Abercrombie & Fitch — Shares popped 23.4% after the apparel retailer posted fiscal first-quarter sales that grew 22% from a year earlier. Abercrombie’s profit during the period was nearly seven times compared to the year-ago period and came in ahead of Wall Street’s estimates.
Netflix — Morgan Stanley reiterated its overweight rating on the streaming stock, leading shares 1.3% higher on Wednesday. According to the firm, Netflix can see strong double-digit revenue growth that should extend beyond the benefits it is seeing from its paid-sharing initiative.
American Airlines — The travel stock sank 13.5% after a guidance cut for the second quarter. The company said it now sees unit revenues falling as much as 6% during the period compared to a year ago. Prior guidance said the decline would not be greater than 3%. American Airlines also lowered its projections for adjusted earnings per share.
Dick’s Sporting Goods — Shares soared 15.8% after the sports equipment retailer posted an earnings and revenue beat for its fiscal first quarter and raised its full-year guidance. Dick’s now expects full-year earnings to come in between $13.35 and $13.75 per share, up from its previous range of $12.85 to $13.25. That is above the $13.25 per share expected from analysts polled by LSEG.
ConocoPhillips, Marathon Oil — The oil company slipped 3.3% in midday trading following news that ConocoPhillips is acquiring peer Marathon Oil in a $17 billion all-stock deal. Marathon’s shares gained almost 8.5% on the news.
HubSpot — The marketing software company added 1.1%. The stock added to its gains from Tuesday, which came after CNBC’s David Faber reported that Google parent Alphabet is in talks for an all-stock offer for HubSpot.
Fluence Energy — Shares advanced 2.4% after UBS reiterated the energy company as a buy, saying it is an “under-appreciated beneficiary” of increasing demand from artificial intelligence, tied to data center-driven electricity demand.
Chewy — The pet supply retailer’s stock jumped 26.9% after posting a significant quarterly beat. Chewy reported earnings per share of 15 cents on $2.88 billion in revenue, beating estimates of just 6 cents per share on $2.85 billion in revenue, per LSEG.
Insurance-related stocks — Insurance provider UnitedHealth dropped 3.8% following management commentary around its Medicaid business. Other stocks also tied to the government-run health insurance program, namely Molina Healthcare, Elevance Health and Humana, also slid during Wednesday’s trading session.
