Home US Stocks making the biggest moves midday: Nordstrom, Salesforce, Tyson & more

Stocks making the biggest moves midday: Nordstrom, Salesforce, Tyson & more

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Pedestrians pass in front of the Salesforce Tower in New York.

Victor J. Blue | Bloomberg | Getty Images

Check out the companies making headlines in midday trading on Friday:

Big Lots — Shares of the discount retailer jumped more than 7% after the company beat top and bottom-line estimates in the first quarter. Big Lots earned an adjusted $1.26 for the quarter, compared with analyst estimates of 40 cents, and revenue came in at $1.44 billion. The retailer said that same-store sales jumped more than 10%.

Salesforce — The software stock fell 4.5% after the company announced that it was lowering its full-year guidance, citing the impacts from the pandemic. Revenue guidance was moved to roughly $20 billion from about $21 billion, and estimates for earnings and cash flow were lowered as well. The company did beat estimates on the top and bottom lines for its first quarter, according to estimates from Refinitv.

Wells Fargo, JPMorgan, Citi — Bank stocks slipped on Friday as investors worried about the economic recovery. Shares of Wells Fargo dropped by 2.5%, while JPMorgan fell roughly 2% and Citi shed 1.8%. Bank executives have been speaking at a Bernstein conference in recent days, discussing the state of the industry and the economy.

Williams-Sonoma — Williams-Sonoma popped more than 14% on the back of stronger-than-forecast results from the previous quarter. The company earned 74 cents per share on $1.24 billion in revenue. Analysts polled by Refinitiv expected a profit of just 3 cents per share on revenue of $1.08 billion. Same-store sales — a key metric for retailers — rose by 2.6% on a year-over-year basis.

Nordstrom — Shares of the department store company tanked nearly 10% following its dismal quarterly earnings. Nordstrom reported a loss of $3.33 per share, while analysts polled by FactSet were expecting a loss of $1.07 per share. The company made $2.12 billion in revenue, missing estimates of $2.42 billion. Nordstrom incurred $172 million in coronavirus-related costs. 

Lululemon Athletica — The athletic retailer ticked up 2% after Raymond James, which has a buy rating on Lululemon, raised its 12-month target to $335 per share from $250 per share, the highest target on Wall Street. The firm said near-term earnings declines are “transitory” for Lululemon and the yoga-pants maker’s “dominance in the growing athletic apparel market will continue to increase as its innovation machine continues to deliver exciting and unique product to its loyal customer base.”

Tyson Foods — Shares of Tyson Foods fell nearly 3% after the meat producer said it will temporarily shut down its pork processing plant in Storm Lake, Iowa. The move came after an Iowa state official said 555 employees at the plant tested positive for the virus, about 22% of the workforce. Tyson said it will resume operations next week following “additional deep cleaning and sanitizing of the entire facility.”

— CNBC’s Fred Imbert, Maggie Fitzgerald, Pippa Stevens, Jesse Pound and Yun Li contributed reporting. 

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