A GameStop logo seen at Stephen’s Green Shopping Center in Dublin.
Artur Widak | NurPhoto | Getty Images
Check out the companies that are making headlines in the midday trade
GameStop – The shares of the traditional retailer plunged 17% after failing to give investors enough details about their recovery plan and recognize in a document that it was considering selling additional shares. GameStop also lost on the top and bottom lines of its quarterly results on Tuesday.
Dave & Buster’s – Shares in the entertainment and arcade company jumped more than 4% after Raymond James reiterated his strong buy rating before Dave & Buster’s earnings report. The Wall Street firm said it sees an “attractive” entry point after the stock’s recent downturn.
American Airlines, Norwegian Cruise Line – Shares that depend on the reopening of the economy increased on Wednesday, after being hurt in the previous session by fears of recovery. American Airlines shares were up more than 2%, while United Airlines shares were up almost 3%. Carnival rose 5%, while Norwegian Cruise Line and Royal Caribbean rose more than 4%.
General Mills – Food company shares fell more than 5% after General Mills lost earnings estimates during the third quarter. The company earned 82 cents per share, excluding items, compared to the 84 cents in profit that analysts polled by Refinitiv had expected. Revenue, however, exceeded estimates, reaching $ 4.52 billion compared to the expected $ 4.45 billion.
Bank of New York Mellon – The bank’s shares soared more than 3% after Bank of America raised its shares two levels to buy underperforming. The Wall Street firm said Bank of New York Mellon will benefit from an improved revenue and earnings outlook, as well as an attractive valuation.
AMC Entertainment – The stock of the film network fell more than 4% after Disney said it was postponing the release of “Black Widow” from May 7 to July 9. The film, along with “Cruella”, will also be available on Disney + for an additional rental fee. AMC’s shares fell more than 26% this week.
FedEx – The shares of the shipping giant rose nearly 2.5% after Barclays named FedEx as one of the top options. The company said in a note to customers that it expects the company’s cash flow to improve in the coming quarters, after years of investing these resources back into the distribution network.
Winnebago – Recreational vehicle inventories fell more than 2% on Wednesday, despite a better-than-expected second-quarter fiscal report. Winnebago earned $ 2.12 per share in $ 840 million in revenue. Analysts polled by Refinitiv expected $ 1.42 per share and $ 805 million in revenue. The company’s deliveries of its “class A” units have declined year after year, despite the increase in total deliveries.
Adobe – The shares of the computer software company fell 1%, despite surpassing first quarter earnings estimates and increasing its fiscal outlook for 2021. Adobe increased its revenue projection for fiscal year from 2021 to $ 15 45 billion, above the previous projection of $ 15.15 billion. The company also increased its earnings per share orientation for fiscal year 2021 from $ 11.20 to $ 11.85.
Estee Lauder – The beauty retailer’s shares rose 3% after Wells Fargo upgraded Estee Lauder of equal weight to an above-normal weight before its third quarter report. The Wall Street firm said Estee Laurder’s long-term sales and margin potential were “attractive”.
Steelcase – Shares in the office furniture maker fell less than 1% after the company released a weaker-than-expected outlook, as demand for office products remains weak. Steelcase reported earnings per share of 6 cents in the last quarter, exceeding Refinitiv’s estimate of a 1 cent loss. Its revenue was also above expectations.
– with reports by Yun Li, Pippa Stevens, Jesse Pound and Rich Mendez from CNBC.