Stocks making the biggest moves midday: Costco, Rivian, Signature Bank, Sweetgreen and more
Check out the companies making headlines in midday trading.
Costco — The stock dipped 3.3% midday despite a better-than-expected quarterly report. The retailer reported earnings of $2.92 per share on revenue of $51.9 billion. Analysts had expected earnings of $2.74 on revenue of $51.47 billion, according to Refinitiv.
Broadcom — Shares of the chipmaker jumped 3.6% after the company reported record revenue in the fiscal first quarter that exceeded analysts’ expectations. Broadcom reported adjusted earnings of $8.39 per share, higher than the $8.23 per share analysts were looking for per FactSet estimates. Meanwhile, its revenue jumped 16% year over year to $7.7 billion, also topping estimates.
Signature Bank — Shares of crypto-friendly Signature Bank fell 7% despite Goldman Sachs saying Friday it’s keeping its buy rating on the stock and is bullish on the company’s growth outlook after a recent meeting with management.
Kroger — The grocery chain added about 4% after it provided a business update Friday including its digital push to drive 2022 sales and a commitment to shareholder returns of 8% to 11% over time. The increase follows a boost in shares Thursday after it reported strong earnings.
Splunk — The cloud company’s shares rose about 4% after Daiwa upgraded the stock to outperform from neutral, saying it sees an “uptick” in security demand as a result of concerns about Russia.
Best Buy — Shares fell 6.5% after Raymond James downgraded Best Buy to market perform from outperform. “We are placing our stock recommendation in ‘sleep mode’ for now,” analysts said. The call comes after Best Buy on Thursday reported underwhelming quarterly results that just matched Wall Street expectations.
Rivian Automotive — The electric truck maker’s shares lost 6.5% after Baird lowered its price target on the stock to $100 per share from $150. Baird did, however, reiterate Rivian as an outperform and said it’s still bullish long-term, despite several recent missteps by company management.
Roblox — Shares of the gaming platform fell about 6% after Bank of America said investors should expect the stock to remain volatile for the foreseeable future. It also said that a positive surprise on February bookings growth could lead to a short rally but warned that launches “must be successful before the bear thesis is disproven.”
Sweetgreen — Sweetgreen shares soared 19% after the salad chain reported strong sales growth in its first quarterly report since going public in November. The company also issued a positive sales outlook for 2022, although it doesn’t expect to turn a profit yet.
Gap — The apparel retailer saw its shares fall about 2% after it reported a narrower-than-expected loss for the fourth quarter and issued strong earnings guidance. Gap posted a loss of 2 cents per share, versus the 14 cents forecast by Refinitiv analysts.
— CNBC’s Samantha Subin, Yun Li, Hannah Miao and Michael Bloom contributed reporting
