Business

Nvidia, Kohl’s, Macy’s and others

Shoppers carry Kohl’s bags to Chicago.

Christopher Dilts | Bloomberg | Getty Images

Here are the companies making the biggest strides in midday trading:

Nvidia – Shares of the chip giant surged more than 8% after the company beat expectations on profit and sales in the third quarter. Nvidia reported adjusted earnings per share of $ 1.17 and revenue of $ 7.1 billion. According to Refinitiv, analysts had expected earnings per share of $ 1.11 and revenues of $ 6.82 billion. Its market cap surpassed $ 800 billion during Thursday’s rally.

Kohl’s – Shares in the retail chain rose 10.6% after stronger-than-expected third-quarter results. The company generated adjusted earnings of $ 1.65 per share on revenue of $ 4.6 billion. Analysts polled by FactSet expected 70 cents a share and $ 4.27 billion in revenue. Kohl’s also raised its full-year forecast for sales and earnings.

Macy’s – Retail shares surged 21% after Macy’s outperformed earnings and earnings forecasts for the third quarter. Gross margin for the quarter was 41.0%, up from 35.6% a year earlier, the company said in a statement.

Cisco Systems – Shares of the tech company fell 5.5%, pulling down the Dow Jones Industrial Average. Cisco Systems released its earnings forecast for the next quarter on Wednesday, which is at the bottom of its estimates. According to Refinitiv, the company called for revenue growth of 4.5% to 6.5% in the second quarter of the fiscal year, below the 7.4% forecast. Fiscal first quarter profit exceeded expectations, but revenue fell short of expectations.

Apple – Shares of the tech giant are up 2.9% to hit all-time highs since Bloomberg News reported that Apple plans to develop the car by 2025. According to the report, the company wants the car to be fully autonomous.

Activision Blizzard – Shares of the video game publisher fell 2.4% as Activision Blizzard continues to grapple with the aftermath of reports that its CEO has misreacted allegations of sexual harassment at the company. JPMorgan downgraded Activision Blizzard to neutral, saying in a note that investors should avoid stocks until the differences are resolved.

BJ’s Wholesale – Retail stocks rose nearly 20% after BJ released third-quarter results that far exceeded expectations. The company reported adjusted earnings per share of 91 cents and revenues of $ 4.26 billion. Analysts polled by Refinitiv expected 80 cents in profit and $ 3.92 billion in revenue.

JD.com – Shares of a Chinese e-commerce company, traded in the US, surged 6% after JD.com’s third-quarter results beat the top and bottom lines. The company said its net product sales were up 23% year-over-year, while net services revenue was up 43%.

Alibaba – Shares in the Chinese e-commerce giant fell 11% on falling short of revenue and earnings expectations for the September quarter, as slower economic growth in China weighed on results and exacerbated regulatory hurdles.

Bath and Body Works, Victoria Secret – The two former L Brands companies rose on Thursday after quarterly results. According to StreetAccount, Bath and Body Works rallied more than 5% after its revenue exceeded expectations, while Victoria Secret jumped more than 14.7% after the company’s operating margin surpassed expectations.

CVS – The pharmacy chain rose 2.8% after the company said it would close around 900 stores over the next three years, starting in the spring of 2022. CVS said it will focus more on digital growth and turning its stores into healthcare hubs. …

Oatly – Shares in alternative milk rose 4.6% after Morgan Stanley upgraded Oatly to overweight. The investment firm said the stock was too cheap given the strong consumer environment.

Petco – Shares in the pet retailer fell more than 13%, despite better-than-expected quarterly income statement. Petco’s gross profit has been shrinking from year to year.

– CNBC’s Yoon Lee and Maggie Fitzgerald contributed to this report.


Source link

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button