Check out the companies making headlines in midday trading. Apple — Apple dropped about 3%. Counterpoint Research said iPhone sales in China sank 24% during the first six weeks of 2024 versus the same period a year ago. Target — Target surged 12% after the retailer topped Wall Street’s fourth-quarter estimates . The department store chain saw lower same-store sales and offered a cautious sales forecast but nonetheless grew profits and showed healthier profit margins year over year. Tesla — The electric vehicle maker sank nearly 4% after a suspected arson attack at a nearby electricity substation stopped production at its Berlin gigafactory. Advanced Micro Devices — Shares finished flat after Bloomberg said AMD failed to get a made-for-China chip past U.S. regulators. The report said that although AMD designed a lower-performing chip, the Commerce Department rejected its sale in China because it was still too advanced. Microstrategy — Microstrategy sank more than 21%. The bitcoin development company revealed a private offering for $600 million in convertible senior notes with proceeds aimed at buying more bitcoin and general corporate needs. Albemarle — Shares tumbled about 18% after the lithium producer began the sale of $1.75 billion of depository shares, each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock. Proceeds may be used to fund construction and expansion of operations in China and Australia, repayment of commercial paper and general corporate purposes, Albemarle said. GitLab — The software company tumbled 21% after issuing weaker-than-expected forward guidance. GitLab forecast full-year revenue of $725 million to $731 million against analysts’ estimate of $732 million, according to LSEG, formerly known as Refinitiv. Profit forecasts also missed expectations, with GitLab guiding between 19 cents and 23 cents, versus a consensus estimate of 35 cents. Fourth-quarter sales and earnings topped estimates. Paymentus Holdings — The payment technology stock popped 20% after surpassing Wall Street’s fourth-quarter revenue and earnings estimates. AeroVironment — The defense stock soared nearly 28% and headed for its second-best day ever after topping Wall Street’s fiscal third-quarter expectations and offering stronger-than-expected full-year guidance. AeroVironment posted third-quarter adjusted earnings of 63 cents a share on $187 million in revenue. SoFi Technologies — The financial services stock lost 15% after registering a $750 million convertible senior note offering. Vivid Seats — Shares of the ticket marketplace fell more than 10% after it reported lower net income in the fourth quarter. Vivid’s net income totaled $22.4 million, down 10% from the same period a year ago. The company also lowered its 2024 profit guidance. AT & T — The cellphone network rallied about 2%. Wolfe Research upgraded shares to outperform from peer perform, citing an attractive risk/reward. Stitch Fix — Shares of the personal styling service company slid 21% after it lowered its full-year revenue outlook. Active clients fell 17% year over year. — CNBC’s Yun Li, Michelle Fox , Jesse Pound and Hakyung Kim contributed reporting.
