Stocks making the biggest moves midday: Ross Stores, Carvana, Coinbase, runway rental and more

Pedestrians pass in front of a GAP store in New York.

Scott Mill | CNBC

Check out which companies are making headlines in the midday trading.

Ross Stores – Ross Stores jumped 10% after a quarterly loss in earnings and revenue. The company was also named by Credit Suisse as its best choice in the non-price retail sector. Analyst Michael Benetti boosted his price target from $99 to $123. On Thursday, Ross Stores reported third-quarter earnings per share of $1.00, versus Refinitiv’s estimate of 81 cents.

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foot locker Shares jumped 7% after Foot Locker reported that it beat expectations in its latest quarterly report and raised its full-year outlook.

Mobile home — Carvana stock fell 6 percent after an internal letter obtained by CNBC’s Scott Wapner said the company plans to lay off about 1,500 employees, or 8 percent of its workforce.

Runway rental Shares of Rent the Runway fell 12% after Morgan Stanley cut shares of the online clothing seller to an overweight equal weight. The company said Rent the Runway had proven to be a “much more volatile” business than originally anticipated, pointing to a difficult path for future profitability.

farfetch — The stock fell 17% after Farfetch missed expectations in its last and last quarter, according to consensus estimates on FactSet.

Palo Alto Networks — The technology stock jumped nearly 8% after Palo Alto reported outperforming earnings in its fourth quarter, Refinitiv estimates. Palo Alto raised his steering a bit.

Coinbase Shares fell more than 8% after Bank of America downgraded Coinbase to neutral from Buy, saying the FTX debacle raises a “contagion risk” for the cryptocurrency exchange, even if it is not another FTX.

difference Retail stock jumped more than 4% after Gap reported outperforming revenue in its most recent quarter, even after it issued a cautious outlook ahead of the holiday season.

dent The retailer saw its stock rise 4% after the company posted a profit outgrowth. Buckle reported third-quarter earnings of $1.24 per share, while consensus estimates called for earnings of $1.19 per share, according to FactSet.

Kings — DraftKings stock gained nearly 2% after Piper Sandler started covering the sports betting company with an overweight rating, saying the shares could rise 40% from here.

R Shares fell more than 5% after Wedbush downgraded RH to neutral from outperformance, saying there was evidence of a course correction in its luxury strategy.

Diamondback Energy – Shares of energy companies declined as a group on the back of falling oil prices. Diamondback Energy is down more than 4%, Marathon Oil is down more than 3%, and Halliburton is down 2%.

Williams Sonoma Shares fell nearly 7% after Williams-Sonoma declined to reaffirm or update its guidance through fiscal 2024. The seller of kitchen appliances and other home furnishings beat expectations in the fourth quarter, according to consensus estimates from Refinitiv.

— CNBC’s Michelle Fox, Yoon Lee and Samantha Sobin contributed to reporting.

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