Online fashion house Farfetch’s CEO Jose Neves and members of the company’s leadership team ring the opening bell to celebrate their IPO at the New York Stock Exchange in New York, September 21, 2018.
Brendan McDermid | Reuters
Check out the companies making headlines midday Thursday:
Citigroup, J.P. Morgan Chase, Bank of America — Bank shares rose as Treasury yields got a boost from better-than-expected economic data. Housing starts rose more than forecast while weekly jobless claims fell more than expected. The data sent the benchmark 10-year Treasury yield up to 2.41%. Citigroup, J.P. Morgan and Bank of America all rose more than 1%.
Cisco Systems — Cisco surged 7% following the release of its better-than-expected third-quarter earnings and upbeat revenue guidance. Cisco reported earnings per share of 78 cents, slightly higher than the estimated Refinitiv estimate of 77 cents. Revenue came in at $12.96 billion, topping expectations of $12.89 billion. For the fourth quarter, the technology company estimates revenue will increase between 4.5% and 6.5%. Analysts estimated an increase of 3.5%.
Walmart — Walmart popped 3% after reporting earnings that beat analyst expectations. The world’s biggest retailer posted earnings per share of $1.13 on revenue of $123.93 billion. Analysts expected a profit of $1.02 per share, according to Refinitiv. Same-store sales grew 3.4%, topping the expected increase of 3.3%.
Farfetch — Shares of luxury online retailer Farfetch tanked as much as 16% and were down 9% midday after the company reported disappointing quarterly results. Farfetch posted a loss of 22 cents a share on revenue of $174.1 million. Wall Street estimated a loss of 16 cents on revenue of $171.1 million, according to Refinitiv.
KB Home — Shares of KB Home jumped 3% after RBC Capital Markets upgraded its stock to outperform from sector perform and raised its price target for the stock. RBC cited improvements in the home builder’s pricing dynamics for the upgrade.
Liberty Media Formula One — The parent company of Formula One racing rose 2% after an analyst at B. Riley FBR upgraded it to buy from neutral. The analyst cited a potential “further inflection as it begins to harvest the benefits of two-plus years of foundation building and fostering better alignment with the 10 F1 teams.”
Pfizer— Pfizer stock rose more than 1% after Credit Suisse named it as a “top pick,” citing an increase in confidence with management and in the pharmaceutical company’s new products over the next few months.
Dillard’s — Shares of Dillard’s plummeted more than 9% after the company reported flat comparable sales, while analysts had expected a 1.3% increase. The weak same-store sales overshadowed quarterly revenues that matched expectations and a profit that beat estimates.