Stocks making the biggest moves midday: Target, Rivian, Lucid, TJX, Visa and more
Check out the companies making headlines in midday trading.
Target — The retail giant saw shares fall nearly 5% despite posting beats on the top and bottom lines. CEO Brian Cornell noted rising costs may have an impact on the company going forward as it plans to absorb those costs rather than pass them onto the customer.
Visa – Shares of the card giant dropped 5.4% following reports that Amazon will stop accepting payments made with Visa credit cards issued in the U.K. starting next year. That change came shortly after Visa raised its interchange fees for transactions between the U.K. and European Union. Mastercard, which has also increased its U.K.-EU interchange fees, fell 4.5% with Visa.
Lowe's — Shares of the home improvement retailer rose less than 1% after a better-than-expected quarterly report. Lowe's beat analysts' expectations for fiscal third-quarter earnings as the company got a bump in business from home professionals and online sales. The company also raised its 2021 forecast, saying it anticipates $95 billion in sales, up from $92 billion.
Tesla — Tesla continued to be on watch after big moves in the stock price recently after CEO Elon Musk sold shares in the past week. The electric vehicle stock gained 3% Wednesday.
Rivian — Rivian fell more than 15% in its first losing session since the electric vehicle maker went public last Wednesday. The company quickly surpassed traditional automakers like Ford and GM in market value since its IPO.
Lucid Group — The electric vehicle stock slid more than 6% Wednesday following a nearly 24% surge Tuesday. Morgan Stanley reiterated its underweight rating on Lucid, saying there are better EV plays.
Baidu — Baidu shares fell 5.5% even after the China-based e-commerce company beat revenue estimatesfor its latest quarter. Baidu said it benefited from stronger ad sales as well as strength in cloud and artificial intelligence products.
Pfizer, BioNTech – Shares of the Covid vaccine makers gained after The New York Times reported the FDA is looking to approve the Pfizer/BioNTech Covid-19 booster dose for all adults as soon as Thursday. BioNTech rose about 2.7%, while Pfizer gained 1.2%.
Roku — Roku shares fell 11% after the stock was downgraded to "sell" from "neutral" at MoffettNathanson. The firm cited signs of slowing revenue growth for the streaming company.
TJX — Shares of TJX jumped about 8% after the apparel and home retailer reported a quarterly earnings beat on the top and bottom lines. Same-store sales also increased 14% year-over-year.
Activision Blizzard — Activision BIizzard's stock dropped 2.7% after a group of shareholders called for CEO Bobby Kotick's resignation, the Washington Post reported. The letter comes after a Wall Street Journal report that alleged Kotick knew about sexual misconduct allegations at the company for years.
— CNBC's Yun Li and Tanaya Macheel contributed reporting
Source: Read Full Article