Target, Kohl’s, Peloton and more
FILE PHOTO: Shoppers exit a Target store during Black Friday sales in Brooklyn, New York, U.S., November 26, 2021.
Brendan Mcdermid | Reuters
These are the headline-grabbing companies in midday trading.
Target — Shares of the retailer fell more than 4% after the company said it will take a short-term hit to profitsAs it cancels orders and mark downs unwanted merchandise. Brian Cornell, the CEO of Big Box Retailer said that the retailer is looking to free up space for back-to-school and grocery merchandise.
Kohl’s — The department store’s stock jumped 8.1% on news that it’s in negotiations with the parent company of The Vitamin Shoppe to purchase Kohl’s for $60 a share, which values Kohl’s at roughly $8 billion. Franchise GroupThe stock of’s rose 7.5%
Peloton — The at-home fitness company’s shares dipped more than 1% after it announced Jill Woodworth, its chief financial officer, will leave the company after four years. Liz Coddington (ex-executive at Amazon and Netflix) will assume her position starting June 13.
BuzzFeed — Shares of the media company bounced 10.7% after plummeting about 41% Monday following the expiration of its IPO lockup period.
GitLab — The cloud-based software provider’s stock surged 23.1% on a smaller-than-expected loss in the latest quarter. GitLab beat its revenue forecasts and provided strong guidance on the future quarter.
J.M. Smucker — Shares of the food company rose 4.9% after earnings and revenue in the latest quarter beat analysts’ estimates. The adjusted earnings per share were 35 cents higher than analysts’ expectations.
United Natural Foods — Shares of the food wholesaler dropped 8% despite United Natural’s fiscal third-quarter results beating expectations. On $7.24 Billion in revenue, the company posted $1.10 adjusted earnings per share. Refinitiv polled analysts to determine their expectations for earnings per share of 97c on revenues $7.1 billion. On an investor call, company executives stated that inflation continues to be high.
— CNBC’s Tanaya Macheel, Jesse Pound and Yun Li contributed reporting.