Check out the companies making headlines in midday trading.
GameStop — Shares of the brick-and-mortar retailer tanked 33.8% after failing to give investors enough details about its turnaround plan and acknowledging in a filing that it was considering selling additional equity shares. GameStop also missed on the top and bottom lines of its quarterly results on Tuesday.
Dave & Buster’s — The entertainment and arcade company’s shares popped more than 4% but closed up just 0.2% after Raymond James reiterated its strong buy rating ahead of Dave & Buster’s earnings report. The Wall Street firm said it sees an “attractive” entry point after the stock’s recent pullback.
General Mills – Shares of the food company dipped 4.2% after General Mills missed earnings estimates during the third quarter. The company earned 82 cents per share excluding items, compared to the 84-cent profit analysts surveyed by Refinitiv were expecting. Revenue did, however, beat estimates, coming in at $4.52 billion compared to the expected $4.45 billion.
Bank of New York Mellon – The bank stock popped 2% after Bank of America upgraded the shares two notches to buy from underperform. The Wall Street firm said Bank of New York Mellon will benefit from an improving revenue and earnings outlook, as well as an attractive valuation.
AMC Entertainment – Shares of the movie chain slid 15.4% after Disney said it is pushing back the release of “Black Widow” from May 7 to July 9. The movie, along with “Cruella,” will also be available on Disney+ for an additional rental fee. AMC shares are down more than 26% so far this week.
FedEx – Shares of the shipping giant rose 0.5% after Barclays named FedEx a top pick. The firm said in a note to clients that it expects the company’s cash flow to improve in the quarters ahead after years of investing those proceeds back into the delivery network.
Winnebago –The recreational vehicle stock fell 7.4% on Wednesday despite a better-than-expected fiscal second-quarter report. Winnebago earned $2.12 per share on $840 million of revenue. Analysts surveyed by Refinitiv were looking for $1.42 per share and $805 million of revenue. The company’s deliveries of its “class A” units did decline year over year even as total deliveries grew.
Adobe – Shares of the computer software company slid 1.9% despite beating first-quarter earnings estimates and raising its fiscal 2021 outlook. Adobe raised its revenue guidance for fiscal 2021 to $15.45 billion, up from previous guidance of $15.15 billion. The company also raised its fiscal 2021 earnings per share guidance from $11.20 to $11.85.
Estee Lauder – The beauty retailer’s shares ticked up 1.3% after Wells Fargo upgraded Estee Lauder to overweight from equal weight ahead of its third-quarter report. The Wall Street firm said Estee Laurder’s long-term sales and margin potential was “attractive.”
Steelcase – Shares of the office furniture maker fell 1% after the company issued a weaker-than-expected projection as demand for office products continues to be weak. Steelcase reported earnings per share of 6 cents for the last quarter, beating Refinitiv estimate of a 1-cent loss. Its revenue also came in above expectations.
— with reporting from CNBC’s Yun Li, Pippa Stevens, Jesse Pound and Rich Mendez.
Source: Finance - cnbc.com
