Check out the companies making headlines in midday trading.
Ross Stores — Ross Stores jumped 10% after a quarterly beat on earnings and revenue. The company was also named by Credit Suisse as its top pick in the off-price retail sector. Analyst Michael Binetti boosted his price target to $123 from $99. On Thursday, Ross Stores reported third-quarter earnings-per-share of $1.00, versus a Refinitiv estimate of 81 cents.
related investing news
Foot Locker — Shares jumped 7% after Foot Locker reported surpassed expectations in its latest quarterly report and raised its full-year forecast.
Rent the Runway — Shares of Rent the Runway dropped 12% after Morgan Stanley downgraded shares of the online apparel reseller to equal weight from overweight. The firm said Rent the Runway is proving to be a “more volatile” business than originally expected, pointing to a challenging path to profitability ahead.
Farfetch — The stock dropped 17% after Farfetch missed expectations on the top and bottom lines in its most recent quarter, according to consensus estimates on FactSet.
Palo Alto Networks — The tech stock jumped nearly 8% after Palo Alto reported a beat on the top and bottom lines in its most recent quarter, according to consensus estimates from Refinitiv. Palo Alto raised its guidance slightly.
Coinbase — Shares dropped more than 8% after Bank of America downgraded Coinbase to neutral from buy, saying that the FTX debacle raises “contagion risk” for the crypto exchange platform, even if it is not another FTX.
Buckle — The retailer saw its stock rise 4% after the company posted an earnings beat. Buckle reported third-quarter earnings of $1.24 per share, while consensus estimates called for earnings of $1.19 per share, according to FactSet.
Diamondback Energy — Shares of energy stocks dropped as a group on the back of falling oil prices. Diamondback Energy was down more than 4%, Marathon Oil declined more than 3%, Halliburton was 2% lower.
Williams-Sonoma — Shares dropped nearly 7% after Williams-Sonoma declined to reaffirm or update its guidance through fiscal year 2024.. The seller of kitchenware and other household furnishings did beat expectations on the top and bottom lines in its latest quarter, according to consensus estimates from Refinitiv.
— CNBC’s Michelle Fox, Yun Li and Samantha Subin contributed reporting.