Stocks making the biggest moves midday: Costco, Oracle, Peloton and more

Check out the companies making headlines in midday trading Friday:

Costco — Costco shares rose more than 6% after the warehouse retailer posted its latest quarterly numbers a day earlier. The company earned $2.98 per share for its latest quarter on revenue of $50.36 billion. That top-line number surpassed a Refinitiv estimate of $49.6 billion. Costco’s earnings per share number was not comparable to a forecast of $2.64 per share.

Oracle — Shares of the software company soared 15.9% in midday trading on the back of better-than-expected quarterly results. With respect to guidance, Oracle called for $1.14 to $1.18 in adjusted fiscal third-quarter earnings per share. Analysts polled by Refinitiv had expected adjusted earnings guidance of $1.16 per share.

Peloton — The fitness equipment maker’s shares lost 5.3% after a plot point in the first episode of HBO Max’s “Sex and the City” reboot involving Peloton’s Bike raised questions about the company’s image issues. Credit Suisse also downgraded the stock to neutral from outperform.

Chewy — Shares of Chewy sunk more than 9% after the online pet products retailer reported a wider-than-expected quarterly loss. Chewy posted a loss of 8 cents per share versus the Refinitiv consensus of 4 cents per share. Revenue matched analysts’ forecasts.

Lululemon — Shares of Lululemon retreated 1.5% despite a better-than-expected third-quarter report. Lululemon posted earnings of $1.62 per share on revenue of $1.45 billion. Analysts expected a profit of $1.41 per share on revenue of $1.44 billion. However, the athletic apparel retailer cut its forecast for sales of its at-home fitness device, Mirror, for the year.

Broadcom — Broadcom shares rallied more than 7% after the chipmaker’s quarterly report beat Wall Street estimates. The company earned an adjusted $7.81 per share, 7 cents above a Refinitiv estimate, and issued an upbeat forecast.

Beyond Meat — Shares of Beyond Meat dropped more than 6% after Bloomberg reported restaurant chain Taco Bell dropped plans to test Beyond Meat’s plant-based version of carne asada. Taco Bell reportedly was dissatisfied with samples it received in October.

C3Ai — The artificial intelligence software company saw its shares gain more than 3% after it won a $500 million contract from the U.S. Department of Defense.

AMC Entertainment — AMC shares slid 9.9% after SEC filings showed a sale of 312,500 shares by CEO Adam Aron and a sale of 18,000 shares by CFO Sean Goodman. Aron had indicated in November that he would soon begin selling shares as part of estate planning.

Jabil — Shares of Jabil rose more than 5% after Goldman Sachs upgraded the stock to buy from neutral and raised its price target on the stock. Goldman said the electronics manufacturing service company’s exposure to electric vehicles will drive growth.

Southwest Airlines — Southwest shares retreated more than 3% after Goldman Sachs downgraded the airline stock and cut its price target, citing inflation concerns. Goldman’s call comes after Jefferies on Thursday morning also downgraded the airline due to rising costs. 

— CNBC’s Maggie Fitzgerald contributed reporting