Check out the companies making headlines in midday trading.
La-Z-Boy – The stock soared more than 19% after the furniture company topped Wall Street expectations for the fiscal fourth quarter. La-Z-Boy reported adjusted earnings of 95 cents per share on revenue of $554 million. This is above earnings estimates of 70 cents per share on revenue of $516 million, according to analysts polled by LSEG.
Rocket Lab USA – Shares of the space company jumped around 13% after it signed a 10-launch deal with Japanese Earth observation company Synspective. The new launches are set to take place between 2025 and 2027.
e.l.f. Beauty – The beauty company rose more than 9% after Canaccord Genuity said the stock is positioned for strong growth. The firm upped its price target on the stock to $250 from $214, which implies nearly 30% upside from Monday’s close.
Six Flags, Cedar Fair – Shares of Six Flags and Cedar Fair rose around 5.8% and 7.5%, respectively, following the news that their merger is expected to be completed on July 1. Six Flags will also pay shareholders a special dividend of $1.53 per share after the deal closes.
Celsius Holdings – The energy drink maker popped more than 8% after Piper Sandler reiterated its overweight rating and called the stock’s recent sell-off “overdone.” The firm’s price target implies shares could jump more than 50% from Monday’s close.
NextEra Energy – Shares tumbled more than 2.5% after the company said it plans to sell $2 billion in equity units to fund power and energy projects and pay back debt.
Lennar – The homebuilder’s stock fell nearly 5% after the company projected in its fiscal third-quarter guidance that new orders would decrease quarter over quarter. However, the company posted better-than-expected results for the second quarter, reporting $3.45 in earnings per share on $8.77 billion of revenue compared with earnings estimates of $3.24 per share on $8.52 billion of revenue.
Patterson Companies – The dental and animal health company surged around 11% after it beat the Street’s expectations on revenue in the fiscal fourth quarter. The company reported adjusted earnings of 82 cents per share on $1.72 billion of revenue. Analysts polled by FactSet were expecting 82 cents per share in earnings on $1.7 billion of revenue.
Occidental Petroleum – Shares of the Houston-based oil and gas producer climbed around 1.8% after filings revealed that Warren Buffett’s Berkshire Hathaway has scooped up more shares over each of the past nine trading sessions. The purchases brought Berkshire’s holding to over 255 million shares, representing a 28.8% stake. Buffett has ruled out the possibility of taking full control of the oil company.
Semiconductor stocks — Chip stocks were higher during Tuesday’s trading session, with the VanEck Semiconductor ETF (SMH) hitting a record high after rising more than 1.5%. Shares of Micron Technology and Qualcomm advanced 3.8% and around 2%, respectively, while Nvidia traded higher by 3.5%.
