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Home»Finance»Stocks making the biggest moves midday: DKS, M, SCHW
Finance

Stocks making the biggest moves midday: DKS, M, SCHW

August 22, 2023No Comments3 Mins Read
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Stocks making the biggest moves midday: DKS, M, SCHW
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A Dick’s Sporting Goods store in Niles, Illinois, May 20, 2014.

Getty Images

Check out the companies making headlines in midday trading.

Dick’s Sporting Goods — The retail stock tumbled nearly 24% after Dick’s reported a rare earnings miss and slashed guidance for the year, due in part to an uptick in store theft. Earnings per share for its fiscal second quarter was $2.82, far short of the $3.81 consensus estimate, per Refinitiv. Revenue was $3.22 billion, versus the $3.24 billion expected.

Macy’s — The department store stock sank 11% after Macy’s reiterated its cautious full-year outlook. Macy’s said it expects adjusted earnings per share between $2.70 and $3.20, adding it sees comparable store sales falling between 6% and 7.5%.

Lowe’s — Lowe’s shares gained 4% after the home improvement retailer topped earnings expectations and reiterated its full-year guidance. The company reported earnings of $4.56 per share, versus the $4.49 expected by analysts surveyed by Refinitiv. Revenue came in at $24.96 billion, shy of the $24.99 billion anticipated.

Charles Schwab — Shares of the brokerage firm slid 3.7% after it said Monday that it plans to cut jobs to save $500 million in costs. Bloomberg also reported the company is looking to raise debt in the bond market.

American Airlines — The airline stock dipped 1.7% after American Airlines’ pilots approved a new labor deal that includes a 21% pay bump.

Baidu — U.S.-listed shares of the Chinese internet company gained more than 4% after Baidu reported stronger-than-expected results for the second quarter, with revenue rising 15% on a year-over-year basis. Baidu attributed artificial intelligence to a boost in online marketing sales growth for the period. 

See also  US Tech Companies Embrace AI ‘Arms Race’ With China – and the Money It Brings

Microsoft, Activision — Shares of Microsoft and Activision both rose about 1% after the tech giant submitted a new deal for the takeover of the video game company, offering a spate of concessions after U.K. regulators rejected its initial proposal. Under the restructured deal, Microsoft will not acquire cloud rights for existing Activision PC and console games, or for new games released by Activision over the next 15 years. 

AppLovin — The marketing stock rose 1.5% to a 52-week high following a Jefferies upgrade to buy from hold. Jefferies said the company should continue to win market share and grow its software business. 

Emerson Electric — The engineering company climbed 1.3% after an upgrade to overweight from JPMorgan. Analyst Stephen Tusa highlighted improving earnings visibility after Emerson completed a merger of its software business with AspenTech last year.

Fabrinet — The advanced manufacturing services company surged 27% on the back of its fiscal fourth-quarter results. The company beat both top and bottom lines. Fabrinet CEO Seamus Grady cited strong growth in data communications revenue and new AI products.

Zoom Video — Shares of the video communications platform lost about 2% even after the company posted better-than-expected second-quarter results. Zoom Video also issued a stronger-than-expected earnings per share guidance for the third quarter and full year. The company reported adjusted earnings of $1.34 a share on revenue totaling $1.14 billion.

Madison Square Garden Entertainment — Shares rose 3.6% after Bank of America initiated coverage with a buy rating, calling it an “attractive opportunity” for investors to own a growth-focused and “pure-play” live entertainment stock.

See also  Stocks moving big midday: HZNP, COF, RH, HD

Aramark — The food service stock rose about 2%. UBS upgraded it to buy from a neutral rating, and said Aramark is approaching a margin inflection point.

— CNBC’s Alex Harring, Yun Li, Hakyung Kim, Brian Evans, Michelle Fox and Sarah Min contributed reporting.

Biggest DKS Making midday Moves SCHW Stocks
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