Stocks making the biggest moves midday: Dollar Tree, Dick’s Sporting Goods, Chipotle and more

Market Insider

A Dollar Tree store in Miami

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Check out the companies making headlines in midday trading.

Dollar Tree — Shares of the discount retailer tanked 15% after lowering its fourth quarter guidance, blaming tariffs for 6 cents off of its next quarter earnings per share. Dollar Tree also missed on its earnings for the third quarter, reporting $1.08 per share, while analysts estimated $1.13 per share.

Best Buy — Best Buy shares surged 9% on the back of strong quarterly results and a more upbeat profit guidance. The electronics retailer posted earnings per share of $1.13 on revenue of $9.76 billion. Analysts polled by Refinitiv expected earnings per share of $1.03 on revenue of $9.7 billion. The company also hiked its fiscal 2020 earnings forecast.

Dick’s Sporting Goods — Shares of the retailer soared 20% after the company beat top and bottom line estimates for its third quarter earnings. Dick’s reporting earnings of 52 cents per share on revenue of $1.962 billion. Analysts forecast earnings of 38 cents per share on revenue of $1.914 billion, according to Refinitiv. The company also raised its full-year guidance and said that same-store sales increased 6%.

Disney — An analyst at Consumer Edge initiated Disney with an overweight rating, citing “unique” competitive advantages for the media giant. Disney shares rose 2%.

Chipotle — Shares of Chipotle rose 3% after Cowen upgraded the stock to outperform from market perform and hiked its price target to $970 per share from $800 per share. The firm also named the Mexican restaurant chain one of its best ideas for 2020 based on its strong digital sales growth and push into drive through.

Hewlett Packard Enterprise — Shares fell 9% after revenue for the fiscal fourth quarter missed analyst estimates. The company said that trade tensions impacted sales. EPS did, however, come in ahead of estimates.

Abercrombie and Fitch — Shares of the retailer dropped 3% after missing on the top and bottom lines of its third quarter earnings. The company reported earnings of 23 cents on revenue of $863.5 million, while Wall Street analyst expected earnings of 24 cents per share on revenue of $868.4 million, according to Refinitiv. Same-store sales same in flat, while analysts expected growth of 0.3%.

Burlington Stores — Shares of the discount retailer surged 8% after reporting earnings for the third quarter of $1.55 per share, topping analysts estimates of $1.40 per share, according to Refinitiv. Burlington raised its full-year profit outlook to a range of $7.28 to $7.33, while analysts were forecasting $7.23 per share.

Palo Alto Networks — Shares of the cybersecurity company cratered 11% after giving a current-quarter earnings outlook that was below consensus estimates. Next quarter, Palo Alto said it expected earnings per share between $1.11 and $1.13 per share, well below analysts forecast of $1.30 per share, according to Refinitiv.

Nutanix — Shares of the computer software company soared 14% after beating on the top and bottom lines of its quarterly earnings. Nutanix reported a loss of 71 cents per share, less than the 75 cents expected on the Street, according to Refinitiv. Revenue came in at $314.8 million, topping the forecast $313.3 million.

Hormel Foods — Shares of Hormel Foods rose 3% after topping analysts’ expectations for its third quarter earnings. The company reported earnings of 47 cents per share, beating estimates by 1 cent. Revenue fell short of expectations.

—with reporting for CNBC’s Pippa Stevens and Fred Imbert.

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