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Midday movers: Levi Strauss, Meta, HubSpot rise; Block falls

Published 04/04/2024, 07:56 PM
Updated 04/04/2024, 11:46 PM
© Reuters

(Updated - April 4, 2024 11:41 AM EDT)

Investing.com -- Main U.S. indexes gained on Thursday, rebounding after recent losses following the release of weekly initial jobless claims data. Claims rose more than forecasters were expecting, hinting at slowing in the labor market and supporting the outlook for Fed rate cuts.

Here are some of the biggest U.S. stock movers today:

Levi Strauss (NYSE:LEVI) stock soared 15% after the retailer raised its annual profit forecast, citing recent cost savings from job cuts and less aggressive discounts on its iconic clothing.

Blackberry (TSX:BB) stock rose 9% after the Canadian company reported a surprise profit for the fourth quarter, helped by higher demand for its cybersecurity services amid growing online crimes and high-profile hacks.

Tesla (NASDAQ:TSLA) stock rose 2.4% after the Financial Times reported that the EV manufacturer is set to study sites in India for a proposed $2 billion to $3 billion electric car plant.

Paramount Global (PARA) stock fell 9% after the WSJ reported that the entertainment conglomerate had entered into exclusive merger talks with Skydance Media, favoring the independent studio over a $26 billion offer from Apollo Global Management (NYSE:APO).

Walt Disney (NYSE:DIS) stock rose 0.8% after the entertainment giant’s shareholders backed Chief Executive Bob Iger and other company directors, ending a battle for board seats launched by activist investors Trian Fund Management and Blackwells Capital.

Reddit (RDDT) stock fell 1.3%, with analysts describing the social media platform as “an institutional meme stock”, as they initiated coverage with an ‘underperform’ rating.

Wayfair (NYSE:W) stock rose 5% after Evercore ISI upgraded its stance on the online home furnishing retailer to ‘outperform’ from ‘in line’, saying its risk/reward profile is appealing, as the company has implemented cost-cutting measures, reducing downside risk and enhancing potential upside as revenues begin to grow again.

Block (SQ) stock fell 3% after Morgan Stanley downgraded the financial services company to ‘underweight’ from ‘equal weight’, reflecting concerns about the sustainability of the company's Ebitda growth and its implications for future revenue expansion.

Meta Platforms (NASDAQ:META) stock rose 3%, hitting a new intraday all-time high as analysts continue raising their targets for the stock. Earlier, they lifted their Meta target to $585 from $550 per share, maintaining a ‘buy’ rating.

HubSpot (NYSE:HUBS) stock jumped 9.5% after a report from Reuters said that Alphabet (NASDAQ:GOOGL) is in talks with advisers about a potential offer for the company. Shares of rival Salesforce (NYSE:CRM) declined.

Additional reporting by Louis Juricic

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