Home Depot and Lowes Shops
Check out the companies that are making headlines in midday trading.
Lowe’s – Lowe’s shares fell more than 3% after the company said home improvement product sales are likely to decline in 2021 as more people get Covid-19 vaccines and spend more time outside their homes. Despite the outlook, Lowe’s fourth-quarter sales rose 28.1% for the same quarter. Analysts were expecting sales of 22% in the same store. Lowe’s reported earnings of $ 1.33 per share on sales of $ 20.31 billion. Wall Street expects earnings of $ 1.21 per share on sales of $ 19.48 billion, according to Refinitiv.
Tesla – Tesla shares rose about 5% after widespread investor Cathie Wood bought more than $ 120 million in shares in the electric car maker during the flight on Tuesday and the subsequent comeback. With a weighting of over 9%, the electric car manufacturer is the largest holding of Wood’s flagship Ark Innovation ETF (ARKK).
Casper Sleep – The mattress maker’s stocks were down nearly 7% after Casper posted a better-than-expected loss in the fourth quarter. The company said it lost 37 cents per share, which was 2 cents more than analysts expected. Revenue was $ 150 million, which Refinitiv said was above consensus estimates of $ 138 million.
MicroStrategy – The enterprise software company’s shares rose more than 16% after MicroStrategy announced it had bought $ 1 billion worth of Bitcoin. The company started investing some of its balance sheet in Bitcoin last year.
Six Flags – The amusement park operator’s shares rose more than 3% after beating top-line estimates in the fourth quarter. Six Flags reported sales of $ 109 million versus $ 86.6 million, according to analysts polled by Refinitiv. However, earnings fell short of expectations as the company lost $ 1.00 per share while claiming a loss of 89 percent per share.
Square – Square’s shares fell about 5% in midday trading after the company said its growth appears to be slowing compared to previous quarters. The payment company beat earnings estimates for the fourth quarter by 8 cents per share and posted quarterly earnings of 32 cents per share. Square’s revenue also exceeded Wall Street’s projections. Square also announced it had purchased $ 170 million worth of Bitcoin in the quarter.
Exxon Mobil – Energy stock rose 2.7% after Exxon announced it would sell some of its assets in the UK for more than $ 1 billion. Energy stocks only had three negative sessions in February.
Toll Brothers – The builder’s shares rose about 0.4% after a stronger-than-expected earnings report. Toll Brothers made 76 cents a share last quarter, compared to a consensus estimate of 47 cents according to Refinitiv. Toll Brothers also gave clues for a number of key metrics given the strong demand and tight housing stocks.
Uber – The hailship company’s shares fell about 3% Wednesday morning after a report said Chinese rival Didi is considering a rollout in European markets. Beijing-based Didi is considering opening markets in the UK, France and Germany by the first half of this year, people familiar with the company’s plans told Bloomberg News.
– CNBC’s Pippa Stevens, Jesse Pound, Maggie Fitzgerald and Thomas Franck contributed to the coverage.
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