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Check out the companies making the headlines in midday trading: Adobe – The software company fell more than 12% after announcing weaker-than-expected revenue estimates for its fiscal first quarter. Adobe reported revenue of $5.63 billion to $5.68 billion in the fiscal first quarter, missing the consensus estimate of $5.73 billion, according to LSEG. Warner Bros. Discovery – Shares rose 15% after the legacy media company announced plans to restructure and split its business into linear and streaming segments. Constellation Energy – The energy company advanced 3% after a buy upgrade from Bank of America, and the firm cited rising demand and tightening supply as catalysts for the stock’s advance. Celsius Holdings – The energy drink maker rose 5% after JPMorgan initiated coverage at an overweight rating. JPMorgan said lighter inventories and accelerating growth could help the stock rebound. Hershey – Shares rose 2% even after Wells Fargo downgraded the candy company from equal weight to underweight, saying Hershey is “in the precipice of historic EPS pressure in 2025 and (now) in 2026 … and Street EPS should decline significantly.” Beverage stocks – Shares of Coca-Cola, PepsiCo and Keurig Dr Pepper advanced more than 1% after Deutsche Bank upgraded the beverage companies to buy from neutral. Analyst Steve Powers said he expects accelerating restaurant traffic trends and stronger impulse buys next year, which he believes should be a boon for the sector. Oxford Industries – Shares retreated more than 7% after the apparel and footwear company’s fourth-quarter earnings missed guidance estimates. Oxford forecast earnings per share, excluding items, of $1.18 to $1.38 per share for the current quarter. Analysts polled by FactSet were looking for $1.55 in earnings per share. Riot Platforms – Shares rose nearly 10% after The Wall Street Journal reported that activist investor Starboard Value has taken a “significant position” in the bitcoin miner, and the company is pushing to convert some of its bitcoin mining facilities into space for large data centers. users This year pure game miners like Riot have left behind other miners who embraced artificial intelligence. While some were caught up in the post-election crypto rally, Riot remains down 16% for 2024. Uber Technologies – Shares of the ride-hailing company rose about 2% on Thursday, reversing some recent losses. Uber CFO Prashanth Mahendra-Rajah told a Barclays conference call late Wednesday that the company feels “very comfortable” with the near-term growth trajectory of its mobility business, according to FactSet. Uber is still down 13% this month, partly because of concerns about its business as self-driving cars advance. ServiceTitan – Shares of the cloud software company rose more than 40% when ServiceTitan made its Nasdaq debut. The initial public offering was priced at $71 per share on Wednesday afternoon, exceeding the company’s expected range. The stock is trading under the name “TTAN”. – CNBC’s Alex Harring, Hakyung Kim, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting.
