Check out the companies making headlines in midday trading.
Best Buybeat on both the top and bottom lines. Adjusted earnings per share came in at $1.22, versus the $1.06 expected from analysts polled by Refintiv. Revenue was $9.58 billion, topping the consensus estimate of $9.52 billion. However, Best Buy lowered the top end of its revenue outlook for the year.
CoinbaseMarathon DigitalRiot Platformscourt ruled against the U.S. Securities and Exchange Commission in a lawsuit about spot bitcoin exchange-traded funds. Shares of Coinbase, which is named as a custodial partner in several proposed bitcoin ETFs, jumped 13%. Bitcoin mining stocks also rose, with Marathon Digital surging 24% and Riot Platforms climbing 15%.
AT&TVerizonCiti upgrade to buy. The firm cited stabilization in the wireless environment and said the stocks’ valuations may be over discounting potential costs tied to mitigating lead-covered cables.
AlphabetGeneral Motorsworking together to explore AI opportunities across the automaker’s business. Following the announcement, shares of Google Cloud’s parent company Alphabet and General Motors rose 3.5% and 0.6%, respectively, during midday trading.
Ginkgo Bioworksfive-year cloud and AI partnership with Google Cloud. As part of the deal, Ginkgo Bioworks will work to create new large language models for biology and biosecurity uses. Alphabet shares were last up more than 3%.
SplunkJefferies named the company a top pick in a Tuesday note. Jefferies said Splunk is now in the position to deliver “mid-teens” increases in annual revenue after a management overhaul that began 18 months ago.
— CNBC’s Sarah Min, Samantha Subin, Yun Li, Hakyung Kim, Michelle Fox, Pia Singh and Jesse Pound contributed reporting.