Check out the companies making headlines in midday trading.
Etsy — Shares of the e-commerce shopping platform rallied 16.2% in midday trading after reporting better-than-expected results for the fourth quarter. Revenue also topped estimates. Etsy also got an upgrade to neutral from UBS following its strong results.
Foot Locker — The shoe retailer’s shares tumbled 29.8% after the company reported quarterly results and projected a fall in 2022 revenue, as it anticipates it won’t be selling as many products from Nike. Foot Locker’s outlook on full-year profit and comparable-store sales was weaker than expected.
Dish Network — Shares of the telecom company jumped 11.3% on Friday after JPMorgan upgraded the stock to overweight from underweight. The investment firm said that the stock appeared more attractive after a recent decline and had several potential positive catalyst upcoming.
Block — Shares of the payments giant soared by 26.1% after the company reported earnings and revenue that beat analysts’ expectations for its latest quarter. It also issued upbeat guidance for the current quarter and the full year, citing growing success in its consumer business, Cash App.
LendingTree — The online lending marketplace’s shares added 15.6% after the company reported quarterly results that included a narrower-than-expected loss and a revenue beat. It also noted performance in its consumer segment was strong during the quarter.
Bio-Rad Laboratories — The maker of life science research products saw shares rise 7.1% after it presented its growth strategy and plans to accelerate its financial targets at its Investor Day. For 2025, the company said it expects to enhance its financial profile further by targeting a compound annual growth rate of about 9% for its core revenue between 2021 and 2025, and 28% adjusted EBITDA margin in 2025.
Dell Technologies — The computer company lost 7.8% after reporting that it expects its order backlog to balloon in the first quarter, citing supply chain issues limiting its ability to fulfill strong order demand.
Carvana — The online used car seller saw its shares rise 21% after announcing it would buy KAR Auction Services’ U.S. vehicle auction business for $2.2 billion in an effort to boost its physical presence. Shares of KAR gained 38.3%.
Farfetch — Shares of Farfetch soared 39.3% after the luxury fashion seller reported being profitable on an adjusted basis for 2021, following a recent tumble in its share price. The company’s quarterly results showed an adjusted quarterly loss of 3 cents per share, in line with estimates, and revenue that came in short of estimates.
Beyond Meat — The maker of plant-based meat products saw its shares slide 9.2% a day after it reported a wider-than-expected loss and revenue that was short of estimates for the most recent quarter. The company also issued weaker-than-expected guidance citing an expected temporary disruption of growth in U.S. retail.
— CNBC’s Maggie Fitzgerald and Jesse Pound contributed reporting
Source: Finance - cnbc.com
