A Walmart in Atlanta, Georgia, U.S., on Sunday, February 19, 2023. Walmart Inc.’s earnings forecast for this year fell short of analysts’ estimates, signaling further trouble for the world’s largest retailer after it was hit by a surge in earnings became inventory. Photographer: Dustin Chambers/Bloomberg via Getty Images
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Check out the companies making headlines in midday trading.
Walmart – Shares of the major retailer edged higher after the company reported earnings and sales growth for the fiscal first quarter. Walmart also raised its full-year guidance. However, the adjusted earnings forecast for the second fiscal quarter fell short of expectations.
Netflix – Netflix shares surged 9.8% in a day after the streaming giant made its pre-launch presentation to advertisers that many on Wall Street viewed with optimism. The media company said its new ad-supported tier has almost 5 million monthly active users.
Bath and body works – Shares of the retailer rose more than 9% after first fiscal quarter earnings beat expectations. The company also raised its full-year guidance. Bath & Body Works reported adjusted earnings of 33 cents per share, while analysts polled by Refinitiv had estimated earnings per share of 26 cents. The company’s revenue of $1.4 billion was in line with estimates.
FedEx – Shares of the shipping giant rose 1.7% in midday trade. A day earlier, Deutsche Bank had raised its price target for FedEx shares and reiterated its buy recommendation. She touted the potential that the company’s June 20 quarterly results could help boost shares on the back of a strong outlook going forward.
Ali Baba – Shares of the Chinese e-commerce giant fell 3.5% after a mixed earnings report for the most recent quarter. Sales fell short of Wall Street expectations. Alibaba also announced that it would spin off its cloud division.
Procter & Gamble – Shares fell 2% after Truist downgraded shares from ‘buy’ to ‘hold’. Truist said that despite P&G’s success in realigning its product portfolio and cutting costs, he believes the stock’s valuation “fully reflects these turnaround efforts.”
synopsis — Shares jumped 8% the day after the software company announced its fiscal second quarter results. Synopsys’ quarterly earnings and revenue beat Wall Street expectations. The company also raised its full-year guidance for earnings and revenue growth.
Micron technology – Shares of the memory and storage solutions company rose 4.9% after it was announced that the company plans to invest $3.7 billion in Japan to boost production of dynamic RAM memory chips.
Regional Bank Stocks – Shares of some hard-hit regional bank stocks rose, continuing the rally seen in the previous trading session. PacWest And Zion’s Ban Corporation increased by 8% and 1.7% respectively. However, the SPDR S&P Regional Banking ETF down 0.4%.
Nvidia – Shares rose 4.5% on Thursday to hit a fresh 52-week high. Susquehanna said in a note that it expects better results and guidance for the ongoing “AI gold rush” from the company’s earnings announcement next week.
Take Two Interactive – Following the company’s earnings announcement on Wednesday, shares rose nearly 13% to hit a new 52-week high. According to Refinitiv, the video game company posted revenue of $1.39 billion in its fiscal fourth quarter, beating analysts’ estimate of $1.34 billion. Of course, the company’s forecasts for first-quarter and full-year bookings fell short of Wall Street expectations.
Cincinnati Financial – Shares rose 2% after Bank of America upgraded the insurance company to buy from neutral. The company said the worst was over in terms of rising claims for damages.
copart – Shares gained 6% to hit a fresh 52-week high on Thursday. The online vehicle seller’s profits and revenue beat Wall Street’s expectations for the fiscal third quarter.
— CNBC’s Samantha Subin, Alex Harring, Brian Evans and Michelle Fox contributed coverage.