Yelp experienced a 5.7% surge in its stock value after activist investor TCS Capital Management acquired a stake in the company. TCS urged Yelp to explore strategic alternatives, including a potential sale, stating that the company is significantly undervalued. TCS believes that Yelp could be sold to a private equity buyer for a premium of more than 120%, at a minimum price of $70 per share.
AutoZone‘s stock value declined by 6% as the auto retailer missed revenue expectations for the fiscal third quarter. While AutoZone reported earnings of $34.12 per share, surpassing analysts’ forecast of $31.51, its revenue of $4.09 billion fell short of the estimated $4.12 billion. Additionally, AutoZone’s inventory increased by 7.4% compared to the previous year.
Chevron, the energy producer based in San Ramon, California, experienced a 2.9% rise in midday trading. The company’s stock was upgraded to a buy rating by HSBC, citing the potential rebound in oil prices.
Zoom Video Communications witnessed an 8.1% drop in its shares following the release of its first-quarter report. While the company exceeded Wall Street expectations for earnings per share and revenue, its projections for the current quarter were in line with expectations, according to Refinitiv.
Broadcom‘s shares increased by 1.2% after Apple announced a multibillion-dollar chip deal with the company. This long-term plan is part of Apple’s commitment to invest $430 billion in the U.S. economy.
BJ’s Wholesale experienced a 7.3% decline in its shares as the company’s quarterly revenue slightly missed estimates from analysts. Comparable club sales, excluding gasoline, also came in weaker than expected.
Lifecore Biomedical witnessed a significant jump of 50.2% in its stock value following the announcement of $150 million in new financing, repayment of outstanding term loans, and a new supply agreement.
Integra Lifesciences shares fell by 20.2% after the medical technology company provided weak guidance for its second quarter. The company stated that earnings per share are expected to be between 55 cents and 59 cents, lower than the previous range and below analysts’ consensus estimate. Integra also revised its revenue projection downward.
Quanterix and Myriad Genetics, health technology stocks, surged by 9.2% and 13%, respectively, after receiving upgrades to buy ratings from Goldman Sachs. The bank emphasized that Quanterix has better operating leverage than anticipated, and Myriad has a differentiated financial profile that is currently undervalued.