Target, Carnival, Advance Auto Parts, Lowe’s: Biggest Stocks Moving Midday July 11, 2017
Target’s stock plunged more than 13.1% after the large box retailer said that its third-quarter earnings dropped by around 50% and lowered its expectations for the fourth quarter as a result of sluggish sales in late October. On an earnings call, the company’s CFO stated, “As we look ahead, we expect the tough climate to remain through the holiday season and into 2023.” Target dropped after other retail giants including Macy’s, Gap, and Nordstrom.
- Following the cruise line’s announcement that it will offer $1 billion in convertible debt as part of its 2024 refinancing plan, shares of Carnival Cruise Lines fell 13.7%.
— After announcing lower-than-anticipated quarterly results after the bell on Tuesday, Advance Auto Parts saw a 15.1% decline. UBS later downgraded the provider of automobile components, stating that the company’s steep unit losses indicate “it is losing clients at a rapid rate.”
— Shares increased 4.1% after the company announced a new chief financial officer and beat earnings forecasts for the previous quarter.
Shares of Lowe’s Companies increased by 3% after the retailer posted solid third-quarter results and maintained its expectations. Unlike Target, according to Lowe’s, the firm is not experiencing a negative impact from inflation on sales.
Worldwide Restaurant Brands — After the business revealed intentions to appoint former Domino’s Pizza CEO Patrick Doyle as executive chair, shares of Burger King’s parent company rose 6.7%.
O’Reilly Automotive – After the firm increased its share repurchase programme by $1.5 billion, its stock price increased by 1.1%.
Etsy – Despite maintaining a “outperform” rating on the stock, Etsy shares fell 4.5% after Evercore ISI added the stock to its list of tactical underperformers. Etsy has long-term promise, but the company anticipates share price deterioration in the near future.
Zoom Video – After Citi dropped its price target and kept its sell rating on the company, the name for video conferencing fell 4.5%. Additionally, the bank lowered forecasts for the third quarter and fiscal year 2024.
Oscar Health — The insurance company’s stock increased slightly after Wells Fargo upgraded it to overweight, predicting that future share gains could reach nearly 40%. Following Oscar Health’s poor performance year to date, the bank stated that the outlook for the company “looks favorable.”
Alcon – After the business reported a quarterly profit that just met analyst projections, Alcon’s shares increased by 4.6%.
National Lincoln — Shares increased 3.6% after Goldman Sachs upgraded them to a buy recommendation. According to the bank, shares might increase by more than 30% from Tuesday’s closing, and the insurance brand could bounce back from a disproportionate charge that earlier undermined investor trust.
— Sage Therapeutics
According to an SEC filing, the biotechnology business with a focus on brain health closed the session flat after jumping on the announcement that CEO Barry Greene increased his investment by 14,500 shares.
Shares of Corteva fell 2% after UBS downgraded the stock from buy to neutral in what it called a value call. UBS increased the price estimate for the manufacturer of seed and agricultural products from $70 to $73 per share.