Check out the companies making headlines in midday trading: SoFi Technologies — The consumer fintech company’s stock price plunged roughly 10.5% on disappointing second-quarter earnings guidance. SoFi forecast adjusted revenue between $555 million and $565 million, and net income of $5 million to $10 million, while analysts polled by FactSet had called for $580.8 million in revenue and net income of $13.9 million. SoFi’s earnings for the first quarter topped analysts’ estimates, however. Tesla — The Elon Musk-led company saw shares soar 15.3% after the electric car make r passed a significant milestone to roll out its full self-driving technology in China. Tesla on Sunday said local Chinese authorities removed restrictions on its cars after passing the country’s data security requirements. Domino’s Pizza — Shares of the pizza chain advanced 5.6% on better-than-expected earnings for the first quarter. Domino’s reported $3.58 in earnings per share versus the $3.39 expected by analysts polled by LSEG, and said its U.S. same-store sales growth increased year over year. Philips — Shares of the Dutch medical devices giant popped 26.8%, reaching a two-year high, after Philips agreed to a $1.1 billion settlement in the U.S. for personal injury cases associated with the recall of some of its sleep apnea devices, millions of which were recalled in 2021 over concerns that they included parts that carried potential cancer risks. AT & T — The telecommunications stock popped 1.6% after Barclays upgraded AT & T to overweight from equal weight, citing a “mismatch” between the company’s valuation and its growth prospects. Roku — The TV streaming distributor popped 4.1% following an upgrade to buy from neutral at Seaport Research Partners. Analyst David Joyce said investors have oversold the stock based on fears of streaming competition, and Roku’s risk/reward looks attractive as the company should grow its advertising numbers this year. Apple — Shares rose 2.5% after Bernstein upgraded the tech stock to outperform from market perform. Analyst Toni Sacconaghi said concern about recent weakness in China may be overdone and that it could be time for investors to “buy the fear.” Southwest Airlines — The airline stock dipped 0.7% following a downgrade to underperform from hold at Jefferies. The firm cited Southwest’s disappointing earnings report on Thursday. The firm said the airline’s declining cash position leaves its dividend vulnerable. Dave — Shares popped 10.3% after JMP initiated coverage of the fintech company with an outperform rating. According to the firm, Dave has achieved financial stability after posting profitable adjusted EBITDA, making the company a “promising investment opportunity” as it expands its product offerings. AMC Entertainment Holdings — The movie theater stock lost 11.1% after AMC preannounced first-quarter results, reporting better-than-expected revenue of $951.4 million but slightly disappointing adjusted EBITDA of $31.6 million, per FactSet. The company also anticipates its second-quarter box office performance to remain pressured by last year’s strikes. Paramount Global — Shares of the entertainment company, which will report earnings after the bell, climbed 2.9% on reports that its board is preparing to fire CEO Bob Bakish as soon as Monday. — CNBC’s Sarah Min, Tanaya Macheel, Yun Li, Lisa Kailai Han and Michelle Fox contributed reporting.
Stocks making the biggest moves midday: TSLA, ROKU, AAPL, DPZ
