Check out the companies making headlines in midday trading.
Best Buy — The retail stock jumped 8% after the company announced it was raising its quarterly dividend by 26%. The move comes despite Best Buy reporting adjusted earnings just matching the Refinitiv consensus estimate.
Kroger — The grocery chain saw its shares jump 11.1% after it beat Wall Street expectations for earnings. The company reported fourth-quarter adjusted earnings of 91 cents per share on revenue of $33.05 billion. Analysts were looking for a profit of 74 cents per share on revenue of $32.86 billion, according to Refinitiv.
BJ’s Wholesale — Shares fell 13.3% after the wholesale retailer missed Wall Street expectations for quarterly revenue. BJ’s posted $4.36 billion in revenue, compared with $4.4 billion expected by analysts, according to StreetAccount.
Big Lots — Shares dropped 2.4% in midday trading following a poor earnings report. The company posted earnings of $1.75 per share versus the Refinitiv consensus estimate of $1.89 per share.
Burlington — The stock tumbled 10.9% in midday trading, after missing consensus estimates in its holiday earnings report. Burlington reported quarterly adjusted earnings of $2.53 per share on revenue of $2.6 billion, falling short of Refinitiv consensus estimates of $3.25 per share on $2.78 billion in sales.
Snowflake — Shares plummeted 17.2% midday after the software company reported earnings that indicated the slowest sales growth since at least 2019. Revenue for the fourth quarter came in above analysts’ estimates and grew by 101% year over year. The company reported an adjusted loss of 43 cents per share.
Box Inc. — Shares gained 3.2% midday after the company reported better-than-expected results for the fourth quarter. The company earned 24 cents per share excluding items on $233 million in revenue. Analysts expected earnings of 23 cents per share on $229 million in revenue.
Intel — Shares dipped 1.7% after Morgan Stanley downgraded the stock from equal-weight to underweight. “Downgrades of value stocks … will let us focus on more actionable situations that offer relatively more attractive risk-reward going forward,” Morgan Stanley’s Ethan Puritz said.
Southwest — Shares gained 1.2% after Evercore ISI upgraded the airline stock to outperform from in-line. “Greater relative financial strength + margin focused planning lead us to raise our rating on Southwest,” the firm said.
— CNBC’s Samantha Subin and Sarah Min contributed reporting
- The Benefits of Meal Prepping for Busy Moms - October 28, 2023
- The 11 Best Cash ETFs in Canada (Plus HISA ETFs and Money Market ETFs) - October 8, 2023
- Build a Variety of Outfits with These 7 Affordable Pieces - October 7, 2023