Lowe’s, Virgin Galactic and more
Lowe’s Hardware Store in Philadelphia.
Mark Makela | Reuters
Below are the major stocks moving midday.
Lowe’s – Shares of the home improvement retailer added 3.5% after the company reported quarterly results that beat top- and bottom-line estimates. Lowe’s gave positive guidance for the full year, noting continued demand in tools and materials.
Tupperware Brands – The stock fell 4.9% after the kitchen storage maker reported an earnings miss, citing challenging operating conditions. An adjusted profit of 38c per share was reported by the company, which fell short of analyst estimates by 14c. The revenue was higher than Street estimates.
Palo Alto Networks – The cybersecurity software company’s shares rose more than 3% after beating earnings estimates by 9 cents with adjusted quarterly earnings of $1.74 per. It also beat revenue expectations. Palo Alto gave an even better outlook than anticipated.
Virgin Galactic – Shares of the space exploration company surged nearly 13% after Virgin reported a smaller-than-expected loss for the fourth quarter. Virgin said it expected free cash flow to range between $75 million-$85 million for the first quarter and it would be possible to have a commercial spaceship in service by the end of the fourth quarter.
TJX – Disappointing fourth-quarter results, particularly in international markets, sent shares of the retailer down about 1%. On $13.85 Billion in revenue, the company earned 78c per share. Refinitiv analysts surveyed expected 91c per share for $14.22 billion of revenue.
Caesars Entertainment – The casino company’s stock rose nearly 8% despite a weaker-than-expected earnings result for the fourth quarter. On a conference phone call, Caesars’ CEO stated that the company will reduce its advertising spending going forward. This is a major concern for sports and mobile betting.
Cadence Design Systems – The software stock jumped more than 6% after Cadence reported stronger-than-expected earnings and revenue for the fourth quarter compared to estimates from FactSet’s StreetAccount. Forward guidance by the company for the full year and quarter one also exceeded expectations.
Tenneco – Shares of the auto supply manufacturer jumped more than 90% after Tenneco announced that it had accepted a takeover offer from Apollo Funds in a deal valued at $7.1 billion.
Kodiak Sciences – Shares of the biotech company tanked 79% after Kodiak announced that a drug aimed at improving vision in patients with macular degeneration failed to meet its primary endpoint in a clinical trial.
This report was co-authored by Maggie Fitzgerald, Tanaya Macheel, and CNBC.