Kayaks are displayed outside the Dick’s Sporting Goods Inc. store in West Nyack, New York.
Craig Warga | Bloomberg | Getty Images
Check out the companies that are making headlines in the midday trade
Technology stocks – tech and more speculative stocks rose en masse on Tuesday, as a drop in US Treasury yields helped the industry reverse some of the sharp losses seen in recent weeks. Electric car maker Tesla jumped more than 14%, at the pace of its best day since March 2020. Solar cell company Enphase Energy gained about 12%. Chip and chip-related companies Nvidia and Lam Research increased by more than 7%, while Xilinx increased by about 6.8%.
Zoom Video – The shares of the video communications company skyrocketed by more than 7% at noon after chief executive and founder Eric Yuan transferred about 40% of its stake, according to a government document. Yuan made the transfers, which totaled about $ 6 billion, to unspecified recipients of two funds as gifts. The company said the transfer was part of the estate plan for Yuan and his wife.
First Energy – The energy company’s shares rose more than 2% after Bloomberg News reported that activist investor Carl Icahn is in talks with the company over the possibility of taking two seats on the board. Icahn took a considerable stake in FirstEnergy and sought to help the company deal with a federal corruption scandal, Bloomberg said, citing people familiar with the matter.
Dick’s Sporting Goods – Retail shares plunged around 6% on Tuesday, despite the company having surpassed Wall Street’s top and bottom fourth-quarter estimates. Dick’s gave earnings projections for the following year between $ 4.40 and $ 5.20 per share. Analysts surveyed by FactSet had projected $ 5.15 per share, near the top of the range.
Stitch Fix – Shares in the subscription-style service plunged more than 28% after losing analysts’ revenue expectations, as delays in shipments and lower customer spending affected sales. Stitch Fix has reduced its revenue forecast for the current quarter and fiscal year. The company reported that, on average, active customers spend 7% less than in the same period last year.
Baidu – The shares of the artificial intelligence company jumped more than 11% after Reuters said the company passed a hearing to make a second listing of its shares in Hong Kong. The move places Baidu practically stable for the week, however, after falling 11.1% on Monday.
– CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed to the report.