Stocks making the biggest moves midday: Nvidia, Kohl's, Macy's and more
Here are the companies making the biggest moves in midday trading:
Nvidia — The chip giant saw its shares soaring more than 9% after the company beat earnings and sales expectations for the third quarter. Nvidia reported adjusted earnings per share of $1.17 and revenue of $7.1 billion. Analysts expected $1.11 earnings per share and revenue of $6.82 billion, according to Refinitiv. Its market cap surpassed $800 billion during Thursday's rally.
Kohl's — Shares of the retail chain rose 8% after a stronger-than-expected third quarter. The company earned an adjusted $1.65 in earnings per share on $4.6 billion in revenue. Analysts surveyed by FactSet were looking for 70 cents per share and $4.27 billion in revenue. Kohl's also hiked its full-year outlook for sales and earnings.
Macy's — The retail stock popped 21% after Macy's third-quarter results beat estimates on the top and bottom lines. Gross margin for the quarter was 41.0%, up from 35.6% in the year-ago period, the company said.
Cisco Systems — Shares of the technology company dropped more than 7% in midday trading, dragging down the Dow Jones Industrial Average. On Wednesday, Cisco Systems issued next quarter earnings guidance at the low end of estimates. The company called for revenue growth between 4.5% and 6.5% in the fiscal second quarter, below estimates of 7.4%, according to Refinitiv. Fiscal first-quarter earnings beat expectations but revenue fell short of estimates.
Activision Blizzard — Shares of the video game publisher fell nearly 4% as Activision Blizzard continues to deal with the fallout from a report that its CEO mishandled allegations of sexual misconduct at the company. JPMorgan downgraded Activision Blizzard to neutral, saying in a note that investors should avoid the stock until the controversy is resolved.
BJ's Wholesale — The retail stock surged 17% after BJ's reported third-quarter results that were well ahead of expectations. The company reported an adjusted 91 cents in earnings per share and $4.26 billion in revenue. Analysts surveyed by Refinitiv were expecting 80 cents in earnings and $3.92 billion in revenue.
JD.com — The U.S.-traded shares of the Chinese e-commerce company rose 6.3% after JD.com's third-quarter results beat estimates on the top and bottom lines. The company said net product revenues were up 23% year over year while net service revenues rose 43%.
Alibaba — Shares of the Chinese e-commerce giant tanked 9% in midday trading after missing revenue and earnings expectations for the September quarter, as slowing economic growth in China weighed on results, adding to regulatory headwinds.
Bath and Body Works, Victoria Secret — The two companies that formerly made up L Brands rose on Thursday following quarterly results. Shares of Bath and Body Works rose more than 7% after revenue topped expectations, while Victoria Secret jumped more than 16% after the company's operating margin was stronger than expected, according to StreetAccount.
CVS — Shares of the drugstore chain rose 2.9% after the company said it will close about 900 stores over the next three years starting spring 2022. CVS said it will focus more of its efforts on digital growth and turning its stores into health-care destinations.
Oatly — The alternative milk stock rose more than 3% after Morgan Stanley upgraded Oatly to overweight. The investment firm said the stock was too cheap given the strong consumer environment.
Petco — The pet retailer saw its shares tumble nearly 11% despite a better-than-expected quarterly report on earnings and revenue. Petco's gross margin did narrow year over year.
-CNBC's Yun Li and Maggie Fitzgerald contributed to this report.
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