Pedestrians pass outside a Nordstrom Inc. store in the Midtown neighborhood of New York on March 20, 2020.
Gabby Jones | Bloomberg | Getty Images
Check out the companies that are making the headlines in midday trading.
Nordstrom – The retailer’s shares fell more than 16%, despite Nordstrom beating expectations for sales and earnings for the second quarter. The company released its quarterly results late Tuesday. JPMorgan downgraded the stock from neutral to underweight. The investment firm said in a statement to clients that Nordstrom appears to underperform even though the environment may be “as good as it gets,” which puts the stock at risk.
Dick’s Sporting Goods – The sporting goods retailer’s stock hit an all-time high, rising more than 15% after reporting strong quarterly earnings that beat estimates by $ 2.28. The company also announced a special dividend of $ 5.50 per share and a 21% increase in the quarterly dividend.
Campbell Soup – Food stocks fell 2% after a Piper Sander downgrade. The investment firm changed its rating on Campbell Soup from overweight to neutral and said in a statement to clients that commodity inflation, particularly for steel, would hurt the company’s earnings in the coming year.
Toll Brothers – The home builder’s shares rose nearly 4% on the company’s quarterly results. Toll Brothers earned $ 1.87 per share for the period, 32 cents above the expectations of analysts surveyed by Refinitiv. Sales were largely in line with expectations as low inventory levels and low mortgage rates helped the company.
DraftKings – The sports betting company’s shares rose more than 4% after Cathie Woods ARK Invest topped up 1,073,171 shares of the stock from various funds on Tuesday. The position is valued at approximately $ 60 million based on Tuesday’s closing price.
Boston Beer Company – The beer company lost over 4% after Cowen downgraded its shares to underperform market performance. The Wall Street firm said the recent downturn in the Seltzer category is slowing significantly.
Urban Outfitters – Urban Outfitters stocks fell more than 8% despite better-than-expected quarterly results. The clothing retailer posted earnings of $ 1.28 per share for the last quarter, beating Refinitiv’s consensus estimate of 77 cents per share. Urban Outfitters’ sales were also above forecasts. However, the company also mentioned that it deals with supply chain issues.
Beyond Meat – The alternative meat producer fell more than 2% after Argus downgraded the stock to keep it buying. The research firm said Beyond Meat appears to expect disappointing results in the near future. In addition, she expects negative effects on sales due to concerns about the delta variant.
– CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens, Hannah Miao and Tanaya Macheel contributed to the coverage.