Check out the companies making headlines in midday trading. American Eagle Outfitters – The stock fell 14% after the apparel retailer missed revenue expectations for the third quarter and provided weak holiday guidance. The company anticipates that comparable sales will rise 1% and total sales will decline 4%. Analysts were expecting comparable sales growth of 2.2%, according to StreetAccount. American Airlines – Shares rose nearly 16% after the airline announced it’s going to drop Barclays as a credit card partner , making Citi its sole partner. The deal with Citi is expected to take effect in January 2026. Five Below – The discount retailer surged more than 11% after beating Wall Street estimates on the top and bottom lines in the third quarter. Five Below reported adjusted earnings per share of 42 cents on revenue of $844 million. LSEG consensus forecasts called for 17 cents per share in earnings and $799 million in revenue. Dollar General – Shares pulled back more than 3%. The discount retailer lowered the top end of its full-year earnings guidance, and now forecasts a range of $5.50 to $5.90 per share. That’s compared to a prior outlook that called for $5.50 per share to $6.20, and an estimate of $5.82 per share from analysts polled by FactSet. SentinelOne – Shares fell around 9% following the cybersecurity company’s third-quarter results. SentinelOne reported adjusted breakeven earnings which were slightly below the consensus estimate of 1 cent per share, according to LSEG. On the other hand, revenues beat the Street’s expectations. AeroVironment – The stock moved 13% lower after the manufacturer of uncrewed aircraft systems provided a weak forecast for the full year. For the full year, AeroVironment expects revenue to come in between $790 million and $820 million, lower than the consensus estimate of $828 million, per LSEG. The company also forecasted disappointing adjusted earnings for the full year, anticipating between $3.18 and $3.49 per share versus the consensus estimate of $3.49 per share. ChargePoint Holdings – Shares of the electric vehicle charging station operator surged 17% after reporting third-quarter revenue of $99.6 million, while analysts polled by FactSet had anticipated revenue of $89.8 million. Synopsys – The semiconductor stock tumbled 10%. Synopsys issued weak guidance for its earnings and revenue in the fiscal first quarter. The company is calling for earnings to range between $2.77 and $2.82 per share, while analysts polled by LSEG sought $3.53 per share. Signet Jewelers – Shares fell more than 11% after the jewelry retailer trimmed its outlook for the full year. Signet now sees adjusted earnings coming in at $9.62 to $10.08 per share, compared to earlier guidance of $9.90 to $11.52 per share. The forecast also missed analysts’ estimate for $10.59 a share, per FactSet. Verint Systems – The stock surged almost 25% after the company posted better-than-expected adjusted earnings and revenue for the third quarter. For the period, Verint earned 54 cents per share, excluding items, on revenue of $224.2 million. That’s above the 43 cents per share in earnings on $210.1 million in revenues that analysts polled by FactSet were expecting. Southwest Airlines – Shares popped 4% after Southwest Airlines disclosed in a regulatory filing that it raised its fourth-quarter guidance for operating revenue per available seat mile. The airline now sees a 5.5% to 7.0% increase from the year-ago period, up from prior guidance of a 3.5% to 5.5% gain. — CNBC’s Brian Evans, Lisa Kailai Han and Sarah Min contributed reporting.
Treasury Secretary Scott Bessent speaks to reporters outside the West Wing after doing a television interview on the North Lawn of the White House on March 13, 2025 in Washington, DC.
Andrew Harnik | Getty Images
Treasury Secretary Scott Bessent said Wednesday the sell-off in the stock market is due more to a sharp pullback in the biggest technology stocks instead of the protectionist policies coming from the Trump administration.
“I’m trying to be Secretary of Treasury, not a market commentator. What I would point out is that especially the Nasdaq peaked on DeepSeek day so that’s a Mag 7 problem, not a MAGA problem,” Bessent said on Bloomberg TV Wednesday evening.
Bessent was referring to Chinese AI startup DeepSeek, whose new language models sparked a rout in U.S. technology stocks in late January. The emergence of DeepSeek’s highly competitive and potentially much cheaper models stoked doubts about the billions that the big U.S. tech companies are spending on AI.
The so-called Magnificent 7 stocks — Apple, Amazon, Tesla, Alphabet, Microsoft, Meta and Nvidia — started selling off drastically, pulling the tech-heavy Nasdaq Composite into correction territory. The tech-heavy benchmark is down about 13% from its record high reached on December 16.
However, the secretary downplayed the impact from President Donald Trump’s steep tariffs, which caught many investors off guard and fueled fears of a re-acceleration in inflation, slower economic growth and even a recession. Many investors have blamed the tariff rollout for driving the S&P 500 briefly into correction territory from its record reached in late February. Wall Street defines a correction as a drop of 10% from a recent high.
