Check out the companies that are making headlines in mid-day trading.
Kohls – Kohl’s stock fell more than 10% on Thursday Problems in the supply chain can affect 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 fell nearly 4% 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. Revenue also beat estimates, but BJs saw a comparable 5% drop in sales excluding fuel.
Hormel Foods – – Hormel shares rose around 8% 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.
Virgo Galactic – – Space flight inventory increased nearly 10% after company announcement his next test flight is set to 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 rose as much as 25% in premarket trading before collapsing due to the high trading volume.
L brands – – The retailer’s shares fell 4.7% in midday trading, 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 guidance for the full year. Until this fall L Brands plans to split its Victoria’s Secret business into its own listed unit.
Ralph Lauren Ralph Lauren’s shares fell more than 8% in midday trading, 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.
Petco – – Petco stock rose 2.7% 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 hit a multi-year high of 1.2 million net new customers in the quarter.
Coinbase – – Shares in the cryptocurrency exchange rose almost 1%. 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 3% thereafter UBS updated to buy the stock 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 – – The media inventory then increased by 2.8% Bank of America has upgraded the stock twice from underperform to buy. 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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