Stocks making the biggest moves midday: Ross Stores, Carvana, Coinbase, Rent the Runway and more
Check out the companies making headlines in midday trading.
Ross Stores — Ross Stores jumped 10% after a quarterly beat on earnings and revenue. The company was also named by Credit Suisse as its top pick in the off-price retail sector. Analyst Michael Binetti boosted his price target to $123 from $99. On Thursday, Ross Stores reported third-quarter earnings-per-share of $1.00, versus a Refinitiv estimate of 81 cents.
Foot Locker — Shares jumped 7% after Foot Locker reported surpassed expectations in its latest quarterly report and raised its full-year forecast.
Carvana — Carvana dropped 6% after an internal message obtained by CNBC’s Scott Wapner said the company plans to lay off about 1,500 employees, or 8% of its workforce.
Rent the Runway — Shares of Rent the Runway dropped 12% after Morgan Stanley downgraded shares of the online apparel reseller to equal weight from overweight. The firm said Rent the Runway is proving to be a “more volatile” business than originally expected, pointing to a challenging path to profitability ahead.
Farfetch — The stock dropped 17% after Farfetch missed expectations on the top and bottom lines in its most recent quarter, according to consensus estimates on FactSet.
Palo Alto Networks — The tech stock jumped nearly 8% after Palo Alto reported a beat on the top and bottom lines in its most recent quarter, according to consensus estimates from Refinitiv. Palo Alto raised its guidance slightly.
Coinbase — Shares dropped more than 8% after Bank of America downgraded Coinbase to neutral from buy, saying that the FTX debacle raises “contagion risk” for the crypto exchange platform, even if it is not another FTX.
Gap — The retail stock jumped more than 4% after Gap reported a revenue beat in its most recent quarter, even as it issued a cautious outlook ahead of the holiday season.
Buckle — The retailer saw its stock rise 4% after the company posted an earnings beat. Buckle reported third-quarter earnings of $1.24 per share, while consensus estimates called for earnings of $1.19 per share, according to FactSet.
DraftKings — DraftKings’ stock gained nearly 2% after Piper Sandler initiated coverage of the sports betting company with an overweight rating, saying shares could rally 40% from here.
RH — Shares fell more than 5% after Wedbush downgraded RH to neutral from outperform, saying that there is evidence of a course correction in its luxury strategy.
Diamondback Energy — Shares of energy stocks dropped as a group on the back of falling oil prices. Diamondback Energy was down more than 4%, Marathon Oil declined more than 3%, Halliburton was 2% lower.
Williams-Sonoma — Shares dropped nearly 7% after Williams-Sonoma declined to reaffirm or update its guidance through fiscal year 2024.. The seller of kitchenware and other household furnishings did beat expectations on the top and bottom lines in its latest quarter, according to consensus estimates from Refinitiv.
— CNBC’s Michelle Fox, Yun Li and Samantha Subin contributed reporting.
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