Biggest stock movers today: Crypto stocks, TH, DXC, YEXT, and more

Stock futures moved lower on Tuesday, as the Fed began the first day of its June meeting.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• DXC Technology Company’s (NYSE:DXC) shares rose over 4% following reports that Apollo Global (APO) and Kyndryl (KD) are in talks for a joint bid for the information technology services firm. As per the report, the acquisition offer is expected to be between $22 and $25 per share. DXC, with a market cap of $3B, is also in the process of selling its insurance software business for over $2B and may remain an independent company.
• Calavo Growers (NASDAQ:CVGW) gained 10% after reporting better than expected FQ2 results, with top-line growth of nearly 17% led by a 19% surge in Grow segment sales. CEO Lee Cole stated, “The third quarter is off to a great start, and we expect strong results as we remain focused on maximizing value in our core businesses.”
• Shoals Technologies’ (NASDAQ:SHLS) shares surged 7% after authorizing the repurchase of up to $150M of its common stock through 2025. The company also entered into an accelerated share repurchase agreement with Jefferies for $25M of its common stock. The buyback plan represents 13% of Shoals’ current market capitalization.
• Affirm Holdings’ (NASDAQ:AFRM) stock rose 5% following Apple’s (AAPL) announcement that Affirm’s payment products will be available to U.S. Apple Pay users later this year. The partnership will allow users to pay over time with Affirm’s Buy Now, Pay Later offering, with no material impact on revenue or gross merchandise volume in FY2025.

Biggest stock losers

• Yext (NYSE:YEXT) lost more than 15% after missing the consensus mark in Q1 results and providing a disappointing outlook. It expects Q2 revenue within the range of $98M to $98.4M vs. the consensus of $98.4M and adjusted EPS of $0.02-$0.03, below the consensus of $0.09. For FY2025, the company lowered its revenue outlook to $394M-$396M (consensus of $400.31M) from a prior view of $400M-$402M. However, the company boosted its profit forecast and said it expects to report adjusted EPS of $0.35–$0.36 better than the prior view of $0.30–$0.31 and the consensus of $0.35. The company also announced plans to acquire Hearsay Systems for $125M and up to an additional $95M if certain performance targets are achieved.
• Shares of Array Technologies (NASDAQ:ARRY) fell nearly 6% after its Chief Financial Officer, Kurt Wood, announced his intention of stepping down from his position at the end of the second quarter to pursue other business interests.
• Target Hospitality (NASDAQ:TH) shares dropped about 30% following reports that the Biden administration plans to close the Dilley detention center in Dilley, Texas, due to its higher operating costs compared to other Immigration and Customs Enforcement facilities. Dilley, Target’s largest facility with over 2500 beds, is listed in its 10-K as one of the facilities that the company provides services for, such as hospitality and culinary services. This move may impact the company’s operations and finances, as the government segment represented more than 72% of Target Hospitality’s (TH) revenue last year.
• Cryptocurrency-linked stocks plunged on Tuesday as the Bitcoin (BTC-USD) price fell 3.7% after U.S.-listed spot bitcoin exchange-traded funds (ETFs) recorded $64.9M on June 10, the first loss since at least May 23. Notable crypto stocks include Cipher Mining Technologies (NASDAQ:CIFR), CleanSpark (NASDAQ:CLSK), Riot Platforms (NASDAQ:RIOT), and Marathon Digital Holdings (NASDAQ:MARA), leading the pack with a nearly 8% decline, followed by Stronghold Digital Mining (NASDAQ:SDIG) with a 7% decline, while MicroStrategy (NASDAQ:MSTR) and Coinbase (NASDAQ:COIN) fell over 5%.