Check out the companies making headlines in midday trading.
Macy’s — The retail giant saw its stock surge about 18% after reporting quarterly earnings and revenue that beat analysts’ estimates. Macy’s reported an increase in comparable-store sales, raised its annual sales forecast, and also announced a share buyback and the reinstatement of its dividend.
Kohl’s — Kohl’s shares jumped more than 6% after the retailer posted quarterly results topping analysts’ forecasts. Kohl’s reported adjusted quarterly earnings of $2.48 per share, well above the $1.21 consensus estimate, according to Refinitiv. The company said higher foot traffic drove sales in the second quarter and also raised its full-year forecast.
Nvidia — Nvidia’s stock popped 6% midday after the chip giant’s quarterly earnings and revenue beat Wall Street estimates amid strong graphics cards sales. Nvidia reported its results on Wednesday.
Robinhood — The retail trading app’s stock fell over 7% after reporting quarterly results Wednesday for the first time as a public company. The company recorded a 131% surge in quarterly revenue for the second quarter, compared with the same time a year ago. However, analysts are worried by how much the meme-based crypto dogecoin accounts for trading activity as well as Robinhood’s warning of a slowdown in third-quarter trading activity.
Tapestry — Shares of Tapestry, whose brands include Coach and Kate Spade, fell over 3% despite its quarterly sales beating estimates. Tapestry also reinstated its dividend and share buyback program.
Petco — Petco’s stock gained more than 3% after the pet products retailer posted adjusted quarterly earnings of 25 cents per share, 5 cents higher than expected, according to Refiniv. The company also raised its full-year earnings and revenue outlook.
BJ’s Wholesale — The warehouse retailer stock jumped 3.7% after the company beat estimates on the top and bottom lines for its latest quarter. BJ’s earned an adjusted 82 cents per share for the second quarter, 17 cents above estimates, according to Refinitiv.
Cisco Systems — Shares of Cisco jumped 2.9% after the networking equipment and services company beat on quarterly earnings. Cisco reported earnings of 84 cents per share on revenue of $13.13 billion. Analysts had expected earnings of 82 cents per share on revenue of $13.03 billion, according to Refinitiv.
Bath & Body Works — Shares of the personal care products retailer rose more than 7% after reporting its quarterly results for the first time since it rebranded from L Brands, after spinning off Victoria’s Secret. The company reported $1.7 billion in sales for the second quarter and earnings per share of $1.34.
Victoria’s Secret — The women’s apparel stock fell 4% after reporting quarterly sales that fell short of analysts’ expectations. However, the company recorded improved profit margins from tighter inventories and running fewer promotions.
— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting
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