Check out the companies making the biggest moves at midday: Peloton – Stock plunged 14% after the connected fitness company announced it would begin a “global refinancing” process that includes a note offering convertibles and a term loan of $1 billion over five years. Peloton, which recently announced a restructuring plan, has been struggling with declining sales. Lam Research — Shares rose 2.1% after the semiconductor equipment maker said its board approved a $10 billion stock buyback and stock split 10 to 1. AstraZeneca — U.S.-listed shares rose 2.3% after the U.K.-based pharmaceutical company announced plans to increase its total revenue to $80 billion from by 2030, a 75% increase from 2023. Macy’s — Shares of the department store fell about 1% after the company reported its first-quarter financial results. Macy’s profit beat Wall Street expectations, while the retailer’s revenue was roughly in line. CEO Tony Spring said the company is in the “early stages” of turning around its namesake stores after the company stepped up investment in 50 of its Macy’s stores. VinFast Auto — The electric vehicle maker fell 15% after the National Highway Traffic Safety Administration said it would investigate a fatal crash in April involving a VinFast VF 8 EV. Lowe’s — Home improvement stock fell 2.9% despite the company reporting higher first-quarter profit and revenue. Sales fell year over year and CEO Marvin Ellison said during the earnings conference call that “the home improvement customer is still on the sidelines.” Dell Technologies — Shares jumped 2.8% after Citi raised its price target to $170, implying a 16.9% upside from Monday’s close. The bank is optimistic about Dell’s opportunities in artificial intelligence. BlackLine — The software company lost nearly 8% after announcing a plan to offer $500 million in convertible senior notes due in 2029. Toast — Shares fell more than 3% following a Baird degradation to neutral. The firm believes the restaurant software company may be overvalued after surging 43% in 2024. Palo Alto Networks — The cybersecurity stock fell 3% after issuing online guidance for the current quarter. Palo Alto Networks beat estimates for its fiscal third quarter, but said it expects fourth-quarter billings to be between $3.43 billion and $3.48 billion. Analysts surveyed by FactSet expected $3.45 billion in billings. Keysight Technologies — Shares fell 9% on weak guidance for the current quarter. Keysight said it expects non-GAAP earnings in the range of $1.30 to $1.36 per share, while revenue is expected to be in the range of $1.18 billion to $1.2 billion. For comparison, analysts surveyed by FactSet had expected earnings per share of $1.45 on revenue of $1.21 billion. XPeng — U.S.-listed stocks jumped nearly 5% after the Chinese electric vehicle company beat first-quarter revenue estimates and said it expected higher quarterly deliveries. XPeng expects to deliver between 29,000 and 32,000 vehicles in the second quarter, an increase of approximately 25% to 37.9% from the previous year. AutoZone — Shares of the specialty retailer fell nearly 4% after sales were weaker than expected for the fiscal third quarter. AutoZone reported revenue of $4.24 billion for the quarter, below the $4.29 billion expected by analysts, according to FactSet. Li Auto — The Chinese electric vehicle maker lost 4%. Reuters reported that Li Auto has postponed the launch of its purely electric SUV models until next year. Sprout Social — Shares fell 4% after Sprout Social responded to a Reuters report, citing people familiar, that its founders were in talks to take the social media strategy company private. Sprout, in a regulatory filing, said there is currently “no process in place to sell or take the company private.” — CNBC’s Yun Li, Jesse Pound, Sarah Min, Alex Harring, Lisa Han and Samantha Subin contributed to this report.
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