Check out the companies making headlines in midday trading.
Rite Aid — Shares of Rite Aid rallied 21.3% after it reported a quarterly profit of 15 cents per share, smashing analysts’ expectations for a quarterly loss of 32 cents per share. The drugstore chain also announced a store-closure program it expects will help save about $25 million annually.
Citrix Systems — Citrix shares surged 13.6% after Bloomberg reported that Elliott Investment Management and Vista Equity Partners are considering a joint bid for the software maker, which has been exploring options including a potential sale since September.
Braze — The software company’s shares soared by 17.9% following a quarterly report that included a lower-than-expected loss and better-than-expected revenue. It was Braze’s first earnings report since going public last month.
Micron — Shares of the semiconductor company surged 10.5% after it beat estimates on the top and bottom lines for its fiscal first quarter. Second-quarter guidance also impressed analysts and helped Mircon earn an upgrade from Bank of America.
Nike — Shares jumped 6.1% after the athletic apparel brand posted a better-than-expected quarterly report despite supply chain issues. The company reported quarterly earnings of 83 cents per share, 20 cents a share above the Refinitiv consensus estimate. Revenue also came in above forecasts.
General Mills — The consumer-food giant’s shares fell 4% after the company reported quarterly earnings of 99 cents per share, which missed estimates by 6 cents. General Mills beat revenue estimates for the quarter and raised its full-year sales forecast. On the downside, it said it’s dealing with higher input costs and supply chain disruptions.
Boeing — The aircraft maker’s shares rose 5.8% after UPS placed an order for 19 of the company’s 767 freighters. Also on Tuesday, RBC named Boeing a top stock pick for 2022, saying it sees free cash flow improving.
Pfizer, Moderna — Vaccine stocks traded lower after the Centers for Disease Control and Prevention director said initial Covid-19 shots “may not be enough” to prevent infection and noted that the omicron variant has more than 50 different mutations. Shares of both Pfizer and Moderna fell about 3%.
Kellogg — The maker of cereal and other foods saw its shares slip by 2.6% after it announced union employees have ratified a previously announced tentative agreement for a master contract at its four U.S. cereal plants. The contract covers about 1,400 union-represented employees at plants in Battle Creek, Mich., Omaha, Neb., Lancaster, Pa., and Memphis, Tenn.
SolarEdge — On a strong day for solar stocks, SolarEdge outperformed and rose more than 8.8% after Cowen named it a top stock pick for 2022. The investment firm said in a note to clients that SolarEdge can benefit from both the residential and commercial rooftop solar markets.
— CNBC’s Jesse Pound and Hannah Miao contributed reporting
Source: Finance - cnbc.com
