Check out the companies that make headlines in the midday deal. Okta – Stock Software Company released revenue and revenue in the fourth quarter, with stock soaring 18%. OKTA reported revenue of $682 million of adjusted earnings per share of 78 cents, while LSEG analysts expected to expect $74 cents and $670 million, respectively. GitLab – Stocks rose 5% after the software platform released its fourth-quarter revenue and revenue beats. Gitlab, on the other hand, directed full-year earnings, which were lower than Factset’s forecasts analysts. Target – Pressure from stocks of retailers worried about weak sales dragged it down about 5%. While Target released fourth-quarter earnings and revenue that exceeded Wall Street expectations, the company marked “soft” sales in February, as well as “declined consumer confidence.” CEO Brian Cornell also told CNBC that President Trump’s 25% tariff on Mexican goods could lead to higher prices of imported agricultural products, which retailers rely on in the winter. Best Buy – Consumer electronics retail stocks fell 14% behind President Donald Trump’s New China and Mexico tariffs. Barry noted that the two countries are the main sources of the company’s supply chain, with Best Buy purchasing 55% and 20% of products in China and Mexico, respectively. Still, Best Buy reported the fourth quarter revenue and pace of revenue. Tesla – Electric vehicle inventory fell 4% after data from the China Passenger Car Association showed that Tesla’s sales of vehicles in China fell nearly 50% in the year in February. Tesla sold just 30,000 cars, the lowest in two years. Walgreens Boots Alliance – The Wall Street Journal reported that the pharmacy retail chain exploded 7%. Walgreens aims to immediately reach a deal with private equity firm Sycamore partners on Thursday. Magna International – Canadian parts manufacturer fell 3% after Bank of America downgraded to buy a neutral rating. Analyst John Murphy pointed out that tariffs in Canada and Mexico pose huge production risks and have the potential to cause supply chain shocks, which could rival the COVID-19 pandemic. JetBlue Airways – Airlines account for 7% of the time when they slowed U.S. economic activity. Additionally, Deutsche Bank lowered the stock from its purchases, noting that emerging economic weakening could be based on demand for air travel, especially at home. Holding Times – Stocks rose 5% after sneakers and sportswear companies released fourth-quarter revenue and profits, beating Wall Street estimates. However, ON’s full-year 2025 net sales estimate averaged slightly lower than analysts’ expectations. Cruise Stocks – Royal Caribbean announced a three-year performance initiative, down nearly 6%. By the end of 2027, the Perfecta Program aims to adjust earnings per share to achieve a CAGR of 20% and generate returns on investment capital in mid-2024. Shares of Carnival and Norwegian Cruise Company fell 6% and 4% respectively. Auto Stocks – Stocks of the Big Three automakers fell after U.S. President Donald Trump imposed a 25% tariff on Mexico and Canada. GM fell 3%, while Ford and Stratlandis fell more than 2% and more than 4%, respectively. Barclays analyst Dan Levy said the tariffs could eliminate all profits from the three names if the two companies do not raise prices. Chipotle Mexican Grill – Stocks of the fast-casual chain fell 2.3% on the back of the tariff problem. Chipotle CEO Scott Boatwright said the company’s avocados from Mexico account for 50%, but in recent years the supply has diversified from other South American countries. Airline – Stocks of major airlines stumbled as economic concerns overwhelmed President Donald Trump’s tariffs and increased focus on consumer spending. United Airlines and Delta Airlines stocks fell more than 5%. American Airlines lost 4%. Allegiant Travel fell 7%, while Frontier Group fell 3%. Starbucks – The coffee chain is announcing Nordstrom CFO Cathy Smith will join Starbucks as its new chief financial officer starting next month. She will replace Rachel Ruggeri, who has held the position since 2021. Crypto Stocks – Stocks closely related to the cryptocurrency industry hold broad-based risks in the market, including Bitcoin falling by 1%. Shares of trading platform Coinbase fell 0.6%. Robinhood, a brokerage firm that offers stock and cryptocurrency trading, sank 5%. – Sean Conlon, Darla Mercado and Jesse Pound of CNBC contributed the report.
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