Check out the companies that are making headlines in midday trading.
Zoom video The video conferencing company’s shares rose 6.1% on an increase in Covid-19 cases. Zoom was one of the top stay-at-home trades, and its stocks are up 550% this year.
Nikola – The electric vehicle maker gained 0.6% after Loop Capital initiated a buy rating to cover the stock. “Nikola has intellectual property that is attractive to a number of partners and … its vehicles will be on the road with those partners for the next two years,” the company said. Loop Capital’s target of $ 35 represents an upward movement of 33% from Thursday’s closing price.
working day – Workday shares fell 9.3% after the software company sounded the alarm over continued pressure from the pandemic. “While we’ve seen some stability in the underlying environment recently, headwinds from COVID remain, particularly from net new bookings,” said Robynne Sisco, President and Chief Financial Officer of Workday, on a earnings call Thursday. However, the company reported stronger-than-expected quarterly earnings and sales.
Shake shack – The restaurant chain’s shares fell 3.3% after Wedbush downgraded the stock to a neutral rating. “Despite what we believe to be very reasonable assumptions (non-conservative, non-aggressive) within our updated discounted cash flow valuation, we are not achieving a target price that warrants an outperformance valuation,” the company said. Wedbush left its 12-month price target unchanged at $ 77.
Ross Stores – The retailer lost 1.1% despite reporting better than expected quarterly results. Ross Stores earned $ 1.02 per share on sales of $ 3.75 billion. Wall Street expects earnings of 61 cents per share on sales of $ 3.43 billion, according to Refinitiv.
Intuit – The software stock was down 3.8%, although Intuit achieved better than expected results in the first quarter of the fiscal year. The company reported adjusted earnings per share of 94 cents, more than double what analysts expected 41 cents per share, according to FactSet. Revenue and forecast for the second quarter also exceeded forecasts.
FireEye FireEye shares rose 6.4% after the cybersecurity firm announced a $ 400 million strategic investment led by Blackstone. FireEye intends to use the proceeds to finance the acquisition of Respond Software and to expand the company’s cloud, platform and managed services portfolio. However, Barclays downgraded FireEye from overweight to the same weight on Friday citing growing competition.
Pfizer Pharmaceutical stocks rose 1.4% after Pfizer announced it would file for it on Friday Emergency approval developed with for his Covid-19 vaccine BioNTech. The Food and Drug Administration’s approval process is expected to take a few weeks, and some Americans could get the vaccine by the end of the year. BioNTech’s share rose 9.6%.
Hibbett Sports The sporting goods retailer reported better than expected results for the previous quarter, increasing its inventory by 1.2%. Hibbett had earnings of $ 1.47 per share on sales of $ 331 million. According to Refinitiv, analysts expect earnings per share of 45 cents on sales of 286 million US dollars. The company’s sales in the same store rose 21%, slightly beating the forecast of 7.5%.
Williams-Sonoma – Shares fell 6.6% after the cookware and home furnishings retailer reported strong quarterly results, driven by a 49% increase in digital sales. The company had earnings of $ 2.56 per share on sales of $ 1.76 billion. Analysts polled by Refinitiv expected earnings of $ 1.53 per share on sales of $ 1.6 billion.
– CNBC’s Yun Li, Maggie Fitzgerald, Fred Imbert and Jesse Pound contributed to the coverage.
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