Take a look at the companies making headlines in afternoon trading: Adobe – The software company tumbled more than 12% after announcing lighter-than-expected revenue estimates for its fiscal first quarter. Adobe expected revenue of between $5.63 billion and $5.68 billion in its fiscal first quarter, missing the consensus estimate of $5.73 billion, LSEG said. Warner Bros. Discovery – Shares rose 15% after the legacy media company announced plans to restructure its business and split it into linear and streaming segments. Constellation Energy – The energy company advanced 3% after upgrading to buy from Bank of America, with the company citing rising demand and tightening supply as a catalyst for shares' advance. Celsius Holdings — The energy drink maker rose 5% after JPMorgan initiated coverage with an overweight rating. JPMorgan said lighter inventories and a reacceleration in growth could help stocks recover. Hershey – Shares rose 2% even after Wells Fargo downgraded the candy company to equal-weight underweight, saying Hershey is on the “precipice of historic earnings per share in 2025 and (now) in 2026… and that earnings per share on the street must decline substantially.” Beverage Stocks – Shares of Coca-Cola, PepsiCo and Keurig Dr Pepper all rose more than 1% after Deutsche Bank upgraded the beverage companies from Neutral to Buy. Analyst Steve Powers said he expects an accelerating trend in restaurant traffic and stronger impulse buying next year, which he said should be a boon for the sector. Oxford Industries – Shares fell more than 7% after the apparel and footwear company's fourth-quarter earnings expectations fell short of expectations. Oxford expects current quarter earnings per share, excluding items, of $1.18 to $1.38 per share. Analysts polled by FactSet expected earnings per share of $1.55. Riot Platforms – Shares rose nearly 10% after The Wall Street Journal reported that activist investor Starboard Value has taken a “major position” in the bitcoin miner and is pushing for the company to convert some of its bitcoin mining facilities into space for large data center users. Pure-play miners like Riot this year have lagged behind other miners focused on artificial intelligence. While some have caught up on the post-election crypto rally, Riot is still down 16% for 2024. Uber Technologies – Ride-share shares rose about 2% on Thursday, recouping some of its recent losses. Uber Chief Financial Officer Prashanth Mahendra-Rajah said at a Barclays conference on Wednesday that the company is “very comfortable” with the near-term growth trajectory of its mobility business, according to FactSet. Uber is still down 13% year to date, partly due to concerns about the development of autonomous driving. ServiceTitan – Shares of the cloud software company rose more than 40% as ServiceTitan made its debut on the Nasdaq. The IPO priced at $71 per share on Wednesday evening, above the company's expected range. The stock trades under the ticker 'TTAN'. – CNBC's Alex Harring, Hakyung Kim, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting.
