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Stocks making the biggest moves midday: Deere, Foot Locker, Palo Alto Networks and more

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Check out the companies making headlines in midday trading.

Deere — The stock plummeted 14.1% after Deere reported a miss on revenue but a beat on profit in the recent quarter. The equipment maker reported earnings per share of $6.81 on revenues of $12.03 billion. Analysts expected $6.71 per share on $13.2 billion in revenue.

Palo Alto Networks — Shares of the cybersecurity company jumped 9.7% after it beat analyst estimates on the top-and-bottom lines in the recent quarter and raised its outlook for the current quarter.

Ross Stores – Shares of the discount retailer slid 22.5% after the company posted weaker-than-expected earnings and revenue for its latest quarter and issued weak financial guidance due to inflationary pressures and other macroeconomic conditions.

Applied Materials — The semiconductor equipment manufacturer’s stock fell 3.9% after reporting a miss on earnings and revenue in the second quarter. Applied Materials also shared weak guidance for the current quarter amid supply chain issues exacerbated by lockdowns in China.

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Match Group – The dating app’s stock rose 2.2% after Match announced that it had reached a temporary agreement about payments with Google-parent Alphabet. The deal stops Google from forcing Match to use Google Play Billing for its paid products and allows apps such as Tinder to remain in the Google Play store.

Eli Lilly – The drugmaker’s shares gained 4.5% after the Committee for Medicinal Products for Human Use in Europe recommended approval of the company’s centrally authorized treatment for adults with severe Alopecia Areata. The company expects additional regulatory decisions in the U.S. and Japan this year.

Foot Locker – Shares of the athletic footwear and apparel retailer rose nearly 4.1% after the company reported better-than-expected quarterly earnings. Foot Locker reported an adjusted quarterly profit of $1.60 per share, 5 cents above estimates per Refinitiv. Same-store sales also fell by less than half of what analysts had expected.

Hewlett Packard Enterprise — Shares fell 5.9% after Bank of America downgraded the stock to neutral from a buy as it faces worsening supply chain issues.

Bill.com – The expense management company’s stock rose about 3.7% after JPMorgan initiated coverage with a buy rating. The firm called Bill.com a “bona fide growth stock” that deserves a premium multiple.

VF Corp. — The owner of apparel brands such as North Face, Timberland and Supreme added 6.1% despite reporting a slight small miss on the top and bottom lines in the recent quarter.

Deckers Outdoor — Shares of the footwear company jumped 12.6% after beating estimates on the top and bottom lines in the recent quarter. Deckers earned $2.51 per share on revenues of $736 million. Consensus estimates expected earnings of $1.32 per share on revenues of $639 million.

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— CNBC’s Jesse Pound, Tanaya Macheel and Yun Li contributed reporting.

Source: CNBC

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