Here we will introduce companies that have become a hot topic in intraday trading. Quantum Computing Stocks — Quantum computing stocks fell on Wednesday as investors cashed out after stocks rose in pre-market trading. Rigetti Computing stock fell 10%, D-Wave Quantum stock fell 7%, and IonQ stock fell 4%. Shares of IBM, which recently announced plans to invest more than $10 billion in quantum computing, fell more than 7%, weighing on the Dow Jones Industrial Average. GameStop — The brick-and-mortar video game retailer’s stock rose 6%. GameStop reported first-quarter revenue of $835.3 million, reflecting a 14% year-over-year increase. The company’s board of directors also approved a $2 billion stock repurchase authorization. Lumentum, Coherent — Investors sold off photonics stocks after two consecutive days of wins. In the previous session, Coherent stock rose 17% and Lumentum stock rose nearly 14% on optimism about artificial intelligence and data center infrastructure. Coherent stock has recently fallen nearly 3%, while Lumentum stock has fallen more than 8%. Energy Stocks — Oil prices rose, lifting the S&P 500’s energy sector. West Texas Intermediate futures were last up nearly 2% after Israeli Prime Minister Benjamin Netanyahu told CNBC that Israel and the United States are prepared to attack Iran again if necessary. Shares of Exxon Mobil and Marathon Petroleum rose 3%, and APA Corporation’s stock was last up 2%. Private Equity Firms — The group fell after Bloomberg News reported that Partners Group, a Swiss-based private equity firm, had placed limits on withdrawals from one of its private equity funds. Shares of Blackstone and KKR fell more than 4%. Blue Owl Capital stock fell 3%. Palo Alto Networks — The cybersecurity stock fell about 6%. Palo Alto announced better-than-expected revenue guidance for the current quarter and raised its full-year revenue outlook. The company also posted fiscal third-quarter adjusted earnings of 85 cents per share on sales of $3 billion, beating analysts’ expectations for earnings of 80 cents per share and sales of $2.94 billion, according to LSEG. GitLab — Shares fell 2% as the software company expected adjusted earnings per share of 17 cents to 18 cents, compared with the forecast of 19 cents per share by analysts surveyed by LSEG. GitLab also announced that it will be reducing its full-time workforce by approximately 14% (350 team members) and exiting 22 countries. The company also expects to incur pretax restructuring charges of $30 million to $35 million. Marvell Technology — Shares soared 32% on Tuesday to an all-time high and continued to rise on Wednesday. Marvell rose about 6%. CBOE Global Markets — The exchange rose 3% after three days of declines that saw the stock drop nearly 20%. Concerns about the impact the introduction of perpetual futures in the U.S. will have on traditional exchanges weighed on these stocks this week. Ulta Beauty — Beauty stocks fell 4%. Alta raised its full-year earnings outlook to $28.36 to $28.80 per share, which included the FactSet consensus call of $28.65 per share. Ulta also reaffirmed its full-year sales growth forecast of 6% to 7%, compared with analyst expectations for a 6.8% increase. Shake Shack — Shares fell 3% after Morgan Stanley and Raymond James downgraded the stock. Morgan Stanley changed its rating from overweight to equal weight, and Raymond James changed its outlook from strong buy to outperform. Raymond James analysts said margin volatility has increased as beef and energy prices rise. Medtronic — Shares rose nearly 5% after the medical device company reported better-than-expected revenue of $9.81 billion in its fiscal fourth quarter. Adjusted profit was in line with expectations, but full-year profit guidance for the current fiscal year was slightly lower than expected. Yum Brands — Shares rose 2% after Morgan Stanley upgraded the company from equal weight to overweight. Analysts said the stock is undervalued and should trade at a higher multiple due to its strong growth profile. —CNBC’s Lisa Kailai Han and Nick Wells contributed reporting.
