Check out the companies making headlines in midday trading Wednesday.
Dick’s Sporting Goods – Shares of the sporting goods seller jumped 9.7%, despite the company cutting its outlook for the year, after the retailer topped earnings and revenue estimates for its fiscal first quarter. Dick’s CEO Lauren Hobart said she’s confident the company will be able to “adapt quickly” to uncertain macroeconomic conditions.
Express – Shares rallied 6.7% after the apparel retailer reported better-than-expected quarterly results. Express lost an adjusted 10 cents per share. That’s narrower than the 15-cents-per-share loss expected by analysts, according to Refinitiv. Revenue also topped the consensus forecast, and Express raised its full-year comparable-sales outlook.
Wendy’s – The fast-food chain saw surged 9.8% after a filing revealed Trian, Wendy’s largest shareholder, is exploring a potential deal with the company. Trian, along with its partners, owns a 19.4% stake in the burger chain and said it was seeking a deal to “enhance shareholder value” that could include an acquisition or merger.
Dell Technologies – Shares gained 5.9% after Evercore added the PC maker to its “Tactical Outperform” list. Dell is set to report earnings Thursday.
Nordstrom – Shares of the department store soared 14% after the company reported fiscal first-quarter sales that came in ahead of analysts’ estimates. Nordstrom also hiked its financial outlook for the full year, citing momentum in the business.
Intuit – Shares jumped 8.2% after the tax software company topped earnings expectations and raised its outlook for the current quarter. Intuit also got a boost from strong performances by some of its brands, including Credit Karma.
Toll Brothers – Shares of the homebuilder popped nearly 8% after Toll Brothers beat expectations for its fiscal second quarter. The company reported $1.85 in earnings per share on $2.19 billion of sales. Analysts surveyed by Refinitiv were expecting $1.54 per share on $2.06 billion of sales. Toll CEO Douglas Yearley said in a release that demand has moderated over the past month but still appears healthy for the long term.
Urban Outfitters – Urban Outfitters rallied 15.5% despite a weaker-than-expected first-quarter report. Like other retailers, Urban Outfitters highlighted the negative impact of inflation on its operations including higher costs for raw materials and transportation.
Porch Group — Shares jumped 5.7% after Compass Point initiated coverage of the real estate technology company with a buy rating. The firm said Porch has a “unique business model.”
Diamondback Energy — The energy stock rose 4.4% after Barclays upgraded Diamondback to overweight from equal weight. Barclays said it sees “increasing cash returns” for Diamondback in the second half of the year.
— CNBC’s Jesse Pound, Yun Li, Tanaya Macheel and Sarah Min contributed reporting.
Source: Finance - cnbc.com
