Wednesday, 31 May 2023

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10 things we're watching in the stock market Friday ahead of the long weekend

A Ford F-150 Lightning Platinum electric truck during the 2022 New York International Auto Show, New York.

Michael Nagle | Bloomberg | Getty Images

Check out the companies making the biggest moves midday Friday.

Ford — Shares popped about 7% after Ford and Tesla announced a partnership late Thursday that will give Ford owners access to more than 12,000 Tesla Superchargers in the U.S. and Canada. Tesla‘s stock gained 5%.

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Marvell Technology — The semiconductor stock soared 28% after the company’s earnings beat analyst expectations. Marvell Technology also expects revenue growth to accelerate in the second half of the fiscal year, with CEO Matt Murphy citing artificial intelligence as a “key growth driver.”

Ulta Beauty — Shares of the beauty retailer tumbled more than 12% following the company’s first-quarter earnings announcement. Despite reporting an earnings and revenue beat, shares fell on the company’s reduced operating margin outlook for the full year.

Paramount — Shares of the media company gained more than 5% after National Amusements, Paramount’s majority voting shareholder, announced a $125 million preferred equity investment by BDT Capital Partners. Loop Capital upgraded Paramount to a hold rating from a sell in light of the news. The Wall Street firm said the bull case is the financial pressure will force Paramount to find a buyer and shareholders will achieve private market value.

Gap — Shares of the apparel retailer jumped 11% even after the company posted net losses and declining sales Thursday for its most recent quarter. Investors cheered Gap’s big improvement in its margins, which it attributed to reduced promotions and lower air freight expenses.

Workday — The stock rallied more than 11.1% after its first-quarter earnings and revenue beat analysts’ expectations. Workday also raised the low end of its full-year subscription revenue guidance and named a new chief financial officer, Zane Rowe.

RH — Shares tumbled about 3.7% after the retailer’s second-quarter guidance missed analysts’ expectations. The company also warned of increased markdowns. However, RH beat estimates for first-quarter adjusted earnings per share and revenue, per Refinitiv, when it reported results after Thursday’s close.

Deckers Outdoor — Deckers Outdoor popped 2.3% after the footwear company behind Ugg and HOKA shoes reported fiscal fourth-quarter results that exceeded analysts’ expectations. However, it gave full-year earnings and revenue…

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