Check out the companies making the biggest moves midday: PayPal — The payments stock fell more than 2% after CFO Jamie Miller said the company still has “have a lot more work to do” to achieve profitable growth. To be sure, she added that she’s “encouraged by a lot of the different elements of what we’re seeing.” Ciena — Shares of the optical networking systems company surged 18% on better-than-expected results for the fiscal third quarter. Ciena earned 67 cents per share on revenue of $1.22 billion. Analysts polled by FactSet estimated a profit of 53 cents per share on revenue of $.17 billion. Fiscal fourth-quarter revenue guidance also topped expectations. Gap — The retailer’s shares gained about 5% after the firm announced it’s expanding into beauty starting with its Old Navy brand. It marks a strategic shift for the apparel retailer as it enters one of the most resilient segments of retail in recent years. Shoe Carnival — The shoe retailer surged 14.2%. Shoe Carnival lifted the low end of its full-year guidance range for earnings per share. Texas Instruments — The chipmaker declined nearly 5%. Its finance chief, Rafael Lizardi, told a conference on Thursday that demand has cooled since President Donald Trump’s tariffs announcement in April. Salesforce — The cloud company slipped 6% after Salesforce guided for third-quarter revenue to come in between $10.24 billion and $10.29 billion, lower than the $10.29 billion analysts polled by LSEG had estimated. However, Salesforce posted a second-quarter beat on both the top and bottom lines. American Eagle — Shares surged 34% after the apparel retailer posted second-quarter earnings of 45 cents per share on revenue of $1.28 billion. Analysts had expected earnings of 21 cents per share and revenue of $1.24 billion, per LSEG. The company’s second-quarter beat can be partially attributed to an advertising campaign with actress Sydney Sweeney, which American Eagle called one of its “best” to date. C3.ai — The maker of custom artificial intelligence applications shed 3% after it posted a fiscal first-quarter adjusted loss that was wider than analysts had predicted. Revenue also came in below expectations. On top of that, the company withdrew its previous full-year guidance as it appointed a new CEO and restructured its sales and services organization. Figma — The design software maker plunged 17% after releasing quarterly results for the first time since going public. Figma broke even on the bottom line, while revenue of $249.6 million exceeded an LSEG estimate of $248.8 million. Hewlett Packard Enterprise — The enterprise information technology company added nearly 4% after its fiscal third-quarter earnings came in at 44 cents, above the 43 cents analysts polled by LSEG had expected. Hewlett Packard’s $9.14 billion in revenue also beat forecasts calling for $8.53 billion. The company also raised its full-year earnings guidance. Asana — Shares popped 8% after the work management company reported second-quarter adjusted earnings of 6 cents on revenue of $197 million, higher than the 5 cents in earnings per share and $193 million in revenue analysts surveyed by LSEG had expected. Gitlab — The developer tools software maker fell 8% after issuing third-quarter revenue guidance of between $238 million and $239 million, below the estimated $242 million. Gitlab also now sees full-year revenue of between $936 million and $942 million, while analysts had estimated $941 million, per LSEG. The company’s Chief Financial Officer Brian Robins will also resign effective Sept. 19. However, Gitlab posted a second-quarter earnings and revenue beat. Credo Technology — Shares jumped 8% after the data infrastructure stock posted fiscal first-quarter adjusted earnings of 52 cents, higher than FactSet’s consensus of 36 cents. The company’s $223.1 million in revenue also exceeded expectations of $190.6 million. Credo’s second-quarter revenue guidance came in between $230 million and $240 million, while analysts had expected $201.9 million, per FactSet. Toyota Motor , Honda Motor — The Japanese automakers advanced 2% and 1%, respectively, after Reuters reported that Japan and the U.S. were nearing a deal to lower auto tariffs, citing a Japanese government source. A lower levy than the current U.S. tariff rate on Japanese cars of between 15% and 27.5% could take effect by the end of the month, the source said. — CNBC’s Lisa Han, Yun Li, Michelle Fox and Alex Harring contributed reporting.
