Target, Rivian, Lucid, TJX, Visa and more

A shopping cart at a Target store in the Brooklyn neighborhood of New York, United States, November 14, 2017.

Brendan McDermid | Reuters

Check out which companies are making the headlines in midday trading.

Target – The retail giant saw shares fall about 5% despite posting tunes on top and bottom earnings. CEO Brian Cornell noted that higher costs may have an impact on the company moving forward as it plans to absorb these costs rather than pass them on to the customer.

Visa – Shares of the card giant fell 5.4% after reports that Amazon will stop accepting payments made with Visa credit cards issued in the UK from next year. This change came shortly after Visa raised its exchange fee for transactions between the UK and the EU. Mastercard, which has also raised exchange fees between the UK and the EU, is down 4.5% with Visa.

Lowe’s — Shares of the home improvement retailer rose less than 1% after a better-than-expected quarterly report. Lowe’s beat analysts’ expectations for fiscal third-quarter earnings as the company got a bump in the business of home professionals and online sales. The company also raised its forecast for 2021, saying it expects sales of $95 billion, up from $92 billion.

Tesla – Tesla continued to monitor the recent big moves in the stock price after CEO Elon Musk sold shares last week. Electric vehicle stocks rose 3% on Wednesday.

Rivian – Rivian stock fell more than 15% in its first losing session since the electric car maker went public last Wednesday. The company has quickly overtaken traditional automakers like Ford and GM in market capitalization since its IPO.

Lucid Group – Electric vehicle stocks fell more than 6% on Wednesday after rising nearly 24% on Tuesday. Morgan Stanley reiterated her under-rated rating on Lucid, saying there are better EV plays.

Baidu — Shares of Baidu fell 5.5% even after the China-based e-commerce company beat revenue estimates for the fourth quarter. Baidu said it has benefited from strong advertising sales as well as strength in AI and cloud products.

Pfizer, BioNTech — Shares of Covid vaccine makers gained after The New York Times reported that the Food and Drug Administration is looking to approve a Pfizer/BioNTech Covid-19 booster dose for all adults as soon as Thursday. BioNTech’s stock rose 2.7%, while Pfizer’s stock rose 1.2%.

Roku – Shares of Roku are down 11% after the stock was downgraded to “neutral” on MoffettNathanson. The company noted signs of slowing revenue growth for the broadcasting company.

TJX – TJX shares jumped about 8% after the home apparel and retailer reported quarterly earnings that beat the top and bottom lines. Same-store sales also increased 14% year over year.

Activision Blizzard — Activision BIizzard stock fell 2.7% after a group of shareholders called for CEO Bobby Kotik to resign, The Washington Post reports. The letter follows a Wall Street Journal report that Kotik has been aware of allegations of sexual misconduct at the company for years.

CNBC’s Yoon Lee and Tanaya Machel contributed to the report


Leave a Comment