Stocks making the biggest moves midday: Peloton, Bed Bath & Beyond, Nordstrom and more
Check out the companies making headlines in midday trading.
Peloton – Shares jumped 18% after news that Peloton struck a deal to sell some of its fitness equipment and accessories on Amazon’s U.S. e-commerce site. The move is an attempt to broaden Peloton’s consumer base after revenue growth slowed from pandemic highs. The stock is down more than 60% year to date.
Toll Brothers – Shares of the luxury home builder rose 2.6% despite a revenue miss in the recent quarter and a cut to its delivery guidance amid supply chain disruptions and labor issues. Toll Brothers topped earnings expectations by 5 cents a share.
Nordstrom – Nordstrom tumbled 18% after cutting its financial forecast for the rest of the year, citing too much inventory and slipping demand. The company reported results Tuesday that beat on earnings and sales in the quarter.
Petco – Shares of Petco fell more than 7% after the company reported quarterly earnings that disappointed on the top and bottom lines. The company also slashed its full-year outlook, citing higher costs ahead.
Intuit – Intuit jumped 4.6% after reporting quarterly results that beat Wall Street expectations on profit and revenue. The company also gave a positive forecast, raised its quarterly dividend by 15% and increased its stock repurchase program.
Brinker International – Shares of Brinker International, the parent company of Chili’s and Maggiano’s restaurant chains, fell about 2% after reporting earnings that missed Wall Street estimates, affected by higher costs. The company also announced a lower-than-expected full-year outlook.
Norwegian, Carnival, Royal Caribbean – Cruise stocks jumped on Wednesday as investors bet on travel names. Shares of Norwegian Cruise Line Holdings surged more than 7%. Royal Caribbean and Carnival rose 6% and 4.5%, respectively. Some cruise lines have announced that they will remove Covid-19 vaccination requirements in September.
Advance Auto Parts – Shares of Advance Auto Parts slumped 9.5% after reporting earnings that missed on both the top and bottom lines. The company also lowered its full-year outlook, citing higher inflation and fuel costs that hurt the do-it-yourself business. AutoZone shares also slipped 3%.
JD.com – Shares of the Chinese retail giant rose more than 4% on Wednesday. Chinese tech stocks were rising in general, with the KraneShares CSI China Internet ETF climbing just shy of 2%. According to FactSet, JD.com was also upgraded to buy at Everbright Securities
SoFi Technologies – Shares of the online personal finance company jumped more than 5% after the Biden administration provided clarity on student loan forgiveness. The president announced that he will forgive $10,000 in federal student debt for most borrowers and payments will be resumed in January 2023.
— CNBC’s Sarah Min, Michelle Fox, Samantha Subin, Yun Li and Jesse Pound contributed reporting