Home Depot, Tempur Sealy, SoFi, Houghton Mifflin and more
Shoppers shop at a Bethesda-based home improvement store on February 17, 2022.
Mandel Ngan | AFP | Getty Images
Take a look at the top companies in Tuesday’s midday trading.
Home Depot — Shares of the home improvement retailer fell 8.6% with the broader market sell-off, despite the company reporting a quarterly beatThe most recent quarter’s profit, revenue, and comparable store sales. Home Depot posted earnings of $3.21 per stock and an announcement about a 15% increase in dividends.
Medtronic — The medical device maker gained 3.8% after the company reported a mixed quarter, including a revenue miss and an adjusted profit beat. Medtronic reported that procedures volumes have been increasing, and the strong demand for its heart-related products drove this quarter.
Kraft Heinz — Shares of the food and beverage company added 3.4% after the company increased its long-term growth targets and reiterates its adjusted EBITDA guidance for 2022 of between $5.8 billion and $6 billion.
Tempur Sealy — The mattress manufacturer’s shares tumbled more than 17% after the company reported adjusted quarterly earnings that missed analysts’ estimates by 8 cents per share, as well as revenue for the quarter that fell short of forecasts. According to the company, results were affected by higher costs than sales.
Houghton Mifflin Harcourt — The publishing company saw its shares jump more than 15% following news that private equity firm Veritas Capital would buy it for $21 per share in cash or about $2.8 billion.
SoFi — The digital financial services firm’s shares fell 8.3% after the company announced it will buy Technisys, a maker of banking software, for about $1.1 billion in stock. SoFi claimed that the purchase will allow it to generate an additional $800 million of revenue over 2025.
Krispy Kreme — The donut company saw its shares rise more than 8% after it reported its first quarterly profitSince becoming public, earnings were below Wall Street’s expectations. Mike Tattersfield, CEO, stated that Krispy Kreme, just like other restaurants, is experiencing inflation. However, Tattersfield said that the company saw it as an opportunity for price increases, and it was successful in doing so twice during the quarter.
DraftKings — Shares of the sports betting company gained 2% despite a downgrade by Wells FargoTo equalize weight with overweight. The firm cut its price targetDraftKings: $19 per Share from $41 Per Share. This was in response to its concerns about DraftKings’ ability to achieve profitability due to its increasing expenses. The shares dropped more than 21% last Friday as investors bought the dip in anticipation of a larger than expected adjusted EBITDA loss.
Ford — The automaker’s shares fell about 4% after Wells Fargo said in a note that a spin-off of the company’s battery electric vehicle business is not compelling. Wells reiterated that the stock was overweight.
McDonald’s — Shares of the fast food chain gained 1.4% after billionaire investor Carl Icahn launched a proxy fight with the companyIts treatment of pigs. Icahn is pushing for two board seats and for the chain to to require all its U.S. suppliers to move to “crate-free” pork.