Stocks That Make The Biggest Moves At Midday: Visa, Nike, FedEx & More
Andrew Harrer | Bloomberg | Getty Images
Check out the companies that are making headlines in mid-day trading.
Visa – The payment service provider’s shares fell 4.7% in midday trading after the Justice Department issued a report investigating whether business practices in the payment service provider’s debit card business resulted in unlawful domination. The Wall Street Journal reported that DOJ investigators are concerned about Visa’s online debit card transactions.
Nike – The retailer’s shares were down nearly 4% after the company reported mixed results for the third quarter. According to Refinitiv, Nike earned 90 cents per share, which was higher than the profit of 76 cents expected by street analysts. Revenue, however, fell short of expectations and came in at $ 10.36 billion versus the expected $ 11.02 billion. The widespread congestion of ports in the US and the ongoing closings of stores in Europe resulted in sales growth.
Ford – The automaker’s shares rose about 3% after Barclays upgraded the stock to an overweight rating. The company pointed to the turnaround in Ford’s European business, where a “significant margin expansion above the consensus” is expected. Barclays also raised its target price on the stock from $ 9 to $ 16, meaning its closing price was up 28% on Thursday.
FedEx – The delivery company’s shares rose 6.8% on Friday after FedEx beat expectations in the third quarter of the fiscal year. The company had adjusted earnings per share of $ 3.47 on revenue of $ 21.51 billion. Analysts surveyed by Refinitiv had earnings per share of $ 3.23 and revenue of $ 19.97 billion. The Tennessee-based company cited better pricing as a reason for strong results.
Petco – Pet supplies retail stocks rose more than 6% after Bank of America upgraded to buy from neutral. The company said in a note that it expected the pet adoption boom during the pandemic would create “multi-year tailwinds” for companies like Petco.
Molson Coors – The brewer’s shares fell just under 1% after Deutsche Bank added the stock to its “short-term sales catalysts” list. The Wall Street firm said the call was due to concerns such as the impact of Texas’s adverse February weather. The stock is still up 7% this year.
Hims & Hers Health – The telemedicine company’s shares fell more than 7% after the company reported a quarterly adjusted net loss of $ 3.1 million, despite being less than the reported loss of $ 12.4 million a year earlier. However, sales exceeded expectations. Total sales for Hims & Hers Health increased 80% through 2020.
Skillz Inc. – Mobile game shares fell more than 9% after the company valued a public offering of 32 million shares priced at $ 24 each. The stock last traded at $ 24.20 per share. Skillz said it would use its proceeds for charitable causes.
– CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Yun Li contributed to the coverage.