Stocks making the biggest moves midday: URBN, PTON, AAP, ZM
Check out the companies making headlines in midday trading: Crocs — Shares of the footwear company gained 1% following an upgrade to buy at Williams Trading. The investment firm said Crocs’ addition of actress Sydney Sweeney as a spokesperson for its Heydude brand could reverse previously negative sales trends. Nordson — The adhesives stock added 3% after posting a fiscal third-quarter earnings beat. Nordson reported per-share adjusted earnings of $2.41, while analysts polled by FactSet had only expected $2.33. The company’s $661.6 million in revenue was also higher than the $656.5 million consensus estimate. Deutsche Bank — The bank’s U.S.-listed shares advanced more than 3% after Deutsche Bank announced it had reached settlements with nearly 60% of plaintiffs in a case tied to its acquisition of Postbank more than a decade ago. Wolfspeed — The semiconductor stock tumbled 5% after posting a fourth-quarter loss of 89 cents per share, which was 4 cents per share wider than analysts polled by LSEG had expected. Wolfspeed’s revenue of $201 million came in line with expectations. Snowflake — The software company plummeted 15%. Analysts pointed to a deceleration in growth as a potential reason for the stock’s decline despite posting an earnings and revenue beat for its most-recent quarter. Urban Outfitters — The stock sank 10% after the clothing retailer reported that second-quarter sales in locations open for at least a year fell 9.3% from a year ago. That was more than the 8.3% decline analysts were expecting, per LSEG. However, the company beat on earnings and revenue. Peloton — Shares rallied 35% after the connected fitness company posted a rise in sales for the first time in nine quarters as it implements its turnaround plan. Peloton posted a smaller-than-expected loss of 8 cents per share. Advance Auto Parts — The automotive parts retailer fell 17% after reporting second-quarter earnings of 75 cents per share, while analysts polled by FactSet had anticipated earnings per share of 93 cents. The company also lowered its full-year guidance. Paramount Global — The media stock rose nearly 1% after the company’s special committee announced that it was extending the “go shop” period of its merger agreement with Skydance. The Paramount committee also confirmed that it has received a competing offer from Edgar Bronfman Jr. Estée Lauder — The beauty company ended the day flat, after earlier rising following an upgrade to overweight from neutral at Piper Sandler. Analyst Korinne Wolfmeyer cited a management change as one reason for her renewed optimism. Stryker — The medical stock added 1.6% on news that it would acquire Vertos Medical, a company focused on treating chronic lower back pain. Williams-Sonoma — The kitchenware retailer plunged 9% after posting second-quarter revenue of $1.79 billion, lower than the $1.81 billion expected by analysts, according to LSEG. However, the company’s earnings per share of $1.74 was higher than the $1.60 consensus estimate. Zoom Video — The telecommunications stock climbed 13% following a second-quarter earnings and revenue beat. Zoom also guided for third-quarter and full-year earnings and revenue above analysts’ estimates. — CNBC’s Michelle Fox, Jesse Pound and Samantha Subin contributed reporting.
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