Check out the companies making headlines in midday trading Wednesday.
Foot Locker — Shares gained 2.6% after Credit Suisse upgraded the stock to outperform from neutral. The retailer could see upside to expected profit in 2024 and 2025 as its strategic plan takes shape, according to the firm.
Advanced Micro Devices — Shares of chipmaker Advanced Micro Devices jumped 7.9% after the company reported earnings that beat Wall Street’s expectations, according to Refinitiv. AMD also showed relative strength after competitor Intel’s disappointing quarter, analysts said.
Snap — Shares of the social media company plunged 14% after the firm reported quarterly revenue that missed Wall Street’s expectations, according to Refinitiv. Snap had a rough 2022 as a slowing economy led many companies to slash their digital ad budgets. For a third straight quarter, Snap is declining to provide guidance. Its earnings did beat estimates, however.
Match — Shares of the online dating company dipped 9% after posting revenue for the recent quarter that fell short of analysts’ expectations, according to FactSet. Match also said it is reducing its workforce by 8% globally and announced revenue guidance for the first quarter that was lighter than what analysts expected.
Stryker — Shares rallied about 7% after the company reported adjusted fourth-quarter earnings of $3 per share, above FactSet’s estimate of $2.84. Revenue also beat expectations.
Peloton — Peloton shares popped nearly 18% after it announced quarterly results this morning. The company’s fiscal second-quarter revenue topped analysts’ forecasts, according to Refinitiv. The fitness company saw a jump in subscription revenue. Peloton’s net loss was also the narrowest since the fiscal fourth quarter of 2021. CEO Barry McCarthy said the results are a potential “turning point” for the company.
Brinker International — Shares of the restaurant stock slid 5.5% despite Brinker beating estimates on the top and bottom lines for the fiscal second quarter. The Chili’s parent company reported 76 cents in adjusted earnings per share on $1.02 billion in revenue. Analysts surveyed by Refinitiv had penciled in 52 cents per share on $992 million of revenue. However, Brinker management said on its investor call that its restaurants may have lost some market share of customer traffic during the quarter.
Scotts Miracle-Gro — Shares gained 4% after the lawn and gardening products manufacturer on Wednesday posted quarterly results that reflected a narrower-than-expected loss and a beat on analysts’ estimates for revenue, according to Refinitiv.
Altria – The cigarette and tobacco producer’s stock popped more than 4% after earnings for the recent quarter topped estimates, according to Refinitiv. Altria also revealed a $1 billion stock buyback program.
Electronic Arts – Shares of Electronic Arts fell 12% a day after the company reported adjusted earnings and net bookings that missed analysts’ expectations, according to FactSet.
— CNBC’s Samantha Subin, Alex Harring, Jesse Pound, Yun Li, Carmen Reinicke, Michelle Fox Theobald, and Hakyung Kim contributed reporting.
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