Take a look at the companies making headlines in midday trading. Adobe — Shares of Adobe fell more than 12% after the software company said it forecast lower-than-expected fiscal first-quarter revenue. According to LSEG, Adobe’s first fiscal quarter revenue is expected to be between US$5.63 billion and US$5.68 billion, lower than the market consensus of US$5.73 billion. Warner Bros. Discovery — Shares of Warner Bros. Discovery soared 15% after the legacy media company announced plans to reorganize and split its business into linear and streaming businesses. Constellation Energy — The energy company’s shares rose 3% after a rating upgrade from Bank of America, which cited rising demand and tighter supply as catalysts. Celsius Holdings — Shares of the energy drink maker soared 5% after JPMorgan debuted an overweight rating. JPMorgan said lower inventories and a reacceleration of growth could help share prices rebound. HERSHEY — While Wells Fargo downgraded the candy company to underweight from equal weight, saying Hershey is “on the precipice of historic EPS pressures in 2025 and (now) 2026… and Street “Earnings per share need to fall significantly,” but the company’s shares still rose 2%. Beverage stocks – Coca-Cola, PepsiCo and Keurig Dr Pepper all rose more than 1% after Deutsche Bank upgraded the beverage company to buy from neutral. Analyst Steve Powers said he expects restaurant traffic to accelerate next year and impulse buying to be stronger, which he believes should be a boon for the industry Oxford Industries — The apparel and footwear company’s shares fell more than 7% after its fourth-quarter profit guidance fell short of expectations. Analysts polled by Oxford forecast earnings per share of $1.18 to $1.38 per share, excluding items. at $1.55. Riot Platforms – Activist investor Starboard Value has a “significant position” in the Bitcoin miner and is pushing for the company to convert some of its Bitcoin mining facilities into large-scale operations, The Wall Street Journal reports. Data Center, the company’s stock price has risen nearly 10% this year, and pure-play miners like Riot have lagged behind other miners that have turned to artificial intelligence in 2024. Still down 16%. According to FactSet, Uber Chief Financial Officer Prashanth Mahendra-Rajah said at a Barclays conference on Wednesday night that the company is “very satisfied” with the recent growth trajectory of its mobility business. Uber is still down 13% so far this month, in part due to concerns about its business as autonomous driving evolves. —CNBC’s Alex Harring, Hakyung Kim, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting
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