Employees bring a television to Steve Steward’s car at a Best Buy store on Black Friday, traditionally one of the busiest shopping days of the year. The crowds are smaller this year due to the increased popularity of online shopping amid concerns over the COVID-19 pandemic.
Paul Hennessy | SOPA pictures | LightRakete | Getty Images
Check out the companies that are making the headlines in midday trading.
Best Buy – The electronics retailer’s shares rose 8.3% after the company released better-than-expected quarterly results. Best Buy reported earnings of $ 2.98 per share on sales of $ 11.85 billion. Wall Street expected a profit of $ 1.85 on sales of $ 11.49 billion, according to Refinitiv. Sales in the same store rose 19.6%, beating estimates of 18.1%.
Palo Alto Networks – Palo Alto Networks’ shares rose 18.6% after the security hardware and software company announced better-than-expected quarterly earnings late Monday. The company also issued a strong profit forecast for the new financial year. Palo Alto Networks reported adjusted earnings of $ 1.60 per share on revenue of $ 1.22 billion. According to Refinitiv, analysts expected earnings of 1.44 US dollars per share on sales of 1.17 billion US dollars.
JD.com, Alibaba, Baidu, Pinduoduo – Chinese tech companies bounced back from a recent slump as investors became more clear about regulatory risk. Pinduoduo was up 18% and JD.com was up 12%. Baidu was up over 8% and Alibaba was up about 7%.
Planet Fitness – The gym chain’s shares rose 5.2% after Morgan Stanley initiated coverage of the stock with an overweight rating. The company issued a notice to its customers that gyms are recovering quickly in areas with fewer health impairments.
Medtronic – Medtronic shares rose 3.2% after first quarter results that exceeded expectations for sales and earnings. Medtronic made $ 1.41 per share on an adjusted basis on sales of $ 7.99 billion. Analysts surveyed by Refinitiv expected the company to make $ 1.32 per share on sales of $ 7.87 billion. The company said it saw demand return as people did not undergo urgent procedures.
Las Vegas Sands, Wynn Resorts – Shares in casino operator Las Vegas Sands rose roughly 7.5% and Wynn Resorts rose more than 7.0% after Macau lifted travel restrictions on visitors from China’s Guangdong Province, a major source of visitors for the gambling capital. On Monday, Chinese health officials did not report any new locally transmitted cases of Covid-19 for the first time since July.
Didi Global – Shares in the Chinese ride-hailing app rose 12.7% after reports the company suspended plans to launch in the UK and continental Europe. Investors could buy the slump under Beijing’s detailed rules for Chinese companies that want to go public overseas. Didi was the subject of the country’s regulatory raid.
Cara therapeutics The drug maker’s shares rose 4.2% after receiving approval from the US Food and Drug Administration for its Korsuva injection. Cara Therapeutics announced this on Monday. The drug is designed to treat a kidney disease known as pruritus.
– with reports from Pippa Stevens, Jesse Pound, Yun Li, Hannah Miao and Tanaya Macheel from CNBC.