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Home»Finance»Stocks making the biggest moves midday: TGT, CAVA, TJX, INTC
Finance

Stocks making the biggest moves midday: TGT, CAVA, TJX, INTC

August 17, 2023No Comments5 Mins Read
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Stocks making the biggest moves midday: TGT, CAVA, TJX, INTC
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Check out the companies making headlines in midday trading.

Target — Target shares added 2.9% even after the retailer cut its full-year earnings forecast and second-quarter sales fell short of expectations. The company reported earnings of $1.80 per share on revenue of $24.77 billion. Wall Street analysts surveyed by Refinitiv had expected earnings of $1.39 per share on $25.16 billion in revenue. Inventory also improved year over year.

Coinbase — The U.S. cryptocurrency exchange slipped 0.2%. The National Futures Association, which has been designated by the Commodity Futures Trading Commission as a self-regulatory organization, approved the company to operate a futures trading service in addition to its already-standing spot crypto trading.

TJX Companies — The discount retailer jumped 4.1% after beating Wall Street expectations for its fiscal second quarter. TJX reported adjusted earnings of 85 cents per share on $12.76 billion in revenue, while analysts surveyed by Refinitiv expected 77 cents earned and $12.45 billion in revenue.

Coherent — Shares plummeted 29.9% a day after Coherent delivered weak guidance for its fiscal first quarter. The manufacturer of lasers and optics forecast earnings of 5 cents to 20 cents per share and revenue of $1 billion to $1.1 billion. Analysts polled by FactSet called for 47 cents per share in earnings and revenue of $1.16 billion.

VinFast Auto — The Vietnamese electric vehicle stock tumbled 18.8%. The company debuted on the Nasdaq on Tuesday and popped more than 250% that day.

JD.com — U.S. shares of the Chinese e-commerce company slid 3%, even as JD.com beat expectations on the top and bottom lines for its most recent quarter.

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Keurig Dr Pepper — The beverage stock advanced 1.2% following a UBS upgrade to buy from neutral. The firm cited a cheap valuation in its decision.

H&R Block — The tax prep software stock popped 9.7%. The action follows a day after H&R Block announced a 10% hike to its dividend. The company also surpassed analysts’ expectations for its fiscal fourth quarter, posting adjusted earnings of $2.05 per share on revenue of $1.03 billion. Wall Street estimated earnings of $1.88 per share and revenue of $1.01 billion, per Refinitiv.

Agilent Technologies — Shares slid 3.4% a day after the laboratory technology company cut its full-year guidance, citing a soft macroeconomic environment. The company beat consensus estimates on both the top and bottom line. Agilent posted adjusted earnings of $1.43 per share on revenue of $1.67 billion, while analysts called for earnings of $1.36 per share and revenue of $1.66 billion, per Refinitiv.

Jack Henry & Associates — The financial technology stock retreated 7% after guiding expectations for full-year earnings under where analysts forecast. Jack Henry anticipates earnings of $4.92 to $4.99 per share, while analysts called for $5.32 a share, per Refinitiv. Elsewhere, the company beat expectations on both lines for its fiscal fourth quarter.

Mercury Systems — The aerospace stock climbed 6.9% despite a weak quarterly report and future guidance. Late Tuesday, Mercury posted 11 cents in adjusted earnings per share on $253.2 million of revenue in its fiscal fourth quarter, while the consensus estimates of analysts polled by FactSet placed earnings per share at 52 cents and revenue at $278.8 million.

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Cava — Cava lost gained 1.2% after the Mediterranean restaurant chain reported a profit for its first quarter post-IPO. The company posted earnings of 21 cents per share on revenue of $172.9 million.

Jack in the Box — Shares of the restaurant stock rose 2.3% after Loop Capital reiterated its buy rating on Jack in the Box. Shares of the company have fallen for six straight sessions, due in part to a negative reaction by investors to Jack in the Box’s quarterly report last week. Loop Capital said in a note that the sell-off has created a “very attractive entry point.”

GE HealthCare — Shares added 0.2% after Wells Fargo initiated coverage of GE HealthCare with an overweight rating and $90 price target, which suggests 28% upside from Tuesday’s close. The Wall Street firm said the company’s Alzheimer’s drug Leqembi is a potential growth driver.

News Corp — Shares advanced 1% after Morgan Stanley resumed coverage of the media stock, saying shares should rise over the next two months.

Getty Images — The image platform’s stock slid 2.1% following an upgrade to outperform from in line by Imperial Capital. Imperial noted the company has a leading market position and can generate free cash flow.

Intel — Shares slid 3.6% after Intel announced Wednesday it will end its agreement to acquire Tower Semiconductor, citing a failure to obtain regulatory approvals in time. Intel is set to pay a $353 million termination fee to Tower. Shares of Tower Semiconductor tumbled 11%.

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General Motors — General Motors declined 1.4% in midday trading. United Auto Workers President Shawn Fain said Tuesday that members have until Aug. 24 to authorize a strike if they don’t have a new contract agreement with the Big Three automakers by next month’s expiration of the current deal. He warned of slow progress in the union’s negotiations with automakers General Motors, Ford Motor and Stellantis.

— CNBC’s Sarah Min, Samantha Subin, Michelle Fox and Jesse Pound contributed reporting.

Biggest CAVA INTC Making midday Moves Stocks TGT TJX
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