Coinbase, Apple stocks falls while GitLab, Thor shares rally, and other stocks on the move

By Bill Peters and Tomi Kilgore

GitLab's stock soars after solid results, comments on AI efforts

Here are some stocks seeing bigger movers on Tuesday:

Stock gainers:

Shares of Thor Industries Inc. shot (THO) up 15% in morning trading after the recreational vehicle maker reported a fiscal third-quarter adjusted profit that was more than what was expected, and nudged up its full-year outlook.

Rival RV maker Winnebago Industries Inc.'s stock (WGO) jumped more than 7% in sympathy. The company projected by FactSet to report quarterly results on or about June 21.

Mereo BioPharma Group PLC shares (MREO) gained 3.3% and Ultragenyx Pharmaceutical Inc.'s stock (RARE) gained 1.5% after the companies announced positive results from a study of setrusumab in patients with osteogenesis imperfecta, a group of genetic bone disorders.

GitLab Inc. (GTLB) shares surged 20%, following an earnings report that beat expectations and played up the software company's efforts in artificial intelligence.

Sprinklr Inc. (CXM) rose 8% after the enterprise-cloud-software-products provider guided for higher-than-expected profit and revenue in its fiscal year. The company's results beat analysts forecasts in the latest quarter.

Stock decliners:

Coinbase Global Inc. shares (COIN) tumbled 14% after the U.S. Securities and Exchange Commission charged the cryptocurrency exchange with operating an unregistered national securities exchange.

Apple Inc.'s stock (AAPL) fell 0.8%, after a mixed reaction from Wall Street analysts to the smartphone behemoth's unveiling of its mixed-reality headset, which was priced at $3,499.

Shares of J.M. Smucker Co. (SJM) fell 2.4%, after parent of consumer brands including Folgers, Smuckers, Dunkin' and Meow Mix, beat fiscal fourth-quarter profit expectations, while providing a full-year outlook for free cash flow that was well below forecasts.

Merck & Co. Inc. shares (MRK) shed 0.9% after the drug giant filed a lawsuit against the federal government over the Medicare drug price negotiation program established last year as part of the Inflation Reduction Act.

Shares of self-driving technology developer Mobileye Global Inc.(MBLY) fell 1.1%, to pare earlier losses of as much as 4.6%, after the company said it was launching a secondary offering of 35 million of its shares, which are being sold by an Intel Corp. (INTC) subsidiary.

-- Barbara Kollmeyer contributed to this report

-Bill Peters

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06-06-23 1043ET

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