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Stocks making the biggest moves midday: Salesforce, Delta, Albemarle and more

Stocks making the biggest moves midday: Salesforce, Delta, Albemarle and more

Salesforce — Following the company’s stronger-than-expected quarterly earnings report, shares of the business software provider rose 9.9%. Salesforce also raised its full-year earnings forecast but lowered its revenue forecast. After the acquisition of Slack, the business indicated it is cutting down on hiring and isn’t planning to make another significant acquisition at this time.

Delta — The shares dropped 5.2 percent after the airline stated it expected sales to rebound to pre-pandemic levels in the current quarter. Greater travel demand from passengers ready to pay higher ticket costs, according to Delta Air Lines, helped to offset the increase in energy prices.

Mosaic, Albemarle — Materials companies, which are often related to the economic cycle, were among the S&P 500’s biggest laggards, as JPMorgan CEO Jamie Dimon’s comments that the economy is heading for a “storm” weighed on the market. Albemarle, a chemical manufacturing business, saw its stock plummet 7.8%. Mosaic, an agricultural corporation, lost 6.1 percent of its value.

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Investors were concerned about the economy’s health, therefore cruise lines, airlines, hotels, and other tourism companies experienced losses. Norwegian Cruise Line and United Airlines were both down 4.5 percent, while Airbnb slid 3.4 percent and Wynn Resorts dipped 1.5 percent.

Victoria’s Secret – Shares of the intimate apparel retailer rose 8.9% after the company reported a profit beat in the most recent quarter. Victoria’s Secret announced adjusted profits per share of $1.11, vs 84 cents expected by analysts. Revenue was $1.48 billion, which was in line with forecasts.

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Tempur Sealy International — The mattress maker’s stock dropped 6.6 percent after Piper Sandler downgraded it from overweight to neutral. Piper is concerned about the mattress company’s slower-than-expected sales.

Stanley Black & Decker — The manufacturing company’s stock dropped 3.4 percent after its board named Donald Allan, the company’s current president and chief financial officer, as its new CEO. Allan’s new position will begin on July 1st. He will join the board of directors and keep his position as president.

Warner Bros Discovery — The media and entertainment conglomerate’s stock slid 4.3 percent after Wells Fargo confirmed its overweight rating on the stock. According to the bank, the company is a good investment for “patient” investors.

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AmerisourceBergen — The drug wholesaler’s stock dropped 3.1 percent after the firm repeated full-year earnings projections that fell short of FactSet estimates. The firm also announced that its board of directors approved a new share repurchase program, allowing it to buy up to $1 billion in outstanding shares.

Medtronic — The medical device company’s stock fell 2.4 percent after Atlantic Equities downgraded it from overweight to neutral, claiming that the valuation gap between Medtronic and its peers has narrowed and that the stock “no longer properly discounts recent execution concerns.”

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