Here’s a look at the companies making headlines in midday trading: Elastic — The software company’s shares surged about 15% after its fiscal second-quarter results topped Wall Street expectations. Elastic reported adjusted earnings of 59 cents per share on revenue of $365 million. Meanwhile, analysts polled by LSEG expected the company to earn 38 cents per share on revenue of $357 million. Reddit — Advance Magazine Publishers shares fell 6% after Bloomberg reported that it was seeking to use its $1.2 billion stake in Reddit to establish a credit facility, citing a person familiar with the matter. Gap — Shares of Gap rose more than 10% after the clothing retailer raised its full-year outlook for the third time this year. The company now expects sales to grow 1.5% to 2%. Gap has said in previous forecasts that sales will grow “modestly.” Super Micro Computer — Shares rose more than 11%, extending a gain of more than 15% in the previous session. The stock has rebounded strongly this week, with shares up more than 73% year to date, after the company appointed BDO as its new auditor and provided Nasdaq with a plan on how to continue to comply with the exchange’s regulations. Intuit – Shares of Intuit fell 4% after the financial software company’s first quarterly report. Intuit’s results beat Wall Street expectations on both revenue and profit, according to London Stock Exchange Group (LSEG), but the company said it expects revenue from its consumer base to decline in the second quarter. Intuit also reiterated its full-year guidance. Ross Stores — The department store chain reported third-quarter earnings of $1.48 per share, above the $1.40 expected by analysts polled by LSEG, sending its shares up 3%. However, its revenue fell short of consensus estimates. Carpenter Technology — Shares of Carpenter Technology rose more than 5% after JPMorgan Chase & Co. initiated an overweight rating on the steelmaker. The company expects future growth of more than 21%, citing strong demand for the company’s premium products. StoneCo – Shares of StoneCo rose about 10% after the Brazilian payments company announced a share buyback plan of up to 2 billion reais. According to the company, the plan does not have a fixed expiry date. Deckers Outdoor — Shares of the shoe maker rose more than 5% and hit an all-time intraday high after Needham issued a buy rating. Needham called Deckers “one of the highest quality companies we cover” and added the stock to its conviction list. MicroStrategy — Shares of the Bitcoin development company rose more than 10%, reversing a loss of more than 16% in the previous session. Bitcoin prices rose as the currency approached $100,000 during Friday’s trading session, after surpassing $99,000 for the first time on Thursday. Texas Pacific Land — ConocoPhillips’ acquisition of Marathon Petroleum Corp. shares rose more than 12% on news that the landowner will join the S&P 500, displacing the company. Its inclusion in the index will take effect on Tuesday. —CNBC’s Alex Harring, Jesse Pound and Michelle Fox contributed reporting.
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