Here are the stocks making headlines on Wall Street at midday.
Electronic Arts, Glu Mobile – The video game stocks rose on Tuesday after EA announced that it had agreed to acquire Glu for $12.50 per share, giving the company a larger foothold in the mobile gaming space. Shares of EA rose 2.6%, while those for Glu surged nearly 35% to trade near the offer price.
Simon Property Group – Shares of the mall operator gained 3.7% after Simon Property gave an optimistic outlook for 2021. Looking ahead, the company said it anticipates a recovery in retail tenants as well as an improvement in rent collection rates.
Coty – The cosmetics company’s shares slid more than 15% after Coty said revenue fell 16% year over year. The company did, however, beat earnings estimates during the second quarter. Coty earned an adjusted 17 cents per share, compared to the 7-cent profit analysts were expecting. Revenue slightly missed estimates, coming in at $1.42 billion versus the expected $1.43 billion.
GameStop – Shares of the video game retailer continued their retreat from a Reddit-fueled spike, falling 16% to trade at roughly $50 per share. The stock closed at $325 per share on Jan. 31.
Hanesbrands – Shares of Hanesbrands nearly 25% following the clothing company’s strong quarterly earnings, boosted by sales in its domestic outerwear department and growth in its Champion brand. Hanesbrands reported earnings of 38 cents per share, 9 cents above estimates, according to Refinitiv. Revenue came in at $1.8 billion, higher than the forecast $1.64 billion.
DuPont – The chemical stock slumped 3% despite better-than-expected results for DuPont’s fourth quarter. The company’s revenue guidance for 2021 was lighter than expected, according to FactSet.
Cleveland-Cliffs – Shares of the steel producer dropped more than 8% after the company announced it was holding a secondary stock offering of 60 million shares. The offering includes 20 million shares from the company and 40 million shares from shareholder ArcelorMittal. The company is also issuing an additional $1 billion in debt. The company said it plans to use the funds raised to retire existing debt.
Take-Two Interactive – The video game stock fell more than 6% despite the company reporting higher-than-expected revenue for its fiscal third quarter. Take-Two reported $814 million in net bookings for the period, while analysts surveyed by Refinitiv were expecting $747 million. MKM Partners said in a note that lack of visibility into Take-Two’s pipeline was a negative for the stock.
Canopy Growth – The marijuana stock jumped almost 12% after Canopy’s third-quarter revenue topped expectations. The company reported $153 million revenue, while analysts surveyed by Refinitiv had penciled in $150 million. That mark was a 23% improvement from the same quarter last year.
Jack Henry & Associates – Shares of the financial services tech company dropped 5.5% after the company’s second-quarter revenue came in lighter than expected. The company reported 94 cents in earnings per share and $422.4 million in revenue. Analysts surveyed by FactSet expected 86 cents per share and $432.7 million in revenue.
Carrier Global – Shares of Carrier Global sunk more than 6% after missing Wall Street’s estimates for its fourth quarter earnings. The company reported earnings of 31 cents per share, missing estimates of 36 cents per share, according to Refinitiv.
– CNBC’s Pippa Stevens and Maggie Fitzgerald contributed to this story.
Source: Business - cnbc.com
