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Stocks making the biggest moves midday: Apple, RH, GameStop, Zscaler

Investors dump winners and buy economically sensitive stocks


Stocks making the biggest moves midday: Apple, RH, GameStop, Zscaler

Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) at the opening bell on August 15, 2019 in New York City.Drew Angerer | Getty ImagesCheck out the companies making headlines in midday trading:Apple — Shares of Apple climbed 2.5% as Wall Street analysts cheer the surprisingly low pricing for the new iPhone and streaming service. The tech giant unveiled three new iPhones on Tuesday along with a new Apple Watch and a TV subscription service. Bank of America analyst Wamsi Mohan called the pricing “compelling,” while Barclays analyst Tim Long said “lower pricing is the main surprise.”RH —Shares of RH jumped 5.4% after the home furnishings retailer posted better-than-expected earnings. RH reported adjusted quarterly profit of $3.20 per share, well above the consensus estimate of $2.70. The company’s second-quarter revenue also beat estimates.Dave & Buster’s Entertainment — Shares of Dave & Buster’s tanked more than 5% after the sports bar and arcade company slashed its full-year guidance citing a “competitive environment.” The company also said same-store sales are expected to be down 4% to 5% during the second half of the year.GameStop — Shares of GameStop tumbled more than 11% after the videogame retailer reported disappointing second-quarter results. GameStop lost an adjusted 32 cents per share for its second quarter, wider than the 21 cent loss that Wall Street analysts were expecting. The videogame retailer also saw revenue fall short of forecasts, and it also cut its sales forecast.Zscaler — Shares of Zscaler plunged a whooping 23% after the cyber security company cut earnings outlook for the next fiscal year. The company said it expects to post adjusted earnings of between 12 cents and 15 cents a share next year, below analysts’ estimate of 19 cents a share.Callaway Golf — Shares of Callaway Golf rose 3% after an analyst at Raymond James upgraded the golf equipment maker to outperform from market perform. The analyst said the stock is not “fully reflecting” Callaway’s 14% stake in TopGolf, adding it is being “overly penalized for the recent acquisition of Jack Wolfskin, which is obscuring the health of the balance of its portfolio.”Micron — The chipmaker’s stock climbed more than 2% after an analyst at Longbow upgraded it to buy from neutral, citing improving fundamentals in the memory and flash storage markets.Costco — Shares of big-box retailer Costco fell 1.5% following a downgrade to perform from outperform from Oppenheimer. The firm cited a record high valuation for a stock that has surged nearly 45% since January. Oppenheimer raised its price target to $300 from $295, as the stock was trading above its price target.—CNBC’s Maggie Fitzgerald and Fred Imbert contributed reporting.

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