Stocks making the biggest moves midday: ServiceTitan, Adobe, Warner Bros. Discovery, Riot Platforms and more
Check out the companies making headlines in midday trading: Adobe — The software company tumbled more than 12% after it announced lighter-than-expected revenue estimates for the fiscal first quarter. Adobe guided for revenue between $5.63 billion and $5.68 billion in the fiscal first quarter, missing the consensus estimate of $5.73 billion, according to LSEG. Warner Bros. Discovery — Shares surged 15% after the legacy media company announced plans to restructure and split its business into linear and streaming segments. Constellation Energy — The energy company advanced 3% following an upgrade to buy from Bank of America, with the firm citing rising demand and tightening supply as catalysts for shares moving forward. Celsius Holdings — The energy drink maker surged 5% after JPMorgan initiated coverage at an overweight rating. JPMorgan said lighter inventory and a reacceleration of growth can help the stock rebound. Hershey — Shares rose 2% even after Wells Fargo downgraded the candy company to underweight from equal weight, saying Hershey is at the “precipice of historic EPS pressure in 2025 and (now) into 2026 … and Street EPS needs to come down substantially.” Beverage stocks — Shares of Coca-Cola , PepsiCo and Keurig Dr Pepper all advanced more than 1% after Deutsche Bank upgraded the beverage companies to buy from neutral. Analyst Steve Powers said he expects accelerating trends in restaurant traffic and stronger impulse purchases next year, which he believes should be a boon for the sector. Oxford Industries — Shares pulled back more than 7% after the apparel and footwear company’s fourth-quarter earnings guidance fell short of estimates. Oxford forecast earnings per share, excluding items, in the current quarter of $1.18 to $1.38 per share. Analysts polled by FactSet were looking for $1.55 in earnings per share. Riot Platforms — Shares jumped nearly 10% after The Wall Street Journal reported activist investor Starboard Value has taken a “significant position” in the bitcoin miner and is pushing for the company to convert some of its bitcoin mining facilities into space for big data-center users. Pure-play miners such as Riot this year have lagged other miners that pivoted to artificial intelligence. While some caught up in the postelection crypto rally, Riot is still down 16% for 2024. Uber Technologies — The ride-share stock rose about 2% on Thursday, clawing back some of its recent losses. Uber Chief Financial Officer Prashanth Mahendra-Rajah said at a Barclays conference late Wednesday that the company feels “very comfortable” with the near-term growth trajectory of its mobility business, according to FactSet. Uber is still down 13% month to date, in part due to concerns about its business as autonomous driving advances. ServiceTitan — Shares of the cloud software company surged more than 40% as ServiceTitan made its debut on the Nasdaq. The initial public offering was priced at $71 per share Wednesday evening, topping the company’s expected range. The stock is trading under the ticker “TTAN.” — CNBC’s Alex Harring, Hakyung Kim, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting.
