Monitors show Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images
Here are the stocks that made the biggest moves Friday at noon.
Coinbase – Shares of the cryptocurrency service provider fell 9% after it extended a hiring hiatus and said it planned to withdraw some accepted job offers. The freeze will last “as long as this macro environment requires,” its human resources manager said in a blog post.
American Airlines – The travel stock fell 7.5% after providing updated guidance for the second quarter. The company raised its revenue forecast, as well as its cost per available seat mile forecast. American Airlines said its capacity would be down from previous forecasts, in part due to staffing issues.
Tesla – Shares of the electric vehicle maker fell more than 8% after news that CEO Elon Musk plans a hiring freeze and 10% job cuts. Reuters reported on Thursday evening an email Musk sent to Tesla executives saying he had a “super bad feeling” about the economy and called for job cuts.
Micron Technology – The chipmaker’s stock fell 7% after Piper Sandler analyst Harsh Kumar downgraded the company to an underweight of neutral. The analyst cited the risks of cyclical consumer product markets and price headwinds in the dynamic random-access memory market.
Turning Point Therapeutics – Shares of the drugmaker more than doubled on Friday after Bristol Myers Squibb announced an agreement to acquire Turning Point for $76 a share. Turning Point focuses on cancer treatments.
CrowdStrike – Cybersecurity stock fell more than 6% despite a stronger than expected first quarter report. CrowdStrike beat estimates on both top and bottom earnings and raised its full-year guidance. The stock jumped more than 7% on Thursday ahead of the report. Investment firm Piper Sandler said some investors may be discouraged by a slower-than-usual pace for recurring revenue.
Joann Inc. – The specialty retailer saw its shares drop nearly 20% after reporting a loss of 22 cents per share for its latest quarter. Analysts had estimated earnings at 11 cents per share, according to FactSet. Revenues were also below estimates. Following the report, Bank of America downgraded the action from long to neutral.
Okta – The software maker jumped 6% after Okta reported better-than-expected second-quarter results. Okta posted an adjusted loss of 27 cents per share on $415 million in revenue. Analysts polled by Refinitiv had forecast a loss of 34 cents per share on $389 million in revenue. Okta’s advice also exceeded expectations.
PagerDuty – The software stock fell more than 5% despite PagerDuty’s first-quarter results beating Wall Street expectations. The stock had jumped nearly 8% on Thursday ahead of the report.
– CNBC’s Tanaya Macheel and Yun Li contributed to this report.