Check out the companies making headlines in midday trading.
Amazon — Amazon shares jumped more than 4% after the company said its board of directors has approved a 20-for-1 stock split, telling investors on Wednesday that they’ll receive 20 shares for each share they currently own. The board also approved a $10 billion share buyback program.
CrowdStrike — Shares for the cybersecurity company gained more than 12% in midday trading, after it disclosed strong quarterly profit and revenue in its earnings report Wednesday. CrowdStrike also has an upbeat forecast for the 2023 fiscal year, saying it will pursue market share as cybersecurity concerns rise.
Asana — The collaboration software company’s stock cratered 25% in midday trading. On Wednesday, Asana forecast losses that were greater than analysts’ expectations for the first quarter. The firm also announced a narrower-than-expected loss for its most recent quarter, as well as revenue that exceeded analysts’ estimates.
Genesco – Genesco shares soared more than 7%, as the footwear retailer reported better-than-expected quarterly revenue and profit. Same-store sales for the firm rose 10% and online sales spiked 36%, compared with the same year-ago period.
Baker Hughes, Halliburton, Chevron— The energy companies are up in midday trading, boosted by demand for greater energy production after the U.S. banned Russian oil. The number of oil rigs working dropped to 250 last year, from 1,077 in 2018, according to industry data from Baker Hughes. Oil field services companies Baker Hughes and Halliburton rose more than 5% and over 6%, respectively. Chevron gained 2%.
SolarEdge Technologies, Sunrun, Enphase — Solar stocks tumbled more in midday trading. The sector rallied earlier in the week as oil and gas prices soared. SolarEdge slid more than 6%, while Sunrun and Enphase each declined more than 3%.
Micron Technology, Advanced Micro Devices — Some semiconductor stocks dropped together in midday trading. Micron Technology’s stock tumbled 6.5%, and Advanced Micro Devices dropped 6.7%. Despite strong demand, chipmakers are facing supply chain issues for key materials stemming from the Russia-Ukraine conflict.
— CNBC’s Tanaya Macheel contributed reporting.
