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Biggest movers in midday trading: Workday, Lucid, Toast, Deckers, and others

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In midday trading, several companies made headlines with significant stock movements. Ross Stores saw an increase of nearly 10% after posting strong first-quarter results, surpassing earnings and revenue expectations. Booz Allen Hamilton also experienced a 3.8% rise in shares following a quarterly revenue and earnings beat. Coinbase saw a 5% jump in stock value after the U.S. Securities and Exchange Commission approved a rule change allowing exchange-traded funds to buy and hold ether, the second-largest cryptocurrency. On the other hand, Lucid Group announced plans to lay off 6% of its workforce, causing its stock to dip almost 3%. Intuit reported weaker-than-expected fiscal fourth-quarter guidance, leading to an 8% drop in share value.

Toast, a financial tech company specializing in point-of-sale products for restaurants, gained nearly 1% after Wedbush analyst Moshe Katri initiated coverage with an outperform rating. Katri predicted that Toast could achieve significant year-over-year growth in gross profit and adjusted EBITDA in 2024 and 2025. Workday, an enterprise management company, slipped 14% after its second-quarter subscription revenue guidance fell slightly below analysts’ estimates. Deckers Outdoor, the maker of Uggs, advanced about 14% after surpassing Wall Street’s expectations for sales and profit in the fiscal fourth quarter. Guardant Health, a biotech company, saw a 10% increase in share value following a recommendation for approval of a new blood test by an FDA advisory committee to screen for colorectal cancer.

Overall, the midday trading session saw a mix of positive and negative movements in stock prices for various companies. Investors responded positively to strong financial results, approval of new products, and optimistic analyst coverage. However, companies that reported weaker-than-expected guidance or workforce restructuring faced declines in share value. It is important for investors to stay informed about these developments and consider them as part of their investment strategy. Monitoring analyst ratings, financial results, and regulatory approvals can help investors make informed decisions about stock trading.

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