Check out the companies making headlines in midday trading. Apple — Apple dropped about 3%. Counterpoint Research said iPhone sales in China sank 24% during the first six weeks of 2024 versus the same period a year ago. Target — Target surged nearly 12% after the retailer topped Wall Street’s fourth-quarter estimates . The department store chain saw lower same-store sales and offered a cautious sales forecast but nonetheless grew profits and showed healthier profit margins year over year. Tesla — The electric vehicle maker sank nearly 5% after a suspected arson attack at a nearby electricity substation stopped production at its Berlin gigafactory. Advanced Micro Devices — Shares fell more than 2% after Bloomberg said AMD failed to get a made-for-China chip past U.S. regulators. The report said that although AMD designed a lower-performing chip, the Commerce Department rejected its sale in China because it was still too advanced. Microstrategy — Microstrategy sank more than 15%. The bitcoin development company revealed a private offering for $600 million in convertible senior notes with proceeds aimed at buying more bitcoin and general corporate needs. Albemarle — Shares tumbled about 12% after the lithium producer began the sale of $1.75 billion of depository shares, each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock. Proceeds may be used to fund construction and expansion of operations in China and Australia, repayment of commercial paper and general corporate purposes, Albemarle said. GitLab — The software company tumbled more than 19% after issuing weaker-than-expected forward guidance. GitLab forecast full-year revenue of $725 million to $731 million against analysts’ estimate of $732 million, according to LSEG, formerly known as Refinitiv. Profit forecasts also missed expectations, with GitLab guiding between 19 cents and 23 cents, versus a consensus estimate of 35 cents. Fourth-quarter sales and…
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