Traders work on the floor of the New York Stock Exchange (NYSE) the morning after Donald Trump won a major upset in the presidential election on November 9, 2016 in New York City.
Spencer Platt | Getty Images
Check out the companies making headlines midday:
Target — Shares of the merchandise retailer surged 20.4% after announcing second-quarter earnings and revenue that beat expectations. The company reported earnings per share of $1.82 compared to the expected earnings per share of $1.62, according to Refinitiv. Target’s investment into its websites and quicker shipping times have helped the retailer compete with Amazon.
Lowe’s — Lowe’s shares surged more than 10% after the home improvement retailer posted better-than-forecast quarterly results. The company posted a profit of $2.15 per share on revenue of $20.99 billion. Analysts polled by Refinitiv expected earnings of $2.01 per share on revenue of $20.94 billion. “We capitalized on spring demand, strong holiday event execution and growth in paint and our pro business to deliver strong second quarter results,” CEO Marvin Ellison said.
Urban Outfitters — The retail company’s stock rose 6.9% on better-than-expected earnings for the previous quarter. Urban Outfitters reported earnings per share of 61 cents, which was 3 cents above a Refinitiv estimate. The company had stronger-than-forecast sales from its Free People division, growing by 6% versus a FactSet estimate of 1.4%.
Toll Brothers — Toll Brothers shares fell more than 4% after the home builder’s quarterly report revealed an 8% drop in net signed contract value from the year-earlier period. The value fell to $1.87 billion.
Children’s Place — Shares of Children’s Place dropped 2.5% after the company cut its full-year earnings forecast. Children’s Place expects 2020 earnings per share to range between $5.40 and $5.75. Earlier in the year, the company expected full-year earnings to range between $5.75 per share and $6.25 per share.
Fitbit — Fitbit rose 2.4% after the company announced a partnership with Singapore’s Health Promotion Board. As part of the deal, Fitbit will give devices to people who commit to a year of the Fitbit Premium subscription program at a rate of $10 per month. The company’s CEO told CNBC that Apple was one of Fitbit’s competitors for the Singapore partnership.
Cree — Shares of Cree plunged more than 15% after the company’s guidance came in under Wall Street expectations. The semiconductor and lighting manufacturing company, which is impacted by the Huawei ban, said it expects an adjusted loss of between 3 and 7 cents per share next quarter and between $237 million and $243 million in revenue. Analysts expected 15 cents in earnings per share and $257 million in revenue, according to Refinitiv. The company reported 11 cents of earnings per share on $251 million in revenue for its fiscal fourth quarter, topping analyst expectations 10 cents of earnings per share on $249 million in revenue, according to Refinitiv.
—CNBC’s Jesse Pound and Elizabeth Myong contributed to this report.