Check out the companies that are making headlines in mid-day trading.
AMC Entertainment – AMC Entertainment’s shares are in the middle of a roller coaster ride on Friday as they fell 5% after a 38% rally. By noon, over 360 million shares had been trading, more than three times the 30-day average. Shares have already risen 120% this week as speculative trading activity has increased, bringing the monstrous rally to 1,200% in 2021.
HP – The hardware tech company’s stocks fell more than 8%, despite HP beating expectations for the first quarter in the upper and lower ranges. Management warned during a call for investors that problems in the semiconductor supply chain could limit the company’s ability to meet demand for some products until at least the end of the year.
Big Lots (BIG) – The discounter’s shares fell 6.78% despite a better-than-expected quarter. Big Lots earned $ 2.62 per share, beating analysts’ estimates of $ 1.69 per share. Sales of $ 1.63 billion also beat estimates. Sales in comparable branches rose by 11.3%.
Salesforce – The cloud company’s stocks rose more than 6% in midday trading after hitting the income statement for the quarterly results. Salesforce made $ 1.21 per share on revenue of $ 5.96 billion. According to Refinitiv, analysts expect earnings of 88 cents per share on sales of 5.89 US dollars. Salesforce also raised its outlook for the full year.
Ulta Beauty – The beauty store chain’s shares rose 5.6% at noon after hitting a new 52-week high of $ 351.72 on Friday morning. Ulta posted a blowout financial result for the first quarter after the bell on Thursday and posted earnings of $ 4.07 per share, more than double analysts’ estimate of $ 1.95 per share, according to Refinitiv. The company’s quarterly sales also exceeded Street’s expectations, and Ulta raised its guidance for the full year.
Gap – Gap stock fell more than 5% at noon, despite better-than-expected earnings in the first quarter. The company is facing supply chain barriers and difficulties in sourcing raw materials due to the increasing prevalence of Covid cases in countries like India. Gap posted earnings of 48 cents per share on sales of $ 3.99 billion, according to Refinitiv, compared with analysts’ expectations of 5 cents per share on sales of $ 3.45 billion.
Best Buy – The electronics company’s shares fell 2.58% in mid-day trading, despite a strong real estate market boosting home theater, appliances and computer spending. Analysts warn that as the US moves ahead with its reopening plan, consumers may spend more on restaurants, which could dampen technology spending.
Hibbett Sports – The shoe company’s shares fell 4% despite the company’s stronger-than-expected quarterly results. Hibbett reported earnings of $ 5.00 per share, beating estimates of $ 2.77 per share, according to Refinitiv. Revenue was $ 507 million, above Wall Street’s estimate of $ 413.
– CNBC’s Hannah Miao, Maggie Fitzgerald, Jesse Pound and Yun Li contributed to the coverage
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