Stocks making the biggest moves midday: Delta Air Lines, SoundHound AI, WD-40, Tesla and more

Published Thu, Jul 11 202412:45 PM EDTUpdated Thu, Jul 11 20244:16 PM EDT

Check out the companies making headlines in midday trading: Delta Air Lines — The stock fell around 4% after the airline issued a sales growth forecast for the third quarter that came in below expectations. The company also reported an almost 30% decrease in net income for the second quarter compared to a year ago. Shares of major airline stocks American Airlines and United Airlines also fell around 3.8% and 3.2%, respectively, following the results. MicroStrategy — Shares of the largest corporate holder of bitcoin rose around 4% after the company announced a 10-for-1 stock split on Thursday "to make MicroStrategy's stock more accessible to investors and employees." WD-40 — The metal lubricant maker climbed around 4%. WD-40 reported total net sales of $155 million in the fiscal third quarter, up 9% from the year-ago period. The company's gross margin also came in higher compared to the same quarter a year prior. Costco Wholesale — Shares of the membership-based warehouse club fell 4.3%. A day earlier, the retailer announced its first increase in membership fees since 2017. Costco is hiking its annual membership fees in the U.S. and Canada by $5, and it is raising the cost of its higher-tier membership by $10. QuantumScape — Shares of QuantumScape soared 30.5% after the company on Thursday announced an agreement with Volkswagen's PowerCo battery unit to mass produce its solid-state battery technology for the vehicle maker. The deal replaced an earlier venture between both companies. SoundHound AI — The stock rose 6.4% after the company launched its voice assistant and said it is in production to be integrated across Stellantis vehicle brands across Europe. Access to the technology will be included in Peugeot, Opel and Vauxhall vehicle brands starting this month. Conagra Brands — Shares of the food company fell 1.5% after Conagra reported fiscal fourth-quarter revenue of $2.91 billion, which was under the $2.93 billion analysts had predicted, according to FactSet. The company also posted soft guidance and called for annual organic net sales to come in 1.5% lower to flat as compared to last year. Conagra also forecast adjusted earnings for the full year that missed Street expectations. Lantheus Holdings — Shares of the company, which manufactures radiopharmaceutical diagnostics, traded 16.4% higher, extending gains from the previous session. On Wednesday, the stock surged nearly 37% after the Centers for Medicare and Medicaid Services proposed a rule that would target the costs of diagnostic radiopharmaceuticals. PepsiCo — The snack and beverage giant hovered near the flatline after posting mixed results for the second quarter. PepsiCo posted adjusted earnings of $2.28 per share, topping an LSEG consensus estimate of $2.16 per share. Revenue came in at $22.5 billion, falling short of the $22.57 billion expected. Tesla — Shares of the electric vehicle maker fell 8.4% following a Bloomberg News report that the company plans to delay its robotaxi unveiling to October from August. Citing sources familiar, Bloomberg reported that Tesla delayed the big reveal to allow the project's teams time to build more vehicle prototypes. Homebuilding stocks — The SPDR S & P Homebuilders ETF (XHB) surged 6% as June's consumer price index reflected a monthly decline and raised hopes for Federal Reserve rate cuts. Mohawk Industries , Builders FirstSource advanced more than 7%, while D.R. Horton advanced 1.7%. Semiconductor names — Investors took a few chips off the table on Thursday, selling high-flying semiconductor stocks. The VanEck Semiconductor ETF (SMH) slipped 3.6%. Nvidia tumbled 5.6% and Advanced Micro Devices lost 1.1%. — CNBC's Alex Harring, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Tanaya Macheel and Darla Mercado contributed reporting.