An Under Armour shoe is seen inside of a store on November 03, 2021 in Houston, Texas.
Brandon Bell | Getty Images
Check out the companies making headlines in midday trading.
Under Armour — The sports equipment company’s shares dropped 12.5% as lingering supply chain constraints clouded the firm’s outlook and overshadowed its recent performance. The company also warned that heightened freight expenses will weigh on profits in the coming months. The sell-off in the stock came even as the retailer reported fourth-quarter earnings and sales ahead of analysts’ estimates.
Newell Brands — Shares of the household products maker jumped 11% after the company reported better-than-expected earnings and revenue for its most recent quarter and issued an upbeat earnings forecast. Newell brought in an adjusted 42 cents per share for its latest quarter, beating analysts’ estimates by 10 cents.
Affirm — Shares of Affirm plunged 20.6% after Jefferies downgraded the “buy now, pay later” stock. The firm said credit normalization is will lead to increased losses and rising interest rates will pressure margins.
Monolithic Power Systems — The semiconductor company’s shares rose 4.1% after Needham upgraded the stock to a buy, saying it sees a more favorable risk/reward profile following a recent decline in share price. Needham’s $530 price target on the stock implies about 30% upside.
Zillow Group — Shares of the digital real estate platform soared 12.6% after reporting a smaller-than-expected loss for the fourth quarter. Zillow also beat revenue expectations. Those results came despite an $881 million loss on its now-shuttered home-flipping business.
Expedia — The travel services company’s shares added about 1% before turning lower after quarterly earnings beat analysts’ estimates, while revenue for the period missed forecasts slightly. Expedia said it saw a big impact in travel bookings from Covid-related challenges, but they weren’t as long or as severe as in previous waves of the pandemic.
GoDaddy — Web hosting company GoDaddy saw shares jump 8.6% after it reported quarterly earnings and revenue that beat Wall Street forecasts and announced a $3 billion share repurchase program. For the quarter, GoDaddy earned an adjusted 52 cents per share, beating estimates by 11 cents.
Yelp — The company behind the online review site gained 4.1% after it reported quarterly earnings of 30 cents per share, which more than doubled analysts’ expectations of 14 cents per share. Yelp also recorded better-than-expected revenue driven by strength in its advertising business.
Regeneron — The pharmaceutical company saw its shares rise 3.2% after announcing an eye-injection treatment for patients with wet age-related macular degeneration has completed the second phase of a trial. Regeneron released the results from the trial.
Energy stocks — Oil and energy stocks gained on Friday as oil prices rose, after the International Energy Agency said oil markets were tight. Coterra Energy, Hess and Phillips 66 rose more than 4%. Occidental rose 5.6% and Halliburton added 3.4%.
— CNBC’s Maggie Fitzgerald, Yun Li and Hannah Miao contributed reporting
Written by Admin
Corporate executives are taking a dim view of their prospects, with a majority now expecting ...
Stock futures were little changed in overnight trading Tuesday ahead of a key inflation reading.Futures ...
Factories in China affected by Covid lockdowns can conditionally resume work, by housing workers on-site ...