GameStop, RH, Rite Aid, Nike & more

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Check out the companies that are making headlines in mid-day trading.

GameStop – Shares rose 31% in midday trading as the video game retailer’s volatile stocks hit a losing streak and tried to stem the heavy losses from the previous session. GameStop, which reported fourth quarter earnings on Tuesday, is down about 20% so far this week.

Darden Restaurants – The restaurant brand owner’s share price rose 4.7% after the company reported earnings above analysts’ expectations. Darden said the forecast of fiscal fourth quarter results will show it is on track to recover from the effects of the coronavirus pandemic as more customers flock to Olive Garden and its other chains.

RH – The home furnishings supplier’s shares rose 6.4% after RH beat sales and earnings estimates in the fourth quarter. The company earned $ 5.07 per share compared to the expected $ 4.76. Revenue was $ 813 million, above the expected $ 798 million. RH forecasts sales growth of at least 50% for the first quarter.

Rite Aid – The drugstore chain’s shares fell more than 20% after Rite Aid expected a net loss for fiscal 2021. The company announced that sales of cough, cold and flu products had declined nearly 37% in the last quarter. “Fourth quarter 2021 financial results were significantly impacted by mild cough, cold and flu seasons, ongoing effects related to COVID-19, and adverse weather conditions,” said a statement from Rite Aid.

Nike – The sportswear giant’s shares fell more than 4% after a statement surfaced on Chinese social media saying the sports giant said it was “concerned” about reports of forced labor in Xinjiang.

Jefferies Financial Group – The Wall Street company’s share price fell about 3.5% even after the company beat estimates of sales and earnings in its first quarter report. Jefferies reported earnings per share of $ 2.13, up from a FactSet estimate of $ 1.24 per share.

ViacomCBS – Media stock fell 3% after research firm MoffettNathanson downgraded ViacomCBS to sell from neutral. The company said in a note that ViacomCBS was smart about selling additional shares, but still appeared to be a “have-not” in the media space.

Cisco Systems – The technology stock rose 1.6% after Goldman Sachs switched Cisco to buy neutral. Goldman said in a note that the potential for companies to spend more to upgrade their video conferencing offices is a “fundamental benefit” for Cisco.

– CNBC’s Jesse Pound, Pippa Stevens and Tom Franck contributed to the coverage.

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