A Walmart in Atlanta, Georgia, U.S., Sunday, Feb. 19, 2023. Wal-Mart Inc’s profit forecast for the year fell short of analysts’ expectations, suggesting the world’s largest retailer faces more distressed inventory after being hit by a surge in sales. Photographer: Dustin Chambers/Bloomberg via Getty Images
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Check out the companies making headlines in midday trading.
walmart — Shares of the big box retailer edged higher after it reported fiscal first-quarter earnings and revenue. Walmart also raised its full-year guidance. However, its adjusted fiscal second-quarter earnings guidance came in below expectations.
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Netflix – Many on Wall Street were optimistic after shares of Netflix rose 9.8% in a day after the streaming giant gave an early demo to advertisers. The media company said its new ad-supported tier has nearly 5 million monthly active users.
Bath and Body Products — Shares of the retailer rose more than 9% after its fiscal first-quarter earnings beat expectations. The company also raised its full-year guidance. Bath & Body Works reported adjusted earnings of 33 cents a share, compared with analysts polled by Refinitiv who had estimated earnings of 26 cents a share. The company’s revenue of $1.4 billion was in line with expectations.
fedex — Shares of the shipping giant were up 1.7% in midday trading. A day earlier, Deutsche Bank raised its price target on FedEx shares and reiterated a buy rating, citing the potential for the company’s June 20 quarterly results to help boost shares amid strong forward guidance.
alibaba — Shares of the Chinese e-commerce giant fell 3.5% after a mixed earnings report for the latest quarter. Revenue fell short of Wall Street expectations. Alibaba also said it plans to spin off its cloud computing unit.
Procter — Shares fell 2% after Truist downgraded the stock to hold from buy. While P&G has successfully adjusted its product mix and reduced costs, Truist said it believes the stock’s valuation “fully reflects these turnaround efforts.”
Synopsys — Shares rose 8% the day after the software company reported its fiscal second-quarter results. Synopsys’ quarterly earnings and revenue topped Wall Street expectations. The company also raised its full-year earnings and revenue growth guidance.
Micron Technology — Shares of the memory and storage solutions company rose 4.9% on plans to invest $3.7 billion in Japan to boost production of dynamic random-access memory chips.
REGIONAL BANKS – Shares of some hard-hit regional banks rose, extending gains from the previous session. west Pacific and zion bank corp. They rose 8% and 1.7%, respectively.but that SPDR S&P Regional Bank ETF down 0.4%.
Nvidia — Shares rose 4.5 percent Thursday to hit a new 52-week high. Susquehanna said in a note that it expects to report better results and guidance from the ongoing “AI gold rush” in next week’s earnings reports.
Two people interact — Shares soared nearly 13 percent and hit a 52-week high after the company reported earnings on Wednesday. The video game company reported fiscal fourth-quarter revenue of $1.39 billion, topping analysts’ estimate of $1.34 billion, according to Refinitiv data. To be sure, the company’s booking guidance for the first quarter and full year fell short of Wall Street expectations.
Cincinnati Finance — Shares rose 2% after Bank of America upgraded the insurer to buy from neutral. The worst-case scenario related to rising umbrella claims should be over, the company said.
Partner — Shares rose 6 percent to hit a new 52-week high on Thursday. The online auto seller’s fiscal third-quarter earnings and revenue topped Wall Street expectations.
— CNBC’s Samantha Subin, Alex Harring, Brian Evans and Michelle Fox contributed reporting.