Check out the companies making headlines in midday trading. Lululemon – The athleisure retailer soared more than 18% after topping Wall Street’s estimates for the fiscal third quarter and issuing in-line guidance for the holiday season. Petco – Shares jumped more than 16.7% after the pet retailer reported a smaller-than-expected loss for the third quarter. Petco recorded lost 2 cents per share. Analysts had anticipated a loss of 4 cents per share, according to LSEG. Revenue also beat analysts’ estimates. DocuSign — Shares of the e-signature company jumped more than 27% after Docusign forecasted fourth-quarter revenue between $758 million and $762 million, exceeding the consensus forecast of $756 million, according to LSEG. The company’s third-quarter adjusted earnings and revenue also topped the Street’s estimates. AMC Entertainment –The movie theatre stock fell more than 10% after AMC agreed to sell up to 50 million shares after a post on X from meme stock personality “Roaring Kitty” sent shares of both the company and Victoria’s Secret – The lingerie company jumped 9.4% following its better-than-expected third-quarter results. Victoria’s Secret posted a loss of 50 cents per share on $1.35 billion in revenue. Analysts surveyed by LSEG had expected a loss of 63 cents per share on $1.29 billion in revenue. The company also raised its full-year outlook . Asana – Shares rallied 44% after the work management software company posted a smaller-than-expected adjusted loss. Asana reported a loss of 2 cents per share on $184 million in revenue in the third quarter. Analysts surveyed by LSEG had expected a loss of 7 cents per share on $181 million in revenue. Rubrik – The data security stock surged 24.8% after the company posted a smaller-than-expected loss in the third quarter. Rubrik reported losses of 21 cents per share, while analysts’ estimates had called for a loss of 40 cents per share, according to LSEG. The company also beat revenue expectations, posting $236 million in revenue compared to the consensus estimate of $218 million. Samsara – Shares of the software company fell 5% lower after issuing lukewarm guidance for the fourth quarter. For the period, Samsara expects earnings of 7 to 8 cents per share and revenues to come in between $334 million and $336 million. Analysts surveyed by LSEG were expecting 6 cents per share on revenue of $336 million. To be sure, the company managed to exceed earnings and revenue estimates for the third quarter. Hewlett Packard Enterprise — Shares advanced around 10% after the company reported a top- and bottom-line beat in the fiscal fourth quarter. HP Enterprise reported adjusted earnings of 58 cents per share, versus forecasts of 56 cents per share, according to LSEG. Revenues of $8.46 billion also topped consensus estimates calling for $8.26 billion. Energy stocks — Oil stocks declined as analysts continued to forecast an crude supply surplus in 2025, despite the OPEC+ decision to postpone planned supply increases. Diamondback Energy and Halliburton dropped 3.8% and 2.7%, respectivley. APA fell 2.6%. DraftKings — Shares of the sportsbetting giant dipped after Sen. Mike Lee, R-Utah, tweeted that “we can’t allow online gambling companies like @FanDuel & @DraftKings to violate anti-trust laws,” in support of Federal Trade Commission Chair Lina Khan’s inquiry into both companies alleging possible anticompetitive conduct by both companies. DraftKings shared dipped about 0.9%. — CNBC’s Yun Li, Sean Conlon and Pia Singh 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.