Stocks making the biggest moves midday: Walmart, PG&E, HSBC & more - Recent News from USA
A Walmart logo is displayed above the floor of the New York Stock Exchange shortly after the opening bell in New York, August 16, 2018. 

Stocks making the biggest moves midday: Walmart, PG&E, HSBC & more

Check out the companies making headlines midday Tuesday:

Walmart — Walmart shares gained more than 3 percent after the retailer posted better-than-expected earnings and revenue for the holiday quarter. U.S. comparable store sales rose 4.2 percent, beating the Refinitiv consensus of 3.2 percent. Walmart’s e-commerce sales also surged 43 percent as more shoppers use its online grocery delivery service and spend more per trip.

HSBC — The U.S.-listed shares of HSBC fell nearly 4 percent after the banking giant reported weaker-than-expected earnings. HSBC, the largest bank in Europe, posted an annual profit of $19.89 billion for 2018, well below an estimate of $21.26 billion. HSBC’s decline dragged down other European bank stocks, including Deutsche Bank.

PG&E Corp. – Shares of embattled California utility rallied more than 12 percent Tuesday after Citi upgraded the stock to a buy rating. Analyst Praful Mehta said his revision was based on expectations that state lawmakers could move to reduce wildfire liabilities for Golden State utility providers in the future.

Tribune Publishing – Shares of the publishing company rose 17 percent after the NY Post reported that McClatchy — the owner of the Miami Herald and the Sacramento Bee — is set to tender a second buyout offer for Tribune. Any second offer would come two months after McClatchy’s first offer was rejected.

Weight Watchers International — Shares of Weight Watchers tumbled more than 7 percent after J.P. Morgan downgraded them to underweight from neutral, citing a decline in daily active app users in the most important time of the year. The bank also lowered its 12-month price target for the dieting service company to $25 from $37. J.P. Morgan also pointed out the increasingly negative reviews on the app and pressure from competitors Noom and Diet Doctor.

Freeport-McMoRan — Shares of Freeport-McMoRan jumped more than 6 percent after an analyst at Citi upgraded them to buy from neutral, citing “a more constructive market backdrop” for copper miners. “Our thesis is two-fold: copper is highly levered to macro sentiment and copper equities offer significant upside potential,” the analyst said.

Navient — Shares of Navient rose more than 6 percent following the company’s rejection of a $3.2 billion takeover bid. The student loan servicer said the bid undervalues the company.

Canopy Growth — The Canadian cannabis grower fell more than 3 percent Tuesday after GMP Securities downgraded the stock to a hold rating over future profitability concerns. While the marijuana producer beat sales expectations in its recent earnings report, the company disclosed a jump in production costs and a miss on profit expectations.

Service Corporation International — Shares of Service Corporation plummeted 7.13 percent after the company reported quarterly results that missed expectations. The funeral home company announced fourth-quarter revenue of $820.8 million, missing a FactSet estimate by more than $23 million. The company’s earnings per share were 54 cents, 2 cents lower than expected. The company also reduced its 2019 earnings guidance to $1.84-2.02 per share.

—CNBC’s Tom Franck, Yun Li and Nadine El-Bawab contributed to this report.

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