The Coinbase logo is displayed on a smartphone screen.
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Here are the stocks making the biggest moves in midday trading Tuesday, June 6.
Coinbase — Shares of the crypto exchange fell 12% after the U.S. Securities and Exchange Commission sued Coinbase on Tuesday. The SEC alleged the company was operating as an unregistered exchange and broker. Coinbase said it would continue to operate its business as usual during the litigation.
GitLab — The software stock surged more than 31%. The action comes a day after GitLab posted a smaller-than-expected loss for the first quarter of fiscal 2024. GitLab reported a 6-cent loss per share, better than the 14-cent loss per share the consensus anticipated, according to Refinitiv.
Thor Industries — Shares of the recreational vehicle company jumped more than 17% after Thor Industries reported a better-than-expected fiscal third quarter. Thor reported earnings of $2.24 per diluted share, while analysts surveyed by FactSet were expecting $1.07 per share. The company also raised the lower end of its full-year earnings guidance.
Zions Bancorporation, Comerica, KeyCorp — Regional bank stocks moved broadly higher Tuesday. Shares of Zions and Comerica rose more than 4% each, while KeyCorp added 7%. The SPDR Regional Bank ETF (KRE) enjoyed its third-positive day in four as the sector looks to recover from its deep sell-off earlier this year.
McCormick — The spice maker saw its shares rise about 1.6% after Bank of America double upgraded the condiments stock to buy from underperform. The Wall Street firm said the company is set to be smooth sailing as volume pressures have eased and margins and costs have improved.
HealthEquity — The stock added about 11.6% the day after the company beat expectations on earnings and gave positive full-year guidance. HealthEquity, which administers health savings accounts, posted adjusted earnings of 50 cents per share on $244 million in revenue in the quarter. Analysts polled by Refinitiv forecast earnings of 41 cents per share and $239 million in revenue. The company also raised its full-year guidance.
EPAM Systems — Shares rose 2.7%. The action comes a day after the software engineering company cut its guidance for the second quarter and full year as clients spend more cautiously and near-term demand uncertainties linger. Shares dropped 21.7% Monday.
VF Corp. — Shares of the apparel brand rose 6.5% Tuesday, though the stock is still down about 30% year to date. VF, which owns Vans and The North Face, announced Tuesday it is starting operations at a new distribution center in California.
J.M. Smucker — The food products stock fell 1.8% Tuesday despite a stronger-than-expected report for J.M. Smucker’s fiscal fourth quarter. The company reported adjusted earnings of $2.64 per share on $2.23 billion of revenue. Analysts were expecting $2.41 in earnings per share on $2.17 billion of revenue, according to FactSet. However, the company issued full-year adjusted earnings guidance of $9.20 per share to $9.60 per share, compared to analysts’ estimates of $9.56 per share.
— CNBC’s Alex Harring, Yun Li and Samantha Subin contributed reporting.
