Stocks that make the biggest moves at noon: Kohl’s, BJ’s, Virgin Galactic, and more
Check out the companies that are making headlines in mid-day trading.
Kohl’s – Kohl’s stock fell around 10% on Thursday after it was revealed that problems in the supply chain could hurt profit margins. Like others, Kohls experienced hurdles in the supply chain from 2020 when factories in Asia closed to slow the spread of Covid-19. Now, the company said, an increase in the number of truck drivers for the remainder of the year could mean cost headwinds for earnings.
BJ’s Wholesale – Warehouse retailers’ inventory dropped nearly 5% after the company said the rest of 2021 would remain difficult to predict due to the impact of the pandemic. BJ’s Wholesale reported adjusted quarterly earnings of 72 cents per share, 15 cents above estimates, according to Refinitiv. Sales also beat estimates, but at BJ, sales to non-fueled comparable stores were down 5%.
Hormel Foods – Hormel stock rose roughly 7% after posting better-than-expected results in the first quarter. The food maker reported quarterly earnings of 42 cents per share, beating expectations by one cent per share, and sales that exceeded analysts’ forecasts. The company’s brands include Spam, Dinty Moore, and Jennie-O.
Virgin Galactic – Space inventory increased around 15% after the company announced that the next test flight would take place on Saturday. The company said the aircraft that carried the spacecraft before takeoff, VMS Eve, was cleared for flight after a maintenance check. Virgin Galactic shares gained up to 25% in premarket trading before collapsing due to high trading volume.
L Brands – The retailer’s shares fell nearly 4% despite better-than-expected quarterly results reported after Wednesday’s bell. L Brands posted earnings of $ 1.25 per share compared to a forecast of $ 1.21 and revenue of $ 3.02 billion, slightly above the expected $ 3.01 billion. The company did not issue guidelines for the full year. By the fall, L Brands plans to split the Victoria’s Secret business into its own publicly traded unit.
Ralph Lauren – Shares in Ralph Lauren fell more than 7% despite the apparel maker posting better-than-expected results in the fourth quarter. In the first quarter of fiscal 2022, it brought back its quarterly dividend of around 68.8 cents per share.
Squarespace – The website builder’s shares rose more than 14% Thursday after debuting on the New York Stock Exchange on Wednesday. Squarespace went public through direct listing.
Petco – Petco shares rose, then closed about 1% after beating Wall Street forecast for first quarter results. The pet products retailer posted quarterly earnings of 17 cents per share, compared to analyst estimates of 9 cents per share, beating sales projections. Petco announced it had reached a multi-year high of 1.2 million net new customers in the quarter.
Coinbase – Shares in the cryptocurrency exchange rose around 4%. Ark Invest’s Cathie Wood bought $ 38 million worth of Coinbase in various funds on Wednesday, boosting sentiment. Also, Wedbush began reporting the stock with an outperform rating. The volatility in Bitcoin shouldn’t deter investors from Coinbase’s strong underlying business.
Chipotle Mexican Grill – The restaurant chain’s shares rose nearly 3% after UBS upgraded the stock to buy from neutral. The investment firm said in a notice to customers that Chipotle should improve the in-store restaurants if the reopening continues and digital sales remain strong.
ViacomCBS – Media stock rose 4.6% after Bank of America double upgraded the stock to buy from underperformance. The company said in a note that ViacomCBS is a likely acquisition target following AT & T’s announcement of the combination of Discovery and WarnerMedia.
– CNBC’s Jesse Pound, Tom Franck, Yun Li and Maggie Fitzgerald contributed to the coverage.
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