Hot Stocks: WDAY, PDD rise on earnings; ULTA dips on mixed results; LOW gains; TLRY slides
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Major market averages rose during Friday's midday session as investors await developments on debt ceiling talks ahead of the Treasury Department's June 1 deadline.

Looking at the individual stocks, Workday (NASDAQ:WDAY) and PDD Holdings (NASDAQ:PDD) had their shares rise on the back of stronger-than-anticipated Q1 earnings results, while Ulta Beauty (NASDAQ:ULTA) saw its share price decline following a mixed earnings report.
Meanwhile, Lowe's (NYSE:LOW) shares rose after the company raised its dividend, and Paramount Global (NASDAQ:PARA) soared following an analyst upgrade.
In other news, Tilray Brands (NASDAQ:TLRY) stock plunged on raising debt capital.
Gainers
Workday (WDAY) shares jumped more than 10% on better than expected Q1 results and a strong outlook. Chief Financial Officer Barbara Larson stated "Given these results, we are raising the low end of our fiscal 2024 subscription revenue guidance to a range of $6.550B to $6.575B vs. consensus of $7.20B, representing 18% growth over the prior fiscal year. We expect second-quarter subscription revenue to be $1.611B to $1.613B vs. consensus of $1.77B, also 18% growth. In addition, we are maintaining our fiscal 2024 non-GAAP operating margin guidance of 23%, as we drive a balance of both growth and margin expansion."
PDD Holdings (PDD) stock surged more than 17% after topping the consensus mark in Q1. The bottom line increased by 141% year-over-year, while the top line increased by roughly 58%.
Lowe's (LOW) shares increased about 2% after the retailer hiked its quarterly dividend by 5% to $1.10. Marvin R. Ellison, Lowe's chairman, president and CEO, said "Today's dividend increase reinforces our commitment to a best-in-class capital allocation strategy centered on delivering sustainable shareholder value."
Shares of Paramount Global (PARA) increased by 6% following Loop Capital's upgrading of the company from sell to hold. âWhile we are still concerned with the level of negative free cash flow, the declining traditional business, and our view that Paramount+ is at best the No. 4 or No. 5 streaming company, we no longer believe the downside is that much greater than the upside," analyst Alan Gould said.
Decliners
Ulta Beauty (ULTA) stock tumbled 12% after the company reported mixed Q1 results. The company raised its net sales outlook for the year to $11B-$11.1B from a prior view of $10.95B to $11.05B, vs. analyst expectations for $11.09B in revenue.
Tilray Brands (TLRY) stock dropped more than 21% after the cannabis company priced a $150M offering of convertible senior notes due 2027 at 5.20%. Proceeds will be used to finance the concurrent repurchase of a portion of its outstanding 5.00% convertible senior notes due 2023 and 5.25% convertible senior notes due 2024, and for general corporate purposes.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.
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