S&P 500, YTD
Trump signed an aggressive “reciprocal tariff” policy at the White House Wednesday evening, slapping duties of at least 10% and even higher for some countries. The actions sparked a huge sell-off in the stock market overnight, with the S&P 500 futures declining nearly 4% and the blue-chip Dow Jones Industrial Average shedding 1,100 points. The losses will likely but the S&P 500 back into correction territory in Thursday’s session.
“It’s going to be fine if we put the best economic conditions in place,” Bessent said in a separate interview on Fox Wednesday evening. “If you go back and look, the stock market actually peaked on the [DeepSeek] Chinese AI announcement. So a lot of what we have seen has been just an idiosyncratic tech sell-off.”
A Newsmax booth broadcasts as attendees try out the guns on display at the National Rifle Association (NRA) annual convention in Houston, Texas, U.S. May 29, 2022.
Callaghan O’hare | Reuters
Shares of conservative news channel Newsmax plunged more than 70% on Wednesday as its meteoric rise as a new public company proved to be short-lived.
The stock tumbled a whopping 72% in afternoon trading, following a 2,230% surge in Newsmax’s first two days of trading after debuting on the New York Stock Exchange. At one point, the rally gave the company a market capitalization of nearly $30 billion — surpassing the market cap of legacy media companies like Warner Bros. Discovery and Fox Corp.
Newsmax was listed on the NYSE via a so-called Regulation A offering, instead of a traditional IPO. Such an offering allows small companies to raise capital without undergoing the full SEC registration process. The primary focus is to sell to retail investors, in this case It was sold to approximately 30,000 retail investors.
The public offering indeed garnered the attention from retail traders, some of whom touted the stock as the “New GME” in online chatrooms. GME refers to the meme stock GameStop, which made Wall Street history in 2021 by its speculative trading boom.
Newsmax has a small “float,” or shares available for trading. Less than 6% of Newsmax shares, or 7.5 million shares out of a total of 128 million fully diluted shares, are available for public trading.
The conservative TV news outlet has seen its ratings rise with the election of President Donald Trump and other prominent Republicans — although it still falls behind the dominant Fox News. Overall, Newsmax ranks in the top 20 among cable network average viewership in both prime time and daytime, Nielsen said.
Check out the companies making headlines in midday trading. Tesla – Shares jumped more than 5%. Politico , citing three Trump insiders, reported President Donald Trump told members of his inner circle that Tesla CEO Elon Musk could leave his current role in the coming weeks. Amazon – Shares of the e-commerce and cloud giant popped more than 2%. The New York Times , citing three people familiar, reported that Amazon has put in a bid to acquire TikTok. The video app is staring down an April 5 deadline to part with its Chinese owner or face a ban in the U.S. Rivian Automotive – Shares of the electric vehicle maker slid more than 5%. Rivian said that it delivered 8,640 vehicles for the first quarter , marking a 36% drop in deliveries compared to a year ago. However, that figure exceeded the consensus estimate of 8,200, per Visible Alpha. nCino – The cloud banking firm’s stock pulled back more than 20% after nCino reported weaker-than-expected fourth-quarter earnings and soft guidance for the first quarter and full year. For the fourth quarter, nCino posted adjusted earnings of 12 cents per share, below the 19 cents per share that analysts polled by FactSet were expecting. The stock tumbled more than 30% in the premarket, which KBW said was ” overdone .” BlackBerry – The software and communications stock tumbled 6%. BlackBerry guided for fiscal first-quarter revenue of between $107 million to $115 million, lower than the $124.6 million analysts had expected, per FactSet. However, both BlackBerry’s fourth-quarter adjusted earnings and revenue exceeded consensus estimates. Newsmax – The stock sank more than 45%, giving up some of the big gains it reaped following its debut on the New York Stock Exchange Monday. The conservative cable news network surged 179% in the previous session and 700% on its first official trading day. Trump Media & Technology Group – Shares dropped 5% after Trump Media in a securities filing disclosed the possibility of a significant stock sale , including by insider shareholders such as the president’s trust. Petco – Shares of the pet goods retailer soared about 15% after CEO Joel Anderson purchased almost 1.6 million shares, according to a recent filing with the U.S. Securities and Exchange Commission. CoreWeave – The stock rose more than 8%, extending its recent gains. On Tuesday, shares of the Nvidia-backed cloud computing company climbed nearly 42% . The recent advances follow a rocky debut for CoreWeave late last week. Nvidia – The chipmaker added roughly 1% ahead of the April 2 tariff announcement. Nvidia CEO Jensen Huang recently downplayed any negative impact from U.S. tariffs. The company’s chips are mostly made in Taiwan, but some of its systems are manufactured in other countries, such as Mexico and the U.S. Scotts Miracle-Gro – The lawn care stock jumped nearly 5% on the heels of Truist’s upgrade to buy from hold . Truist said the stock can benefit as economic uncertainty pushes consumers to shift spending from travel to the home. — CNBC’s Sarah Min, Alex Harring, Lisa Kailai Han and Michelle Fox contributed reporting.