Stocks making the biggest moves midday: Nordstrom, Salesforce, Ford and more
Check out the companies making headlines in midday trading.
Nordstrom — Shares of the department store rallied a whopping 39% after the company reported better-than-expected profits and sales for the holiday quarter. The strong results also prompted Nordstrom to offer an optimistic outlook for the coming year. Meanwhile, the retailer called out improvements in its off-price business, Nordstrom Rack, amid a report that the company has been reviewing a potential spinoff.
Salesforce — Salesforce shares gained nearly 1% in midday trading after the company reported an earnings beat. The software giant issued upbeat guidance after beating expectations in its fourth quarter on its top and bottom lines. The company posted adjusted earnings of 84 cents per share on revenue of $7.33 billion. Analysts expected a profit of 74 cents per share on revenue of $7.24 billion, according to Refinitiv.
Ford — Shares of Ford jumped 6.5% midday after the company said it plans to separate its electric vehicle and legacy businesses. The move is expected to streamline the company’s growing electric vehicle business and maximize profits. The automaker plans to breakout financial results for both units, and its Ford+ business, by 2023.
SoFi — Shares of SoFi rose more than 4% in midday trading following its better-than-expected quarterly results. The fintech company reported a loss of 15 cents per share, versus analysts’ prediction for a loss of 17 cents per share. SoFi also reported reaching all-time highs in members added, ending 2021 with about 3.5 million members, up 87% from the start of the year.
Ross — Shares of Ross Stores jumped nearly 7% midday following a fourth-quarter earnings beat. The off-price retail giant reported earnings of $1.04 per share on revenue of $5.02 billion. Analysts expected earnings of 87 cents per share on revenue of $4.96 billion.
Hewlett Packard — Shares of Hewlett Packard jumped 10.8% after the company topped earnings expectations for its most recent quarter. Hewlett Packard posted earnings of 53 cents per share for the quarter, beating analysts’ estimates by 7 cents. Revenue came in shy of the Refinitiv consensus estimate.
Abercrombie & Fitch — The retail stock sunk 15% midday after reporting weaker-than-expected quarterly results. Abercrombie & Fitch posted a profit of $1.14 per share, below analysts’ estimates of $1.27 per share. Revenue was $1.16 billion, missing analysts’ estimates of $1.18 billion.
Booking Holdings — Shares of the travel booking site operator gained nearly 5% after Evercore ISI upgraded the stock to outperform from in line. The firm said it sees a “more rapid” leisure-travel recovery.
DraftKings — Shares of DraftKings dipped nearly 3% despite Morgan Stanley naming the sports-betting stock a top pick. “We expect the US online sports betting/iGaming market to be very large, with a few market share winners, including DKNG,” Morgan Stanley said.
— CNBC’s Samantha Subin, Hannah Miao, Yun Li and Sarah Min contributed reporting