Target, Kroger, Foot Locker and more
A shopping cart is seen at a Target store in the Brooklyn borough of New York, U.S., November 14, 2017.
Brendan McDermid | Reuters
Find out which companies are making headlines in the midday business.
Target – The retailer’s shares jumped 9.9% after the company reported sales growth of 9% in the fiscal fourth quarter, despite supply chain pressures, and said it was ready to maintain this momentum. Target also released revenue guidance with growth in the low to mid-digits and projected adjusted earnings per share to grow in the high single digits over the coming year.
Kroger – Kroger shares rose 3.3% after Telsey upgraded the grocery chain ahead of its earnings report. “We believe we have greater visibility and confidence in Kroger’s multi-year omnichannel growth track,” Telsey’s Joseph Feldman said.
Foot Locker – The sports retailer saw its shares fall 7.6% after Goldman Sachs downgraded the stock to neutral from buy, saying it saw too much short-term pressure on the stock . The downgrade follows Foot Locker’s announcement that it will sell fewer Nike products.
AutoZone – The retail stock fell 2.5% despite AutoZone beating earnings and revenue expectations for its fiscal second quarter. The company’s same-store sales jumped 13.8% year-over-year.
Workday – Shares of Workday jumped 4.9% after beating top and bottom results in its quarterly results. The company also raised its forecast for its FY2023 subscription revenue to be in the range of $5.53 billion to $5.55 billion, reflecting 22% year-over-year growth. the other.
Lucid Group – Shares of the electric car maker plunged 13.8% at midday after posting a bigger-than-expected loss of 64 cents per share, while analysts had expected a loss of 25 cents per share, according to Refinitiv. Revenue came in at $26.4 million, below forecast of $36.7 million.
Zoom Video – Shares of Zoom fell 7.4% after the video conferencing platform released weaker-than-expected guidance for the first quarter and full year. The company beat expectations for earnings and revenue for the fourth quarter.
Novavax – Shares of Novavax rose 2.7% at midday, then closed up 0.4%. The biotech company reported a revenue shortfall in the fourth quarter, but said it expects revenue of between $4 billion and $5 billion in 2022. Novavax is also working on an omicron-specific vaccine.
JM Smucker – Shares of JM Smucker fell 6.3% despite the company’s better-than-expected earnings report. The company cut its sales growth forecast for the year and cut the top of its profit forecast for the year.
Hormel Foods – Shares of Hormel rose 4% after the company beat revenue estimates in its latest quarterly report. Hormel’s earnings matched Wall Street expectations.
Rivian – Shares of Rivian fell 8.4% after Wells Fargo reiterated its equal weight rating on the stock. The company said it saw too many “short-term headwinds”.
Chevron – Shares of Chevron rose 4% after Bank of America reiterated its buy rating on the stock. The call came after Chevron said it was set to acquire Renewable Energy Group.
Wells Fargo, Bank of America – Financial stocks were among the biggest losers on Tuesday. Bank of America fell 3.9%, while Wells Fargo fell 5.8%. Falling Treasury yields could potentially eat into bank profits, while the conflict in Eastern Europe and sanctions against Russia have some traders worried about the disruption in credit markets.
Occidental Petroleum, APA Corp – Energy stocks rose as oil prices soared, with U.S. crude hitting its highest level since June 2014. Occidental Petroleum added 7% and APA Corp rose 4.6% .
Lockheed Martin, Northrop Grumman — Defense stocks rose as investors monitored rising tension in the Russia-Ukraine conflict. Lockheed Martin rose 5.3% while Northrop Grumman added 3.2%.
– CNBC’s Maggie Fitzgerald, Jesse Pound and Samantha Subin contributed reporting.