Buyers carry Kohl’s bags to Chicago.
Christophe Dilts | Bloomberg | Getty Images
Here are the companies that make the biggest moves in midday trading:
Nvidia – The chip giant saw its shares skyrocket more than 8% after the company beat earnings and sales expectations for the third quarter. Nvidia reported adjusted earnings per share of $ 1.17 and revenue of $ 7.1 billion. Analysts expected earnings per share of $ 1.11 and revenue of $ 6.82 billion, according to Refinitiv. Its market capitalization topped $ 800 billion in Thursday’s rally.
Kohl’s – Shares in the retail chain rose 10.6% after a stronger-than-expected third quarter. The company made adjusted earnings of $ 1.65 per share on revenue of $ 4.6 billion. Analysts polled by FactSet were looking for 70 cents a share and $ 4.27 billion in revenue. Kohl’s also raised its sales and profit outlook for the full year.
Macy’s – Retail inventory jumped 21% after Macy’s third quarter results beat estimates on the upper and lower lines. Gross margin for the quarter was 41.0%, down from 35.6% a year ago, the company said.
Cisco Systems – Shares of the tech company fell 5.5%, pushing down the Dow Jones Industrial Average. Cisco Systems released a profit forecast for the next quarter on Wednesday at the lower end of the estimates. The company called for revenue growth of between 4.5% and 6.5% in the fiscal second quarter, below estimates of 7.4%, according to Refinitiv. First quarter tax profits exceeded expectations, but revenue was lower than estimated.
Apple – Shares of the tech giant rose 2.9% to an all-time high after Bloomberg News announced Apple aims to develop a car by 2025. The company wants the vehicle to be fully autonomous , according to the report.
Activision Blizzard – Shares of the video game publisher fell 2.4% as Activision Blizzard continues to grapple with the fallout from a report that its CEO mismanaged allegations of sexual misconduct in the industry. business. JPMorgan downgraded Activision Blizzard to neutral, saying in a memo that investors should avoid the action until the controversy is resolved.
BJ’s Wholesale – Retail inventory jumped nearly 20% after BJ released third quarter results well above expectations. The company reported adjusted earnings per share of 91 cents and revenue of $ 4.26 billion. Analysts polled by Refinitiv expected 80 cents in profits and $ 3.92 billion in revenue.
JD.com – US-traded shares of the Chinese e-commerce company rose 6% after JD.com’s third-quarter results beat estimates on both upper and lower results. The company said net product revenue increased 23% year-over-year, while net service revenue increased 43%.
Alibaba – Shares of the Chinese e-commerce giant fell 11% after missing revenue and profit forecasts for the September quarter, with slower economic growth in China weighing on results, adding to regulatory hurdles.
Bath and Body Works, Victoria Secret – The two companies that previously made up L Brands rose on Thursday after quarterly results. Shares of Bath and Body Works rose more than 5% after earnings beat expectations, while Victoria’s Secret jumped more than 14.7% after the company’s operating margin was higher. higher than expected, according to StreetAccount.
CVS – The drugstore chain’s shares rose 2.8% after the company said it would close around 900 stores over the next three years starting in the spring of 2022. CVS said it would focus more on its efforts on digital growth and the transformation of its stores into healthcare destinations.
Oatly – Alternative milk stock rose 4.6% after Morgan Stanley overweighted Oatly. The investment firm said the stock was too cheap given the strength in consumption.
Petco – The pet retailer saw its shares fall more than 13% despite a better-than-expected quarterly earnings and revenue report. Petco’s gross margin declined year over year.
– CNBC’s Yun Li and Maggie Fitzgerald contributed to this report.