Cisco logo exhibited during the Mobile World Congress, on February 28, 2019 in Barcelona, Spain.
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Check out the companies making headlines in midday trading Thursday.
Harley-Davidson – Shares of the motorcycle maker fell more than 8% after the company said it’s suspending most vehicle assembly and shipment for two weeks due to a parts issue related to a supplier. Its LiveWire division is excluded from the suspension.
Cisco – Shares of the network company dropped 13% after the firm said it generated lower quarterly revenue than analysts predicted and called for an unexpected sales decline in the current period. Cisco said it was impacted by the war between Russia and Ukraine as well as Covid-19 lockdowns in China.
CSX, Norfolk Southern, Union Pacific — Rail stocks were under pressure after Citi downgraded CSX, Norfolk Southern and Union Pacific to neutral from buy. Citi said in a note to clients that an economic slowdown limited future slowdown for the sector. Shares of CSX and Norfolk Southern fell more than 4%, while Union Pacific was down nearly 5%.
Kohl’s – The retail stock rose 3% even after the company posted a massive earnings miss for its fiscal first quarter and slashed its profit and sales outlook for the year. Kohl’s said final and fully financed bids from potential buyers are expected in the coming weeks, as the retailer faces heightened pressure from activists to sell.
Bath & Body Works – Shares of the personal care products retailer slid 8% after the company cut its full-year earnings forecast due to inflationary factors as well as increased investments. Bath & Body Works did report better-than-expected profit and revenue for its latest quarter, however.
Under Armour — Shares of the apparel brand sank more than 10% after CEO Patrik Frisk announced that he would be stepping down, effective June 1. Morgan Stanley downgraded Under Armour to equal weight from overweight following the news.
Canada Goose — The apparel company reported stronger-than-expected results for its fiscal fourth quarter, helping shares rise nearly 10%. The company beat estimates for earnings per share and revenue, according to analysts surveyed by Refinitiv. Canada Goose reported an expanding gross profit margin year over year.
BJ’s Wholesale — The retail stock leapt 12% after a better-than-expected first-quarter report. BJ’s earned an adjusted 87 cents per share on $4.5 billion in revenue. Analysts surveyed by Refinitiv had penciled in 72 cents in earnings per share on $4.24 billion in revenue. Comparable sales also grew faster than expected.
Target — The retail stock continued its post-earnings report slide, falling another 5% after shedding nearly 25% on Wednesday. Investment firm Stifel downgraded Target to hold from buy.
Synopsys — The packaged software company rose more than 11%, which makes it one of the best performers in the S&P 500, after reporting its fiscal second-quarter results. Synopsys earned an adjusted $2.50 in earnings per share on $1.28 billion in revenue. Analysts surveyed by FactSet’s StreetAccount were looking for $2.37 in earnings per share on $1.26 billion in revenue.
– CNBC’s Tanaya Macheel contributed reporting.
