- ORIGINAL NEWS
Stocks making the biggest moves midday: RH, Reddit, Estée Lauder, AMC and more
- SUMMARY
Over the course of the midday trading session, several notable companies experienced significant stock price movements: * **RH (Restoration Hardware)** surged by 17.26% despite reporting disappointing earnings, buoyed by a positive outlook for demand and revenue growth.
* **Estée Lauder** gained 6.28% after an upgrade by Bank of America, which recognized its enhanced profitability, innovative products, and growing presence in the prestige beauty market.
* **Reddit** tumbled by 14.6% as CEO Steve Huffman and COO Jennifer Wong sold large volumes of shares, after a remarkable rise since its debut on the stock market.
* **Chemours** suffered a decline of 9.07% following an announcement that it is under investigation for financial irregularities, including executives manipulating cash flows for bonuses.
* **Snowflake** edged up 0.97% as its CEO purchased $5 million worth of shares, indicating confidence in the company’s future.
* **AMC Entertainment** dropped by 14.29% after disclosing plans to raise $250 million through a stock sale.
* **Verint Systems** jumped by 6.63% after surpassing analyst estimates for earnings and revenue, demonstrating strong performance in its customer engagement solutions business.
* **TD Synnex** slipped by 2.5% as the IT company offered a secondary public offering of shares and authorized a stock buyback.
* **MillerKnoll** plunged by 18.9% after underperforming its revenue target and issuing subdued guidance, citing economic headwinds.
* **Braze** lost 12.42% after disappointing financial projections for its first quarter and full year, indicating lower-than-expected earnings.
* **Allstate** gained 1.87% after receiving a bullish upgrade by HSBC, which praised its management’s strategic actions and the relaxation of regulatory constraints.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“RH — The luxury retailer surged 17.26% after offering strong full-year forecasts for demand and revenue growth.”
“Verint Systems — Shares added 6.63% after the customer engagement solutions provider surpassed fourth-quarter earnings per share and revenue expectations.”
Negative
“Reddit — Shares slipped 14.6% after CEO Steve Ladd Huffman disclosed he sold 500,000 shares and Chief Operating Officer Jennifer Wong disclosed she sold 514,00 shares.”
“MillerKnoll — The furniture company plunged 18.9% after reporting a fiscal third-quarter revenue miss and issuing guidance that fell below analysts’ expectations.”