KSS, BBY, ZM, STLA and more
Check out the companies making headlines in midday trading: Kohl’s — Shares tumbled 18% after the retailer cut its sales outlook amid an uncertain holiday backdrop . The latest quarter’s earnings and sales fell short of Wall Street analysts’ estimates, and the CEO will step down in January. Amgen — The biotech fell more than 3% after an experimental weight loss drug helped patients lose up to 20% of their weight after a year, the low end of investor expectations. Some analysts had been hoping for weight loss up to 25% in the phase two trial. Morgan Stanley — The Wall Street investment bank pulled back more than 2% after HSBC downgraded it to hold from buy, citing a less attractive risk-to-reward balance. Best Buy — The electronics retail chain slumped 7% after slashing its full-year sales forecast . Best Buy now expects comparable, same-store sales to pull back by 2.5% to 3.5%, worse than a prior forecast. Franklin Resources — The money manager sank more than 3% after federal prosecutors charged the former co-chief investment officer of its Western Asset Management subsidiary with fraud. Dana Inc. — Shares added 9% after the auto parts supplier named a new CEO and announced a restructuring, including the sale of its highway business and a $200 million cost-cutting campaign. Abercrombie & Fitch — Shares tumbled about 5% after the apparel retailer’s third-quarter earnings topped forecasts but failed to surpass Wall Street’s highest estimate. Abercrombie earned $2.50 per share, above the $2.39 per share consensus among analysts surveyed by LSEG. Revenue of $1.21 billion was higher than the $1.19 billion expected, and guidance for holiday sales and full-year results was stronger. Royal Caribbean — The cruise line advanced 2% after Bernstein initiated research coverage with an outperform rating. Stellantis — The Chrysler and Jeep owner dropped more than 5% after President-elect Donald Trump said he planned to impose 25% tariffs on imports from Mexico and Canada. Stellantis had already been considering revising its plan to expand further in Mexico in response to the potential tariffs. General Motors and Ford slipped more than 8% and 2%, respectively. Rivian Automotive — The electric vehicle maker added 2% after receiving conditional approval for a government loan of more than $6 billion, with the funds intended to support production capacity. Fluence Energy — Shares of the battery storage company fell more than 16% after third-quarter revenue of $1.23 billion missed a forecast of $1.28 billion from analysts surveyed by FactSet. Zoom Communications — The online meeting tech provider fell 8% despite stronger-than-expected third-quarter results, after soaring 60% from its recent low in August. Zoom earned an adjusted $1.38 per share on $1.18 billion in revenue, against Street estimates of $1.31 in earnings per share and $1.16 billion in revenue. Novo Nordisk , Eli Lilly — The maker of diabetes and weight loss drugs rose between 2% and 5%. The Biden administration introduced a new rule allowing Medicare and Medicaid to the cost of weight loss treatments for Americans suffering from obesity . — CNBC’s Hakyung Kim, Pia Singh, Samantha Subin and Jesse Pound contributed reporting.
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