A GameStop logo in Stephen’s Green Shopping Center in Dublin.
Artur Widak | NurPhoto | Getty Images
Check out the companies that are making headlines in midday trading.
GameStop – The stationary retailer’s shares rose 33.8% after investors failed to receive enough details on its turnaround plan and confirmed in a filing that they were considering selling additional shares. GameStop also missed its quarterly income statement on Tuesday.
Dave & Buster’s – The entertainment and arcade company’s shares rose more than 4% but closed only 0.2% after Raymond James reiterated his strong Buy recommendation ahead of Dave & Buster’s earnings report. The Wall Street company said it sees an “attractive” entry point following the stock’s recent pullback.
General Mills – The food company’s stocks fell 4.2% after General Mills missed earnings estimates in the third quarter. The company made 82 cents per un-itemized share, compared to 84 cents earnings analysts surveyed by Refinitiv. However, revenue topped estimates and came in at $ 4.52 billion versus an expected $ 4.45 billion.
Bank of New York Mellon – Bank stocks fell 2% after Bank of America upgraded stocks two notches to buy from underperformance. The Wall Street company said the Bank of New York Mellon will benefit from improved sales and earnings prospects, as well as an attractive valuation.
AMC Entertainment – The film chain’s shares were down 15.4% after Disney announced it would roll back the release of “Black Widow” from May 7th to July 9th. The film will also be available for rent on Disney + along with “Cruella”. AMC stocks are down more than 26% so far this week.
FedEx – The shipping giant’s shares rose 0.5% after Barclays named FedEx a top pick. The company said in a statement to customers that it expects the company’s cash flow to improve in the coming quarters after years of investing those revenues back into the delivery network.
Winnebago – The recreational vehicle inventory fell 7.4% on Wednesday despite a better-than-expected report for the second quarter of the fiscal year. Winnebago earned $ 2.12 per share on revenue of $ 840 million. Analysts surveyed by Refinitiv looked for $ 1.42 per share and $ 805 million in revenue. Shipments of the company’s “Class A” units decreased year on year, although total shipments increased.
Adobe – The computer software company’s shares were down 1.9%, despite beating first-quarter earnings estimates and raising its outlook for fiscal 2021. Adobe increased its revenue forecast for FY2021 from $ 15.15 billion to $ 15.45 billion. The company also raised its guidance for earnings per share for fiscal 2021 from $ 11.20 to $ 11.85.
Estee Lauder – The beauty retailer stocks rose 1.3% after Wells Fargo turned Estee Lauder from equal weight to overweight ahead of its third quarter report. The Wall Street company said Estee Laurder’s long-term revenue and margin potential was “attractive”.
Steelcase – The office furniture maker fell 1% after the company issued a weaker-than-expected forecast as demand for office products remains weak. Steelcase reported earnings per share of 6 cents for the last quarter, beating its refinitive estimate of a 1 cent loss. Sales were also above expectations.
– with reports from Yun Li, Pippa Stevens, Jesse Pound and Rich Mendez from CNBC.