John Deere combine harvesters sit on display during the Farm Progress Show in Boone, Iowa, U.S., on Tuesday, Aug. 28, 2018.
Daniel Acker | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Deere — Deere‘s stock dropped 4.5% as the worst performer among the S&P 500 companies after the manufacturing company issued lower guidance citing “lingering trade tensions.” The company now expects net income of $2.7 billion to $3.1 billion in fiscal 2020, lower than average analyst estimates of $3.5 billion for the year, according to Refinitiv. Deere CEO said trade tensions are slowing equipment purchases by farmers.
Box — Shares of the cloud company jumped more than 7% after topping analysts’ expectations for its third quarter revenue, which came in at $177.2 million. Wall Street expected revenue of $174.6 million, according to Refinitiv. Box reported a loss of 1 cents per share, in line with estimates.
Under Armour — Shares of the retailer gained more than 4% after Raymond James upgraded the stock to a “strong buy” rating. The firm said that the stock is an “underdog” and “underrated,” and that the company is on the cusp or a multi-year, profitable and sustainable growth cycle.
Dell Technologies — Shares of Dell fell 3.8% after the computer maker reported a quarterly revenue miss and lowered its full-year guidance. Dell saw revenue fall below Wall Street forecasts, and it cut its full year revenue forecast as it tries to deal with a shortage of chips from supplier Intel. Dell reported adjusted quarterly earnings of $1.75 per share, 13 cents above estimates, however.
Guess — Shares of Guess jumped 6% after the apparel retailer reported better-than-expected earnings. Guess reported adjusted quarterly profit of 22 cents per share in the third quarter, 4 cents above estimates, according to Refinitiv. The company also raised the lower end of its projected adjusted earnings range. Comparable store sales in the Americas region fell 3% during the quarter, however.
Autodesk — Shares of the software company gained more than 4% after third quarter EPS and revenue numbers topped analyst estimates. The company did, however, issue weaker-than-expected guidance.
PVH — Shares of PVH slipped 2.5% despite stronger-than-expected quarterly earnings. The clothing company earned $3.1 a share in the third quarter, beating analyst’ estimates of $2.99 a share, according to FactSet. Its revenue also topped expectations.
— CNBC’s Maggie Fitzgerald and Pippa Stevens contributed to this report.
