Midday Trading Highlights
Alphabet: The tech giant’s shares dropped by 8%. Eddy Cue, Apple’s senior vice president of services, stated during his testimony in the U.S. Justice Department’s lawsuit against Alphabet that Apple is considering revamping its Safari web browser to emphasize AI-driven search capabilities. He predicted that AI search platforms like OpenAI could eventually overshadow traditional ones like Google.
Uber Technologies: Shares decreased nearly 2% after the ride-sharing company reported a mixed performance for the first quarter. It generated $11.53 billion in revenue, falling short of the $11.62 billion forecasted by analysts. However, its earnings of 83 cents per share exceeded the expected 50 cents.
Arista Networks: The cloud computing company’s stock fell by 6% after it narrowly beat LSEG’s first-quarter revenue estimates but had strong bottom-line results. It reported adjusted earnings of 65 cents per share on revenues of $2.00 billion, surpassing the expectations of 59 cents per share and $1.97 billion in revenue.
Lionsgate Studios: Shares soared nearly 20% after the company announced the successful separation of its studio and STARZ businesses into two independent public entities. This move resulted in the collapse of its previous dual-share structure into a single class of stock.
Super Micro Computer: The server maker’s stock dropped 6% following a poor outlook for the current quarter. Additionally, it reported earnings of 31 cents per share, missing the anticipated 50 cents per share, and revenue of $4.60 billion, which fell below expectations of $5.42 billion.
Rivian Automotive: Shares also fell by 5% after the electric vehicle manufacturer adjusted its full-year delivery projections due to potential economic repercussions from changing tariffs. Nevertheless, Rivian’s first-quarter revenue of $1.24 billion surpassed the expected $1.01 billion.
Disney: The entertainment conglomerate’s shares rose by 11% after it reported adjusted earnings of $1.45 per share for its fiscal second quarter, beating the anticipated $1.20 per share. Its revenue reached $23.62 billion, outpacing the expected $23.14 billion, and the company revised its full-year earnings forecast upwards to $5.75 per share.
