Check out the companies making headlines in midday trading.
Nordstrom — Shares of the retailer dropped more than 16% despite Nordstrom beating expectations on the top and bottom lines for the second quarter. The company issued its quarterly results late Tuesday. JPMorgan downgraded the stock to underweight from neutral. The investment firm said in a note to clients that Nordstrom appeared to be underperforming even though the environment may be “as good as it gets,” creating risk to the downside for the stock.
Dick’s Sporting Goods – The sporting goods retailer’s stock hit an all-time high, soaring more than 15% after reporting strong quarterly earnings that beat estimates by $2.28. The company also announced a special dividend of $5.50 per share and a 21% increase in its quarterly dividend.
Campbell Soup — The food products stock slipped 2% following a downgrade from Piper Sander. The investment firm moved its rating on Campbell Soup to neutral from overweight, saying in a note to clients that commodity inflation, particularly for steel, would hurt the company’s earnings in the year ahead.
Toll Brothers – Shares of the homebuilder advanced nearly 4% following the company’s quarterly results. Toll Brothers earned $1.87 per share during the period, which was 32 cents above what analysts surveyed by Refinitiv were expecting. Revenue essentially matched expectations as low inventory and low mortgage rates helped the company.
DraftKings — Shares of the sports betting company rose more than 4% after Cathie Wood’s ARK Invest loaded up on 1,073,171 shares of the stock across various funds on Tuesday. The position is worth roughly $60 million based on Tuesday’s closing price.
Boston Beer Company — The beer company dropped over 4% after Cowen downgraded the shares to underperform from market perform. The Wall Street firm said that a recent downturn in the seltzer category is slowing significantly.
Urban Outfitters — Shares of Urban Outfitters fell more than 8% despite a better-than-expected quarterly earnings report. The apparel retailer posted earnings of $1.28 per share for its latest quarter, beating the 77 cents per share Refinitiv consensus estimate. Urban Outfitters’ revenue was also above forecasts. However, the company also mentioned that it is dealing with supply chain issues.
Beyond Meat — The alternative meat producer’s shares dipped more than 2% after Argus downgraded the stock to hold from buy. The research firm said Beyond Meat appears to be poised for disappointing results in the near term. It also expects concerns about the Delta variant to have a negative impact on sales.
— CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens, Hannah Miao and Tanaya Macheel contributed reporting.