The fully autonomous tractor from Deer & Co. John Deere 8R is on display ahead of the Consumer Electronics Show (CES) on January 4, 2022 in Las Vegas, Nevada.
Patrick T. Fallon | AFP | Getty Images
Check out the companies that make the headlines during midday trading.
Deere — The stock plunged 11.4% after Deere reported a loss of sales but a blow to profits in the recent quarter. The equipment manufacturer reported earnings per share of $6.81 on revenue of $12.03 billion. Analysts expected $6.71 a share on revenue of $13.2 billion.
Palo Alto Networks – Shares of the cybersecurity company rose 7.4% after it beat analysts’ estimates on the top-and-bottom lines in the recent quarter and raised its outlook for the current quarter.
Ross Stores – Shares of the discount chain fell 21% after the company posted weaker-than-expected earnings and revenues for the last quarter and issued a weak financial outlook amid inflationary pressures and other macroeconomic conditions.
Applied Materials — The semiconductor device maker’s inventory fell 6.3% after missing profits and sales in the second quarter. Applied Materials also shared weak forecasts for the current quarter amid supply chain problems exacerbated by lockdowns in China.
Match Group – The dating app’s stock rose 1% after Match announced it had reached a temporary agreement on payments with Google parent Alphabet. The deal prevents Google from forcing Match to use Google Play Billing for its paid products and allows apps like Tinder to remain in the Google Play Store.
Eli Lilly – The drug maker’s shares gained 3% after the European Committee for Medicinal Products for Human Use recommended approval of the company’s centrally approved treatment for adults with severe Alopecia Areata. The company expects additional regulatory decisions in the US and Japan this year.
Foot Locker – Shares of the athletic footwear and apparel retailer rose nearly 2% after the company reported better-than-expected quarterly results. Foot Locker reported adjusted quarterly earnings of $1.60 per share, 5 cents above Refinitiv estimates. Same-store sales also fell less than half of what analysts had expected.
Hewlett Packard Enterprise – Shares fell 8% after Bank of America cut its share of a purchase to neutral as it faces worsening supply chain problems.
Bill.com – Shares of the expense management company rose about 1% after JPMorgan kicked off coverage with a buy recommendation. The company called Bill.com a “bona fide growth stock” that earns a premium multiple.
VF Corp. – The owner of clothing brands such as North Face, Timberland and Supreme added 3.2% despite reporting a small miss on the top and bottom lines in the recent quarter.
Deckers Outdoor – Shares of the footwear company rose 10.2% after beating top and bottom line estimates last quarter. Deckers made $2.51 a share on $736 million in revenue. Consensus estimates forecast earnings of $1.32 per share on revenue of $639 million.
— CNBC’s Jesse Pound, Tanaya Macheel and Yun Li reported.
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