Stocks making the biggest moves midday: GameStop, RH, Rite Aid, Nike & more

Market Insider

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Check out the companies making headlines in midday trading. 

GameStop — Shares rose 31% in midday trading as the volatile video game retailer stock looked to snap a losing streak and curb steep losses from the prior session. GameStop, which reported fourth-quarter earnings on Tuesday, is down about 20% so far this week.

Darden Restaurants — The restaurant brand owner’s stock price gained 4.7% after the company reported earnings ahead of analysts’ expectations. Darden said it’s forecasting fiscal fourth-quarter results will show that it’s on the way to recovering from the impact of the coronavirus pandemic as more customers flock to Olive Garden and its other chains.

RH – Shares of the home furnishings provider jumped 6.4% after RH beat top and bottom line estimates during the fourth quarter. The company earned $5.07 per share compared to the expected $4.76. Revenue came in at $813 million, above the expected $798 million. RH forecasts sales growth of at least 50% during the first quarter.

Rite Aid – The drug store chain’s shares dropped more than 20% after Rite Aid said it expects to report a net loss for fiscal 2021. The company said sales of cough, cold and flu-related products declined by nearly 37% during the most recent quarter. “Fourth quarter 2021 financial results were significantly impacted by a soft cough, cold and flu season, ongoing impacts related to COVID-19 and challenging weather conditions,” Rite Aid said in a statement.

Nike – Shares of the sportswear giant dropped more than 4% after a statement surfaced on Chinese social media in which the sports giant said it was “concerned” about reports of forced labor in Xinjiang.

Jefferies Financial Group – The Wall Street firm’s share price fell about 3.5% even after the company beat estimates on top and bottom line in its first-quarter report. Jefferies reported an EPS of $2.13, higher than a FactSet estimate of $1.24 per share.

ViacomCBS — The media stock dipped 3% after research firm MoffettNathanson downgraded ViacomCBS to sell from neutral. The firm said in a note that ViacomCBS was smart to sell additional stock but still appeared to be a “have-not” in the media space.

Cisco Systems — The tech stock added 1.6% after Goldman Sachs upgraded Cisco to buy from neutral. Goldman said in a note that the potential for increased spending by businesses to make their offices better for video conferencing presents “fundamental upside” for Cisco.

— CNBC’s Jesse Pound, Pippa Stevens and Tom Franck contributed reporting.

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