Jabin Bastian

Shares of automotive parts company LKQ (NASDAQ:LKQ) fell 14.8% in the morning session after the company reported first-quarter results with organic revenue, reported revenue, and EPS all falling below Wall Street's estimates. However, full-year guidance was maintained for adjusted EPS and free cash flow.

Shares of cloud monitoring software company Datadog (NASDAQ:DDOG) jumped 7.7% in the afternoon session after Wells Fargo analyst upgraded the stock's rating from Equal-Weight (Neutral) to Overweight (Buy) and raised the price target from $130 to $150. The price target indicates a potential 15% upside from where shares traded when the upgrade was announced. After the initial pop the shares cooled down to $128.10, up 4.9% from previous close.

Shares of e-commerce software platform Shopify (NYSE:SHOP) jumped 5.6% in the afternoon session after equities (Dow +0.8%, S&P 500 +1.2%, Nasdaq +1.6%) surged for the second straight day with the start of earnings season showing that the health of companies that reported Q1 earnings was solid and that the economy seems to be holding up. Only about a fifth of S&P 500 companies have reported, but roughly three-quarters of them have beat expectations. This may be spurring dip buying following elevated volatility in the previous two weeks of trading.

Shares of work management software maker Asana (NYSE: ASAN) jumped 6.6% in the afternoon session after equities (Dow +0.8%, S&P 500 +1.2%, Nasdaq +1.6%) surged for the second straight day with the start of earnings season showing that the health of companies that reported Q1 earnings was solid and that the economy seems to be holding up. Only about a fifth of S&P 500 companies have reported, but roughly three-quarters of them have beat expectations. This may be spurring dip buying following elevated volatility in the previous two weeks of trading.

Data storage manufacturer Seagate (NASDAQ:STX) reported results in line with analysts' expectations in Q1 CY2024, with revenue down 11% year on year to $1.66 billion. The company expects next quarter's revenue to be around $1.85 billion, coming in 1.5% above analysts' estimates. It made a non-GAAP profit of $0.33 per share, improving from its loss of $0.28 per share in the same quarter last year.

Automotive retailer Lithia Motors (NYSE:LAD) reported results in line with analysts' expectations in Q1 CY2024, with revenue down 22.7% year on year to $8.56 billion.

Shares of toy and entertainment company Hasbro (NASDAQ:HAS) jumped 12.9% in the morning session after the company reported first-quarter results that beat on revenue, operating margin, and EPS. The topline benefitted from growth in the Wizards of the Coast & Digital Gaming segment (+7%) and Entertainment (+65%). The company maintained its full-year outlook, and adjusted EBITDA guidance for the full year came in ahead of expectations. Zooming out, this was a great quarter that shareholders will appreciate.

Shares of cloud infrastructure automation platform HashiCorp jumped 10% in the afternoon session after Bloomberg reported that tech giant IBM is closing a deal to acquire the company for about $35 per share. According to sources, a deal could be struck between IBM and HashiCorp as soon as Wednesday, April 24, 2024. This corroborated the report on Tuesday, April 23, 20224, as HCP's stock rallied 20%, after the Wall Street Journal reported on a potential deal with IBM. In a related event, BTIG analyst downgraded HashiCorp from Buy to Neutral, adding, "Given that there is still some uncertainty on a deal being consummated and a typical approval/closing process in the six to nine-month range, BTIG sees limited incremental upside to shares near term."

Social network operator Meta Platforms (NASDAQ:META) reported results in line with analysts' expectations in Q1 CY2024, with revenue down 27.3% year on year to $36.46 billion. On the other hand, next quarter's revenue guidance of $37.75 billion was less impressive, coming in 1.5% below analysts' estimates. It made a GAAP profit of $4.71 per share, improving from its profit of $2.20 per share in the same quarter last year.

Residential real estate services company Anywhere Real Estate (NYSE:HOUS) fell short of analysts' expectations in Q1 CY2024, with revenue down 0.4% year on year to $1.13 billion. It made a GAAP loss of $0.91 per share, improving from its loss of $1.26 per share in the same quarter last year.