Apple, HashiCorp, Paramount, Docusign, Lululemon, and More Market Movers


HashiCorp

fell 18% to $20.44. The software infrastructure company was downgraded to Market Perform from Outperform at TD Cowen and had its price target trimmed to $23 from $28 on the heels of a quarterly billings miss. It also received a slew of other price target slashes from Wall Street firms.

Paramount

stock jumped 14% on unconfirmed media reports Skydance Media and RedBird Capital are contemplating a possible takeover of the media giant’s controlling shares.

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RH

tumbled 12% after the owner of

Restoration Hardware

reported an unexpected third-quarter adjusted net loss of $8 million, with revenue down 14% from a year ago. The home furnishings group said it has experienced increased headwinds, particularly in early October when mortgage rates peaked above 8%.

Smith & Wesson Brands

dropped 6.8% after the gun maker reported a fall in profit from a year ago. While sales in the October quarter rose 3% year over year, gross profit tumbled 19% with gross margins shrinking to 25% from 32%.

DocuSign

gained 5.6% after reporting better-than-expected results for the October quarter. The e-signature company showed signs of recovery following a post-Covid slowdown, with earnings per share and revenue both firmly ahead of Wall Street’s estimates.

Lululemon Athletica

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rose 6% after the athletic apparel retailer posted strong third-quarter results, with revenue growth at 19% and earnings ahead of estimates.

Qorvo

popped 4.1% to $104.39 after Morgan Stanley analysts upgraded the wireless-chip company to Overweight from Equal Weight and lifted their price target to $134 from $120.

Qualcomm

was up 0.1% to $133.06 even after the firm cut its rating on the chip company to Equal Weight from Overweight but raised its price target to $132 from $119.

Carrier Global

rose 4% after the heating, ventilation, and air conditioning company said it entered a definitive agreement to sell its security business, Global Access Solutions, to industrial firm

Honeywell International

in a deal with an enterprise value of $4.95 billion. Honeywell stock fell 1.7%.

Write to Jack Denton at jack.denton@barrons.com and Emily Dattilo at emily.dattilo@dowjones.com



Read More: Apple, HashiCorp, Paramount, Docusign, Lululemon, and More Market Movers

2023-12-08 19:52:00

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