Check out the companies making the biggest moves at midday: Southwest Airlines — Shares fell nearly 14% after the airline announced it was “reassessing all previous full-year 2024 guidance, including capital spending expectations,” citing delivery delays from Boeing. Southwest reported that first-quarter leisure bookings were weaker than expected. The airline also expects its unit revenue to remain flat at no more than 2% compared to the previous year, which is lower than its previous estimate in January of a rise of up to 4.5%. Oracle – The database software stock rose 11% and was on track for its best day since December 2021 after posting fiscal third-quarter earnings that beat Wall Street expectations. Oracle also reported a 12% increase in revenue within its cloud services and license support segment, due in part to a surge in demand for AI servers. 3M – Shares added more than 3% after the company announced that William Brown, former CEO of L3Harris Technologies, will become 3M's new CEO effective May 1. Asana – The stock fell about 11% after the work management platform issued weak full-year revenue guidance. Asana said it expects revenue between $716 million and $722 million, below the $725 million forecast estimated by analysts surveyed by LSEG. Microstrategy – Bitcoin developer gained 3.5% after bullish comments from Wall Street analysts. Canaccord Genuity, which rates the stock a buy, raised its price target to $1,810, saying Microstrategy is not “resting on its laurels” amid the bitcoin rally. TD Cowen also raised its price target to $1,560 and reiterated an outperform rating. Boeing – Shares fell 4% after a New York Times report said the jet maker failed 33 out of 89 audits on its 737 Max plane, with 97 alleged noncompliances. The investigation began after a door panel on a Boeing 737 Max 9 blew off during an Alaska Airlines flight in January. Acadia Pharmaceuticals – The stock fell nearly 16% one day after the biopharmaceutical company announced it was halting trials of its antipsychotic drug, pimavanserin, due to its failure to improve schizophrenia symptoms. American Airlines – The airline sank nearly 4% after providing first-quarter guidance at the low end of its previous range. American expects an adjusted loss of 15 cents to 35 cents per share, versus a loss of 22 cents expected from analysts surveyed by FactSet. Management blamed high fuel costs. Advanced Auto Parts — Shares rose 3% a day after the auto parts retailer announced that Dan Loeb's Third Point and activist Saddle Point had reached a settlement with the company to give them seats on the board. In Case Holding — shares fell 13.6% after the sneaker maker's fourth-quarter earnings beat Wall Street. On lost 0.05 Swiss francs per share, while analysts polled by StreetAccount expected On to gain 0.10. Revenues amounted to 447.1 million Swiss francs, also below the consensus forecast of 450.9 million Swiss francs. Archer Daniels Midland – The agriculture giant's stock rose 4% after it announced a plan to fix accounting problems that led to certain transactions being corrected during six years of financial results. Archer Daniels Midland said the amendments have no impact on its consolidated balance sheet, statements of profit, comprehensive income, loss or cash flows. The company also allowed stock buybacks worth $2 billion. New York Community Bancorp – Shares jumped more than 4% after the regional bank said it closed a more than $1 billion equity investment deal that strengthened its balance sheet. — CNBC's Samantha Sobin, Lisa Hahn, Alex Haring and Sarah Min contributed reporting.
