Check out the companies making headlines in the midday trading after cloud software companies recorded fourth quarter revenue and revenue beats – OKTA – Stocks skyrocketed 18%. According to LSEG, OKTA reported 78 cents of revenue, with adjusted earnings of 78 cents per share with revenue of $682 million. Gitlab – Stocks rose 5% after the software platform posted fourth quarter revenue and revenue beats. Meanwhile, Gitlab led the full year revenue that came under what FactSet voted for under what analysts expected. Goal – There was concern about sales that had weaker weight in retailers’ stocks, cutting it by about 5%. Target recorded fourth quarter revenue and revenue that exceeded Wall Street’s expectations, but the company flagged “soft” sales in February, flagging “decreased consumer reliability.” CEO Brian Cornell also told CNBC that President Donald Trump’s 25% tariff on Mexican goods could lead to higher prices of imported agricultural products. BEST BUY – Consumer Electronics retail shares plummeted 14% after CEO Corie Barry warned that US consumer prices were high against the backdrop of Trump’s new Chinese and Mexican tariffs. Barry pointed out the two countries as key sources of its supply chain, procuring around 55% and 20% of its products in China and Mexico, respectively. Still, Best Buy reported fourth quarter revenue and revenue beats. Tesla – Electric vehicle inventory fell 4% as data from the China Passenger Automobile Association reveals that vehicle sales in China fell nearly 50% year-on-year. Tesla only sold 30,000 vehicles, the lowest in over two years. The Walgreens Boots Alliance – The pharmacy retail chain popped 7% after the Wall Street Journal reported that he was approaching a deal to get closer to private, citing people familiar with the issue. Walgreens is aiming to close a roughly $10 billion deal with private equity firm Sycamore Partners on Thursday. MAGNA INTERNATIONAL – Canadian parts makers fell into a neutral rating by purchase after buying 3% after a downgrade at Bank of America. Analyst John Murphy pointed out the tariffs in Canada and Mexico could pose serious production risks and create supply chain shocks that could rival those of the Covid-19 pandemic. JetBlue Airways – Airlines have 7% driven to worry about slowing down US economic activity. Additionally, Deutsche Bank downgraded its shares to hold the shares from purchases. In Holdings – The stock rose 5% after athletic shoes and sportswear companies recorded fourth quarter revenue and profits that beat Wall Street estimates. However, the estimates for net sales for the full year 2025 were slightly below what analysts expected on average. Cruise Inventory – Royal Caribbean has dropped nearly 6% after announcing its three-year performance initiative. By the end of 2027, the Perfecta Program aims to achieve a combined annual growth rate of 20% over 2024, generating revenue from capital invested in teenage high schools. Stocks of Carnival and Norwegian Cruise Line slid 6% and 4% in sympathy, respectively. Auto Stocks – Shares of the “Big 3” automaker fell on Tuesday after President Trump enacted 25% tariffs in Mexico and Canada. General Motors fell 3%, while Ford and Stellantis fell more than 2% and more than 4% respectively. Barclays analyst Dan Levi said that if the company does not raise prices accordingly, tariffs can wipe out profits in all three names. Chipotle Mexican Grill – The stock of the fast casual chain slipped 2.3% behind tariff concerns. Chipotle CEO Scott Boatwright said the company has sourced about 50% of its avocado from Mexico, but has diversified its supply from other South American countries in recent years. Airlines – Stocks of major airlines have fallen as economic concerns focused on the name and President Trump’s tariff rollout increased concerns about consumer spending. Shares of United and Delta Air Lines fell by more than 5%. American Airlines lost 4%. Allegiant Travel fell by 7%, while Frontier Group slipped 3%. Starbucks – The coffee chain has skated 1.8% after Nordstrom’s Chief Financial Officer Kathy Smith announced he will join Starbucks as the new Chief Financial Officer starting next month. She will replace Rachel Ruggeri, who has been in the role since 2021. Crypto Stocks – Stocks closely tied to the crypto industry were under pressure amid a wide range of risk-off moves in the market, including a 1% decline in Bitcoin. Shares in trading platform Coinbase fell 0.6%. Robinhood, a brokerage provider that offers inventory and crypto trading, has sunk 5%. – Reported by CNBC’s Sean Conlon, Darla Mercado and Jesse Pound.
