Employees bring a television to Steve Steward’s car to a Best Buy store on Black Friday, traditionally one of the busiest shopping days of the year. The crowd is smaller this year due to the growing popularity of online spending amid concerns over the COVID-19 pandemic.
Paul Hennessy | SOPA Images | LightRocket | Getty Images
Find out the companies that make headlines in the midday trade.
Best Buy – The electronics retailer’s shares fell more than 8% after the company posted better-than-expected quarterly results. Best Buy reported earnings of $ 2.98 per share on revenues of $ 11.85 billion. Wall Street expects a $ 1.85 gain on revenue of $ 11.49 billion, according to Refinitiv. Sales in the same store increased 19.6%, exceeding estimates by 18.1%.
Palo Alto Networks – Palo Alto Networks shares have risen 19% after the security hardware and software company reported better quarterly earnings than expected late Monday. The company also released a strong profit forecast for the new fiscal year. Palo Alto Networks reported adjusted earnings of $ 1.60 per share on revenue of $ 1.22 billion. Analysts have estimated earnings of $ 1.44 per share on revenue of $ 1.17 billion, according to Refinitiv.
JD.com, Alibaba, Baidu, Pinduoduo – Chinese technology companies have recovered from a recent slump while investors have gained more clarity on regulatory risks. Pinduoduo shot up 18%, and JD.com rose 12%. Baidu gained more than 8%, and Alibaba jumped about 7%.
Planet Fitness – Gym chain stocks rose more than 4% after Morgan Stanley began covering the stock with an overweight rating. The company said in a note to customers that gyms in areas with fewer health restrictions are recovering rapidly.
Medtronic – Medtronic shares rose 3.8% after the company’s first-quarter earnings, which exceeded expectations on the top and bottom line. Medtronic earned $ 1.41 per share on an adjusted basis on revenue of $ 7.99 billion. Analysts interviewed by Refinitiv expected the company to earn $ 1.32 per share for $ 7.87 billion in revenue. The company said it has seen demand return since people have been subjected to non-urgent procedures.
Las Vegas Sands, Wynn Resorts – The share of Las Vegas Sands casino operators gained about 6%, and Wynn Resorts increased more than 5% after Macau lowered travel restrictions for visitors to the province of Guangdong of China, a key visitor source for the gaming capital. On Monday, Chinese health authorities did not report any new cases of local transmission of Covid-19 for the first time since July.
Didi Global – Shares of Chinese ride-hailing app have risen more than 11% following reports that the company has suspended plans to launch in the UK and continental Europe. Investors will be able to buy the bathroom according to Beijing’s detailed rules for Chinese companies that want to go public overseas. Didi has been subjected to regulatory repression in the country.
Therapeutic Face – The drug manufacturer’s shares have risen about 4% after receiving approval from the U.S. Food and Drug Administration for its Korsuva injection. Therapeutic Face announced the news Monday. The drug is designed to treat a disease of the kidney affected by pruritus.
Advance Auto Parts – The car company’s shares gained about 0.8% after beating on the top and bottom lines of its quarterly results. Advance Auto reported earnings of $ 3.40 on revenue of $ 2.65 billion. According to Refinitiv, analysts expected a gain of $ 3.04 on revenue of $ 2.64 billion.
– with reports from Pippa Stevens, Jesse Pound, Yun Li, Hannah Miao and Tanaya Macheel of CNBC.