A shopping cart at a Target store in the Brooklyn borough of New York, USA, November 14, 2017.
Brendan McDermid | Reuters
Pay attention to the companies that hit the headlines at noon.
Target. The retail giant’s shares fell nearly 5%, despite significantly lower earnings and net income. CEO Brian Cornell noted that rising costs could have an impact on the company’s future development as it plans to cover these costs rather than pass them on to the client.
Visa – The card giant fell 5.4% after reports that Amazon will stop accepting payments from UK-issued Visa credit cards starting next year. The change came shortly after Visa raised fees for exchanging transactions between the UK and the European Union. Mastercard, which also increased UK-EU exchange fees, fell 4.5% along with Visa.
Lowe’s – The home goods retailer rose less than 1% after better than expected quarterly report. Lowe’s beat analysts’ expectations for fiscal third quarter earnings as the company gained business growth from home professionals and online sales. The company also raised its forecast for 2021, saying it expects $ 95 billion in sales, up from $ 92 billion.
Tesla – Tesla has continued to monitor stock price spikes recently after CEO Elon Musk sold shares last week. Electric vehicle shares were up 3% on Wednesday.
Rivian – Rivian shares fell more than 15% in their first losing session since the EV maker went public last Wednesday. The company has quickly surpassed traditional automakers like Ford and GM in market value since its IPO.
Lucid Group – Electric vehicle stocks fell more than 6% on Wednesday after rising nearly 24% on Tuesday. Morgan Stanley has reaffirmed its underweight rating for Lucid, saying there are better EV options.
Baidu – Baidu shares fell 5.5% even after the Chinese e-commerce company beat its revenue forecast for the last quarter. Baidu said it has benefited from higher ad sales as well as the use of cloud and artificial intelligence products.
Pfizer, BioNTech – Shares of the Covid vaccine maker rose after The New York Times reported that the FDA plans to approve a Pfizer / BioNTech Covid-19 booster dose for all adults as early as Thursday. BioNTech shares gained about 2.7% and Pfizer gained 1.2%.
Roku – Roku shares fell 11% after MoffettNathanson downgraded the stock to sell from neutral. The firm pointed to signs of a slowdown in revenue growth for the streaming company.
TJX – TJX jumped about 8% after the apparel and home goods retailer reported lower quarterly earnings at the top and bottom tiers. Sales in the same stores were also up 14% year over year.
Activision Blizzard – Activision BIizzard shares fell 2.7% after a group of shareholders called for CEO Bobby Kotick’s resignation. Post by Washington Post… The letter comes after Wall Street Journal Report that Kitty had allegedly known about the sexual harassment allegations at the company for years.
– CNBC’s Yoon Lee and Tanaya Mashil wrote the reports.