Shopping cart seen at Target store in Brooklyn, New York, USA, November 14, 2017.
Brendan McDermid Reuters
See the companies leading titles in the lunch trade.
Target – The retailer’s shares jumped 11% after the company reported 9% sales growth in the fourth fiscal quarter, despite pressure from the supply chain, and said it was ready to maintain this momentum. Target has also issued guidelines for low- to medium-digit earnings growth and predicts adjusted earnings per share will increase with high single-digit numbers next year.
Kroger – Kroger shares rose more than 2% after Telsey rebuilt the grocery chain before its earnings report. “We believe we have greater visibility and confidence in Kroger’s multi-channel multi-channel growth track,” said Joseph Feldman of Telsey.
Foot Locker – The athletic retailer said shares fell 7.5 percent after Goldman Sachs downgraded shares to neutral from buying, saying it saw too much short-term pressure on stocks. The decline was followed by Foot Locker’s announcement that it would sell fewer Nike products.
AutoZone – Retail stock fell 2%, although AutoZone exceeded earnings and revenue expectations for the second fiscal quarter. The company’s sales in the same store jumped 13.8% year on year.
Workday – Shares of Workday rose 7% in lunchtime trading after surpassing the top and bottom lines of quarterly earnings. The company also raised its subscription revenue targets for fiscal 2023 to range from $ 5.53 billion to $ 5.55 billion, up 22% from a year earlier.
Lucid Group – Electric carmaker shares fell more than 15% in lunch trading after reporting a larger-than-expected loss of 64 cents a share, while analysts expected a loss of 25 cents a share, according to Refinitiv. Revenue reached $ 26.4 million, below the estimated $ 36.7 million.
Zoom Video – Shares of Zoom fell nearly 4% at noon after the video conferencing platform issued weaker-than-expected guidance for the first quarter and full year. The company exceeded expectations for profits and revenues for the fourth quarter.
Novavax – Shares of Novavax rose 2.7% at noon. The biotech company reported a gap in the top and bottom lines in the fourth quarter, but said it expects revenue of between $ 4 billion and $ 5 billion in 2022. Novavax is also working on an omicron-specific vaccine.
JM Smucker – Shares of JM Smucker fell 6.3% despite better-than-expected earnings. The company reduced its sales growth guidelines for the fiscal year and reduced the high end of its fiscal year revenue guidelines.
Hormel Foods – Hormel shares rose 4% after the company surpassed revenue forecasts in its latest quarterly report. Hormel’s profits are in line with Wall Street’s expectations.
Rivian – Rivian shares fell 8.5% after Wells Fargo reaffirmed its equal share rating. The company said it saw too many “high-speed winds”.
Chevron – Shares of Chevron rose 3.5% after Bank of America reaffirmed its rating to buy the shares. The call came after Chevron said it was close to acquiring Renewable Energy Group.
Wells Fargo, Bank of America – Financial stocks were among the biggest losers on Tuesday. Bank of America fell more than 4%, while Wells Fargo fell about 5%. Falling government bond yields could potentially bite banks’ profits, while the conflict in Eastern Europe and sanctions against Russia have led some traders to worry about credit crunch.
Occidental Petroleum, APA Corp – Energy stocks rose as oil prices soared as US crude reached its highest level since June 2014. Occidental Petroleum added 5.8% and APA Corp rose 4.6% .
Lockheed Martin, Northrop Grumman – Defense stocks have risen as investors have watched rising tensions in the Russia-Ukraine conflict. Lockheed Martin rose 4.3%, while Northrop Grumman added 2%.
– CNBC’s Maggie Fitzgerald, Jesse Pound and Samantha Subin contributed to the report