Check out the companies making headlines in midday trading.
Tech stocks — Tech and more-speculative stocks rose en masse on Tuesday as a retreat in U.S. Treasury yields helped the sector reverse some of the steep losses its seen in recent weeks. Electric car maker Tesla jumped more than 14%, on pace for its best day since March 2020. Solar cell company Enphase Energy gained close to 12%. Chip and chip-related companies Nvidia and Lam Research rose more than 7%, while Xilinx added about 6.8%.
Zoom Video — Shares of the video communications company popped more than 7% midday after chief executive and founder Eric Yuan transferred roughly 40% of his stake, according to a government filing. Yuan made the transfers, which totaled about $6 billion in worth, to unspecified recipients from two trusts as gifts. The company said the transfer were part of estate planning for Yuan and his wife.
First Energy — Shares of the energy company rose more than 2% after Bloomberg News reported that activist investor Carl Icahn is in talks with the company about potentially taking two seats on the board. Icahn took a sizable stake in FirstEnergy and sought to help the company work through a federal corruption scandal, Bloomberg reported, citing people familiar with the matter.
Dick’s Sporting Goods — The retail stock slumped about 6% on Tuesday despite the company beating Wall Street estimates on the top and bottom lines for its fourth quarter. Dick’s gave earnings guidance for the year ahead of between $4.40 and $5.20 per share. Analysts surveyed by FactSet had projected $5.15 per share, near the top of the range.
Stitch Fix — Shares of the subscription styling service tanked more than 28% after missing analysts’ revenue expectations as shipping delays and lower customer spend ate into sales. Stitch Fix lowered its revenue forecast for the current quarter and fiscal year. The company said, on average, active clients spent 7% less than the same time a year ago.
Baidu — Shares of the artificial intelligence company jumped more than 11% after Reuters reported that the company passed a hearing to do a second listing of its stock in Hong Kong. The move puts Baidu at roughly flat for the week, however, after an 11.1% drop on Monday.
— CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed reporting.
Source: Finance - cnbc.com
