The Spotify logo on the New York Stock Exchange, April 3, 2018.
Lucas Jackson | Reuters
Here are the companies making headlines in midday trading.
Foot Locker – Foot Locker shares jumped over 7% after the shoe and apparel brand reported second-quarter earnings of $2.21 per share, beating analysts’ estimates of $1.01, according to Refinitiv. The company also recorded an increase in comparable stores sales of 6.9%.
Spotify – Shares of the music steaming company rose more than 5% after Spotify’s board of directors approved a stock buyback program of up to $1 billion.
Deere – Shares of the heavy equipment maker fell roughly 2% even after a stronger-than-expected earnings report. The company reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, according to Refinitiv. Its revenue topped forecasts as well amid solid demand for farm equipment. The stock is already up 30% this year.
The Buckle – Shares of The Buckle dropped more than 3% despite the retailer’s better-than-expected quarterly earnings results. The company posted earnings of $1.04 per share on revenue of $295 million. Wall Street expected earnings of 86 cents per share on revenue of $226 million, according to Refinitiv.
Mosaic – Shares of the fertilizer company advanced almost 4% following an upgrade to buy from hold at HSBC. “We believe stronger fertilizer prices are here to stay with solid fundamentals,” the firm said in a note to clients. HSBC has a $39 target on the stock, which is 32% above where shares closed Thursday.
Ross Stores – The department store’s stock fell 2.5% after the company’s third-quarter guidance disappointed analysts. The company warned of a potential hit to customer demand due to the resurgent pandemic and higher shipping costs.
Lordstown Motors – The beleaguered electric vehicle startup saw its stock volatility continue on Friday, with shares rising more than 9%. The move comes after the stock hit a 52-week low on Thursday.
Petco – Shares of the retailer jumped 7.7% after Credit Suisse upgraded the stock to outperform. The investment firm said Petco’s differentiated product offering should help the grow faster than the broader pet care industry.
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