Stocks making the biggest moves midday: WSM, MU, M, SLG
Check out the companies making the biggest moves midday: Williams-Sonoma — The home goods and furniture seller rose 6% on better-than-expected earnings. Williams-Sonoma earned $3.04 per share, beating an LSEG estimate of $2.90 per share. The company also raised its quarterly dividend by 15%. nVent Electric – The maker of electronics cabinets and cooling systems saw shares jump more than 4%. NVent lifted its three-year growth targets , calling for adjusted operating margins to rise roughly 22%, up from 20%, and for an adjusted earnings per share compound annual growth rate of 17% to 20%. CEO Beth Wozniak said the company is “off to a strong start to the year, our Q1 performance is trending ahead of our initial expectations.” ZTO Express — Shares jumped 7% on a rosy fourth-quarter earnings report. The delivery company reported revenue of 14.51 billion yuan, while analysts polled by StreetAccount anticipated a top line of 14.37 billion yuan. The company’s board also approved a $1.5 billion stock buyback over the next two years. Bob’s Discount Furniture – Shares jumped 2.5% after its first earnings report since going public in February. The furniture retailer reported revenues that were up more than 8% compared to the same quarter last year, but delivered an fourth quarter earnings per share of $0.35 that was weaker year-over-year. Current quarter trends are projected to be soft due to pressure by winter storms, but demand rebounded in March, the company added. Gemini Space Station — Shares tumbled more than 15% following a downgrade to sell from neutral at Citi. “Our expectations for GEMI continue to decline,” analysts at the bank said. “We have increasing concerns the company will likely be challenged to scale profitability within a reasonable time frame for equity investors and remain competitively relevant … particularly in challenged crypto environments.” Micron Technology — The memory and storage solutions firm saw shares tick up 1% ahead of its fiscal second-quarter earnings report expected after the bell on Wednesday. Macy’s — The retailer climbed 4% on better-than-expected results for the fourth quarter. Macy’s earned $1.67 per share, excluding on revenue of $7.64 billion. Analysts polled by LSEG expected a profit of $1.53 per share on revenue of $7.62 billion. Constellation Brands — Shares gained 1.1% on the back of Citi’s upgrade to buy from neutral. Citi said the alcohol producer has improving topline trends while having a historically low valuation. Lululemon — Shares of the athletic apparel retailer topped the Street’s fiscal fourth quarter expectations, sending shares higher by 5%. Knight-Swift Transportation — The transportation stock, which provides truckload services, advanced 1% following an upgrade to buy from neutral at UBS. As catalysts, the bank cited growing visibility that there will be a supply reduction in the industry and strengthening truckload pricing as a result. SL Green Realty — Manhattan’s largest commercial office landlord gained 2.5% after Deutsche Bank Research upgraded the stock to buy from hold. Analyst Peter Abramowitz wrote in a note titled “Don’t Sleep On The City That Never Does” that he expects strong execution on asset sales and refinancings to be a positive catalyst for the stock. The stock is down more than 42% off its recent high. Docusign — The software stock gained 1.4%. DocuSign beat fourth-quarter estimates and gave strong guidance for its first quarter and fiscal year. The company anticipates first-quarter revenues to come out between $822 million and $826 million, while analysts polled by LSEG expected $813 million. — CNBC’s Liz Napolitano, Pia Singh, Alex Harring, Davis Giangiulio, Lisa Kailai Han and Sarah Min contributed reporting
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