Check out the companies that made headlines in midday trading. Kohl’s — Shares fell 18% after the retailer cut its sales outlook amid an uncertain holiday backdrop. The company’s latest quarterly profits and sales fell short of Wall Street analysts’ expectations, and the company’s CEO plans to step down in January. Amgen — The biotech company fell more than 3% after its experimental weight-loss drug caused patients to lose up to 20% of their weight after a year, which was at the lower end of investors’ expectations. Some analysts had expected up to 25% weight loss in Phase 2 trials. Morgan Stanley — Wall Street investment bank Morgan Stanley pulled back more than 2% after HSBC downgraded the company from buy to hold, citing an unattractive risk-reward balance. Best Buy — The electronics retail chain fell 7% after lowering its full-year sales forecast. Best Buy now expects same-store sales to decline 2.5% to 3.5%, worse than previously expected. Franklin Resources — Asset manager Franklin Resources fell more than 3% after federal prosecutors indicted the former co-chief investment officer of a subsidiary of Western Asset Management on fraud charges. Dana Inc. — Shares rose 9% after the auto parts supplier named a new CEO and announced a reorganization that includes the sale of its highway business and a $200 million cost-cutting campaign. Abercrombie & Fitch — Shares fell about 5% after the apparel retailer’s third-quarter profit beat expectations but failed to beat Wall Street’s highest expectations. Abercrombie’s earnings were $2.50 per share, beating the consensus of $2.39 per share among analysts surveyed by LSEG. Revenue of $1.21 billion exceeded expectations of $1.19 billion, and guidance for year-end sales and full-year results was stronger. Royal Caribbean — The cruise line rose 2% after Bernstein initiated investigative coverage with an Outperform rating. Stellantis — The Chrysler and Jeep owner fell more than 5% after President-elect Donald Trump announced plans to impose 25% tariffs on imports from Mexico and Canada. Stellantis was already considering revising its further expansion plans in Mexico in response to potential tariffs. General Motors and Ford fell more than 8% and 2%, respectively. Rivian Automotive — The electric vehicle maker added 2% after receiving conditional approval for more than $6 billion in government financing aimed at supporting production capacity. Fluence Energy — Shares of the battery storage company fell more than 16% after its third-quarter revenue of $1.23 billion fell short of the $1.28 billion expected by analysts surveyed by FactSet. Zoom Communications — The online conferencing technology provider fell 8% despite better-than-expected third-quarter results after surging 60% from recent lows in August. Zoom’s adjusted earnings per share were $1.18 billion, compared to market expectations for earnings of $1.31 per share and revenue of $1.16 billion. Novo Nordisk , Eli Lilly — Novo Nordisk, the maker of diabetes and weight-loss drugs, rose 2% to 5%. The Biden administration has introduced new rules that will allow Medicare and Medicaid to pay for weight loss treatments for Americans suffering from obesity. —CNBC’s Hakyung Kim, Pia Singh, Samantha Subin and Jesse Pound contributed reporting.
KSS, BBY, ZM, STLA etc.
