Traders work on the floor of the New York Stock Exchange (NYSE) on August 23, 2019 in New York City.
Eduardo Munoz Alvarez | Getty Images
Check out the companies making headlines in midday trading:
Box — Shares of Box soared more than 11% after hedge fund Starboard Value disclosed that it had taken a 7.5% stake in the software company. Starboard, which has previously invested in Yahoo and Symantec, is now Box’s third largest shareholder. At one point in March, Box was trading around $24 per share, but the stock had slumped to about $13 per share last month.
Navistar — Shares of Navistar surged more than 11% after the truck maker reported better-than-expected earnings. The company earned $1.56 per share in the second quarter, beating the consensus estimate of $1.22. Navistar also raised its guidance for full year truck deliveries.
Tyson Foods — Shares of Tyson Foods tumbled 5.6% after the meat processor lowered its 2019 earnings forecast. The company cited many challenges including a recent fire at one of its slaughterhouses and volatility in the commodity market.
Michaels Companies — The arts and crafts specialty retail company’s stock soared 7.4% after the company announced strong second-quarter earnings. The company reported second quarter adjusted earnings per share of 19 cents, which was 5 cents above the estimate. Comparable store sales were also up 0.3% compared to the 1% decline estimated. Mark Cosby, Interim CEO, cited the company’s focus on sales and its customer base.
Activision Blizzard — Shares of video game maker Activision Blizzard rose 4% after BMO upgraded the stock to outperform from market perform and hiked its price target to $60 from $43, implying about 17% upside for the stock. The firm also raised its earnings estimates for next year on its strong conviction the company’s restricting plans and investments in standout games will boost financial performance.
Starbucks — Shares of Starbucks fell more than 1% after the coffee chain issued a weaker-than-expected forecast for its fiscal 2020 earnings. The company said it expects fiscal 2020 earnings per share to be below its “ongoing growth model of 10%.”
Tapestry — Shares of Tapestry rose 3.8% after the company announced that its board chairman, Jide Zeitlin, would take over as chief executive officer. Zeitlin replaces Victor Luis, who had been at Tapestry for 13 years. The clothing and apparel company, which owns Coach and Kate Spade, has seen its stock price fall more than 30% so far this year.
— CNBC’s Jesse Pound, Elizabeth Myong and Maggie Fitzgerald contributed reporting.
Written by Admin
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