Check out the companies making headlines in midday trading.
Bath & Body Works – Bath & Body Works’ stock surged 24% after reporting per-share earnings that were more than double what analysts had anticipated. The retailer also raised its guidance for full-year per-share earnings.
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Norwegian Cruise Line – Shares of the cruise stock shed 6% following a double downgrade to an underperform rating from Credit Suisse. The bank said shares are trading at a premium and investors can find better value in its cruise peers.
Macy’s – Shares of Macy’s rallied 14% after the department store reported profit and revenue that beat Wall Street’s expectations. It also raised its earnings forecast for the year but left its revenue guidance unchanged.
BJ’s Wholesale – Shares dropped 6% despite the company reporting beats on the top and bottom lines and raising its full-year forecast for per-share earnings. BJ’s also beat expectations for comparable store sales.
Alibaba – The e-commerce multinational company jumped 7.8% after reporting mixed earnings in which it beat expectations for earnings but missed on revenue. It also increased its share buyback.
Kohl’s — The retail stock gained 3% after Kohl’s topped earnings per share expectations in its latest quarterly results, according to consensus estimates from Refinitiv. Still, the department store chain pulled its full-year guidance, citing a difficult economic backdrop.
Quest Diagnostics – The lab diagnostics company lost 2.2% after Citi downgraded the stock to sell from neutral as it sees risks to business growth and increasing cost headwinds.
CytomX Therapeutics – The biopharmaceutical company skyrocketed 31% after it announced a research project with Regeneron, which was up 0.7%.
Cisco Systems – Cisco added 4.6% following its quarterly report showing beats on the top and bottom lines and a positive forecast.
Target – Target’s stock rose 3%, a day after losing 13%. On Wednesday, the retailer reported its third-quarter profit fell by around 50% and cut its fourth-quarter outlook. Despite those results, Piper Sandler still believes the stock is “compelling” and upgraded it to overweight from neutral on Thursday. Deutsche Bank, however, downgraded Target to hold from buy.
Traeger – Shares of grill maker Traeger jumped 4.7% Thursday after Canaccord initiated coverage of the stock with a buy rating, citing the brand’s name recognition in wood-pellet grills.
— CNBC’s Samantha Subin, Sarah Min, Carmen Reinicke and Michelle Fox contributed reporting.
