Yelp, AutoZone, Lowe’s and more

Yelp, AutoZone, Lowe’s and more

Yelp Inc. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York City.

Michael Nagle | Bloomberg | Getty Images

Find out which companies are making headlines in the midday business.

Yelp – Shares of the online review firm jumped more than 9% after activist investor TCS Capital Management took a stake in the company, saying in an open letter that the company should explore strategic alternatives , including a sale. TCS Capital acquired a position of over 4% in Yelp, becoming one of the company’s top five shareholders. TCS said Yelp is “shockingly undervalued” and could be sold to a private equity buyer for at least $70 per share, a premium of more than 120%.

AutoZone – Shares of the auto retailer fell more than 5% after missing revenue expectations for the fiscal third quarter. AutoZone reported revenue of $4.09 billion, less than the consensus estimate of $4.12 billion from analysts polled by Refinitiv. Earnings of $34.12 per share beat analysts’ forecast of $31.51. Inventories rose 7.4% year over year.

Lowe’s Companies – The home improvement retailer advanced 2.8% on a first-quarter earnings report that beat analysts’ expectations. But the company cut its full-year outlook.

Chevron – The San Ramon, Calif.-based energy producer added 3.1% in midday trading. HSBC upgraded Chevron to buy earlier on Tuesday, citing a potential rebound in oil prices.

Zoom Video Communications – Shares fell more than 7% following the first quarter video conferencing stock report. While the company beat Wall Street expectations for earnings per share and revenue, Zoom’s expectations for the current quarter were only in line with expectations, according to Refinitiv.

Broadcom – Shares of Broadcom rose about 2% after Apple announced a multi-billion dollar chip deal with Broadcom. The multi-year plan stems from the iPhone maker’s commitment to inject $430 billion into the US economy.

BJ’s Wholesale – Shares fell 6.4% after the wholesale club’s quarterly revenue fell slightly below analysts’ estimates polled by Refinitiv. Non-petrol comparable club sales were also slightly weaker than expected.

Peloton – Shares rose 3% after the connected fitness equipment company, widely known for its home exercise bike, unveiled a new marketing strategy to attract new customers. The brand’s relaunch, which comes as Peloton attempts to recover, includes a new pricing structure for its digital app.

Advanced Micro Devices – Shares of the semiconductor company rose 1.7% to a new 52-week high. Bank of America reiterated the chipmaker as a buy in a Tuesday note, saying AMD is “on the brink of another big opportunity” stemming from demand for artificial intelligence.

Chimerix – The biotech stock rose 1.4% after Baird began covering research with an outperform rating. The company said it was optimistic about a “first-in-class” treatment for tumors.

Lifecore Biomedical – The stock jumped 60% after Lifecore announced $150 million in new financing, the repayment of outstanding term loans and a new supply agreement.

Integra Lifesciences – Shares fell 15% after the medical technology company gave a weak outlook for its second quarter. The company said earnings per share are expected to be 55 cents to 59 cents, lower than the previous range of 75 cents to 79 cents and the consensus estimate of 77 cents from analysts polled by FactSet. Integra said revenue is expected to total between $372 million and $376 million, which is lower than the previous forecast of $396 million to $400 million and the FactSet consensus of $398.1 million.

Quanterix, Myriad Genetics — Health-tech stocks jumped 17% and 15%, respectively, on upgrades to buy from neutral at Goldman Sachs. The bank said Quanterix had better operating leverage than the market expected. And he said Myriad has a differentiated financial profile which is currently being updated.

Snowflake – Shares rose 2.1% ahead of the cloud computing stock’s quarterly report due Wednesday. Wells Fargo said it was bullish on the approach to company earnings and reiterated an overweight rating.

CCC Intelligent Solutions – Shares of CCC Intelligent Solutions gained 4.6% on an upgrade to outperform Evercore ISI. The company said the software service provider for the P&C insurance industry “had been on an ‘AI journey’ long before it became the trend of the day.”

Spotify – The music streaming service rose 1.3% after Guggenheim repeated the action as a buy, noting that usage trends remain strong and may help Spotify fuel a healthy growth cycle.

Regional banks — Several regional banks rose on Tuesday. PacWest, closely followed, jumped 16.5%, while Comerica and Zions added 6.9% and 8.8% respectively.

– CNBC’s Hakyung Kim, Michelle Fox, Samantha Subin, Brian Evans, Yun Li, Sarah Min and Michael Bloom contributed reporting

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