Check out the companies making headlines in midday trading. Geron Inc. – Shares of the biotech company rose 92% after an FDA advisory panel voted in favor of Geron's treatment for blood disorders, imetelstat. Geron expects a regulatory decision to be issued in June. Micron Technology – The semiconductor stock rose 2% after Citi named Micron as one of its top picks and increased its price target by $55 to $150. The bank said the shares deserve a premium given the company's growing exposure to artificial intelligence. Rivian Automotive – Shares rose 3.3% after Piper Sandler upgraded the electric automaker to overweight and raised its price target to $21 from $15, suggesting a 96% upside from Thursday's close. The company said it was optimistic about Rivian's new product launch and its decision to delay capital spending. Fisker — Shares rose 12.8%, or 2 cents, after the struggling electric car maker downplayed talks about a potential bankruptcy filing, saying it is trying to raise more capital and hopes to strike a deal with another automaker. The stock is still down about 53% since the beginning of the week. Adobe – Shares fell 13.7% after the software company issued weak revenue guidance for the current quarter. Byblos – Shares fell 16.5% after the global manufacturing company’s second-quarter revenues fell short of analysts’ expectations. Jabil also lowered its guidance for fiscal 2024. PagerDuty – Shares fell 7.3% after the IT company issued a weaker-than-expected forecast, forecasting adjusted earnings per share of 12 cents to 13 cents. That's below LSEG's, formerly Refinitiv, estimate of 18 cents per share. Revenue guidance came in a range of $110.5 million to $112.5 million, also below analysts' expectations of $113.4 million. Smartsheet – The business software provider fell 6.9% after posting revenue guidance that was worse than analysts expected. Smartsheet pegged revenue of between $257 million and $259 million in the current quarter and a range of $1.113 billion to $1.118 billion for the full year. Meanwhile, analysts polled by FactSet expected $262.3 million for the quarter and $1.14 billion for the year. Ulta Beauty – Shares fell 5.2% after the beauty retailer posted disappointing full-year earnings guidance. However, Ulta reported earnings and revenue in the fourth quarter. Cryptocurrency Stocks – Cryptocurrency-related stocks fell after Bitcoin retreated from its recent highs in overnight trading. Shares of Coinbase and Marathon Digital rose 3.7% and about 6%, respectively, reversing earlier declines for the shares. MicroStrategy, a Bitcoin buyer, also jumped 6.3%. Zumiez — The stock lost 7.7% after the specialty retailer on Thursday guided a first-quarter loss of between $1.09 and $1.19 per share, versus the consensus estimate of a loss of 34 cents per share, according to FactSet. The company's revenue guidance also missed expectations. Cardlytics – The advertising company's stock price jumped 77.2% after 2023 EBITDA turned positive for the first time since 2019. The company also gave a higher-than-expected outlook for the first quarter. Steel Dynamics – Shares of the Indiana-based steelmaker rose 4.3% after strong first-quarter earnings guidance. Steel Dynamics said it expects earnings of between $3.51 and $3.55 per share during the current quarter. That's higher than the $3.32 per share Wall Street analysts had expected, according to StreetAccount. – CNBC's Alex Haring, Jessie Pound, Lisa Kailai Hahn and Michelle Fox Theobald contributed reporting.
