly 3%, reversing a double-digit gain from earlier in the session, as retail trader momentum appeared to ease. The stock rallied more than 25% in Wednesday’s session , catching a tailwind from retail enthusiasm. Trip.com — U.S.-listed shares of the Singapore-based online travel agency shed almost 2% after its fourth-quarter adjusted earnings and revenue missed expectations. Bio-Techne — The life sciences company agreed to be acquired by drugmaker Merck for $73 per share. The stock rallied 19.7%. Dollar Tree — Shares dropped 1.6% after the discount retailer said a major shareholder is selling shares in a block trade to JPMorgan and Goldman Sachs. Dollar Tree said it will repurchase $500 million of its stock from Goldman after the block trade is completed. McCormick — The spice company reported second-quarter adjusted earnings of 80 cents per share, topping the 69 cents expected from analysts polled by LSEG. Revenue came in at $1.94 billion, above the $1.91 billion consensus estimate. The stock gained 4%. — CNBC’s Darla Mercado and Scott Schnipper contributed reporting
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