Cisco, Kohl’s, CSX and more
Cisco logo displayed during Mobile World Congress 2019, which took place in Barcelona (Spain) on February 28th 2019.
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You can see the top companies in Thursday’s midday trading.
Harley-Davidson – Shares of the motorcycle maker fell more than 8% after the company said it’s suspending most vehicle assembly and shipment for two weeks due to a parts issue related to a supplier. The suspension does not apply to the LiveWire division.
Cisco – Shares of the network company dropped 13% after the firm said it generated lower quarterly revenue than analysts predictedCisco predicted a sudden drop in sales during the current period. Cisco claimed that the conflicts between Russia, Ukraine and China had impacted its sales.
CSX, Norfolk Southern, Union Pacific — Rail stocks were under pressure after Citi downgraded CSX, Norfolk Southern and Union Pacific to neutral from buy. Citi advised clients in a note that an economic slowdown would not lead to a further slowdown of the sector. CSX shares and Norfolk Southern were down more than 4% while Union Pacific’s was nearly 5%.
Kohl’s – The retail stock rose 3% even after the company posted a massive earnings missFor its fiscal quarter one, Kohl’s lowered its sales and profit outlook for this year and cut its profits. Kohl’s said final and fully financed bids from potential buyers are expected in the coming weeks, as the retailer faces heightened pressure from activists to sell.
Bath & Body Works – Shares of the personal care products retailer slid 8% after the company cut its full-year earnings forecast due to inflationary factors as well as increased investments. Bath & Body Works did report better than expected profit and revenue for its latest quarter, however.
Under Armour — Shares of the apparel brand sank more than 10% after CEO Patrik Frisk announced that he would be stepping down, effective June 1. Morgan Stanley downgraded Under ArmourFollowing the news, you will lose weight if you are overweight.
Canada Goose — The apparel company reported stronger-than-expected results for its fiscal fourth quarter, helping shares rise nearly 10%. Analysts surveyed by Refinitiv found that the company exceeded estimates in terms of earnings per share as well as revenue. Canada Goose’s gross profit margin grew year on year.
BJ’s Wholesale — The retail stock leapt 12% after a better-than-expected first-quarter report. BJ’s received an adjusted 87c per share for $4.5 billion of revenue. Refinitiv analysts surveyed had predicted 72 cents per share for $4.24 trillion in revenue. The growth in comparable sales was also faster than predicted.
Target — The retail stock continued its post-earnings report slide, falling another 5% after shedding nearly 25% on Wednesday. Investment firm Stifel downgraded Target to hold from buy.
Synopsys — The packaged software company rose more than 11%, making it one of the best performers in the S&P 500, after reporting its fiscal second-quarter results. Synopsys posted adjusted earnings per share of $2.50 on revenue of $1.28 million. StreetAccount survey respondents expected to earn $2.37 per share on revenue of $1.26 trillion.
– CNBC’s Tanaya Macheel contributed reporting.