US Markets
Wednesday, August 23rd, 2023 1:04 pm EDT
Check out the companies making headlines in midday trading.
Nvidia — The chipmaker climbed 3,2% ahead of its quarterly report set for release after the bell. Expectations are high for the chipmaker after its shockingly positive forecast in the prior quarter. Nvidia has been one of the biggest winners on the back of the artificial intelligence boom with shares rising nearly 220% this year.
Peloton — The fitness company shed 22.6% after reporting a wider-than-expected loss for its fiscal fourth quarter and a drop in new subscribers as it grapples with the recent recall of its bike. Peloton reported a loss of 68 cents per share, versus the 38 cent loss per share expected by analysts polled by Refinitiv. Revenue came in slightly ahead of expectations.
Foot Locker — The athletic retailer plunged 28.3% after cutting its outlook again for the year and suspending its quarterly dividend. Earnings came in line with expectations, while revenue missed.
Dick’s Sporting Goods — The sports retailer slipped 0.3%. On Tuesday, the company posted weaker-than-expected earnings and cut its outlook for the year. The stock is coming off its worst day ever, losing 24% in the previous session.
Abercrombie & Fitch — The retailer rallied 23.5% to a new 52-week high. Abercrombie easily beat analysts’ expectations for the previous quarter and raised its full-year outlook.
Apellis Pharmaceuticals — Shares soared 30.2% following the release of Syfovre, a drug used to treat degenerative eye disease. The company said there’s no direct cause between a side effect and a particular needle used for the drug, though practitioners could use a different needle.
Nike — Shares slid 2.7%, extending its longest losing streak ever to 10 sessions.
Urban Outfitters — The retailer added 3.1% after posting better-than-expected quarterly results. Earnings came in at $1.10 per share against a consensus estimate of 89 cents from analysts polled by Refinitiv. Revenue also beat expectations at $1.27 billion compared with a forecast of $1.25 billion.
La-Z-Boy — The furniture maker dropped 0.5% after management said furniture sales should remain challenged. Elsewhere, the company beat expectations on both lines in its first fiscal quarter.
Charles Schwab — Shares of the financial company rose 2.8% as Charles Schwab looked to snap an 11-day losing streak, including a loss of nearly 5% Tuesday. Charles Schwab announced a debt raise of more than $2 billion Tuesday.
Netflix — Shares climbed 3.5% after Oppenheimer reiterated the streaming giant’s outperform rating, noting that there’s a path back to double-digit revenue growth.
Brown-Forman — Shares of the spirits company gained 3.6% following a double-upgrade from Morgan Stanley. The firm cited improving growth margins as agave prices ease.
Meta — Shares of the tech firm gained 2.3% after Bank of America reiterated its buy rating on the stock. The Wall Street firm said the stock could see “renewed enthusiasm on 2024 upside potential.”
Avery Dennison — The adhesives company climbed 3% following an upgrade to buy from neutral from UBS. The firm said the company could see an earnings inflection point ahead.
Louisiana-Pacific — The building materials stock advanced 3.7% following DA Davidson’s upgrade to buy from neutral. DA Davidson said recent weakness has created a compelling entry point for investors.
Safehold — The real estate investment trust added 1.8% after Goldman Sachs initiated coverage with a buy rating. Goldman Sachs cited a rise in restructuring activity in the near term and for investment volumes to gradually rise in the coming quarters.
Marvell Technology — The semiconductor maker added 3.2% after announcing a coherent digital signal processor for pluggable modules called Orion. The firm said it’s an industry first that will support transport networks for carrier and cloud assets. Elsewhere, Susquehanna reiterated its positive outlook on the stock ahead of its earnings report Thursday.
Advance Auto Parts — Advance Auto Parts rose 3.1% after beating analysts’ revenue expectations for its second quarter. The auto retail company reported revenue of $2.69 billion, greater than the consensus estimate of $2.66 billion, according to Refinitiv. Earnings were lower at $1.43 per share, instead of the $1.66 per share consensus estimate. Separately, the auto parts company also announced Shane O’Kelly was appointed president and CEO, effective September.
— CNBC’s Hakyung Kim, Samantha Subin, Yun Li, Sarah Min and Jesse Pound contributed reporting.
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