Southwest Airlines — Shares plummeted 14.86% after the airline announced it was “reevaluating all prior full year 2024 guidance, including the expectation for capital spending,” citing delivery delays from Boeing. Southwest stated that its first-quarter leisure bookings were weaker than expected. The airline also forecast its unit revenue would be flat to up no more than 2% compared to a year earlier, lower than its previous estimate in January of a rise as much as 4.5%.
Oracle — The database software stock surged 11.75% and headed for its best day since December 2021 after posting fiscal third-quarter earnings that topped Wall Street’s expectations. Oracle also reported a 12% increase in revenue within its cloud services and license support segment due in part to a spike in demand for AI servers.
3M — Shares added 4.97% following the company’s announcement that William Brown, the former CEO of L3Harris Technologies, will become the 3M’s new CEO effective May 1.
Asana — The stock shed 12.72% after the work management platform issued weak full-year revenue guidance. Asana said to expect revenue between $716 million and $722 million, less than the forecast of $725 million estimated by analysts polled by LSEG.
Microstrategy — The bitcoin developer gained 7.35% following bullish commentary from Wall Street analysts. Canaccord Genuity, which rates the stock a buy, raised its price target to $1,810, saying Microstrategy is not “resting on its laurels” amid the bitcoin rally. TD Cowen also hiked its price target to $1,560 and reiterated an outperform rating.
Boeing — Shares dropped 4.29% following a New York Times report that said the jet plane maker failed 33 of 89 audits on its 737 Max jet, with 97 cases of alleged noncompliance. The probe began after a door panel blew off a Boeing 737 Max 9 during an Alaska Airlines flight in January.
American Airlines — The airline sank 4.71% after providing first-quarter guidance at the low end of its prior range. American is expecting an adjusted loss of 15 cents to 35 cents per share, versus a 22 cent loss expected from analysts polled by FactSet. Management blamed higher fuel costs.
Advance Auto Parts — Shares advanced 3.58% one day after the auto parts retailer said Dan Loeb’s Third Point and activist Saddle Point reached a settlement with the company giving them seats on the board of directors.
On Holding — Shares tumbled 8.86% after the athletic shoemaker’s fourth quarter earnings underwhelmed Wall Street. On lost 0.05 Swiss franc per share, while analysts polled by StreetAccount expected On to earn 0.10. Revenue came in at 447.1 million Swiss francs, also missing the consensus forecast of 450.9 million francs.
Archer-Daniels-Midland — The agriculture giant rose 3.93% after it announced a plan to fix accounting issues that led to it correcting certain transactions in six years of financial results. Archer-Daniels Midland said the adjustments have no impact on its consolidated balance sheets, earnings statements, comprehensive income or loss or cash flows. The company also authorized a $2 billion share buyback.
New York Community Bancorp — Shares jumped 5.85% after the regional bank said it closed on a more than $1 billion equity investment transaction that strengthened its balance sheet.
