Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Midday movers: Lowe's, Macy's, Dick's Sporting Goods and more

Published 22/08/2023, 13:02
Updated 22/08/2023, 18:21
© Reuters.

Investing.com -- U.S. were mixed on Tuesday as investors digest more corporate earnings, particularly from the retail sector.

Here are some of the biggest U.S. stock movers today:

  • Lowe’s (NYSE:LOW) stock rose 3.7% after the home improvement retailer posted a smaller-than-expected drop in quarterly comparable sales, helped by a boost from delayed spring season sales and sustained consumer spending on smaller projects.

  • Macy’s (NYSE:M) stock fell 13% after the department store chain posted a drop in quarterly profit on Tuesday, dragged down by heavy discounting and higher promotions to clear spring and early summer merchandise.

  • Dick’s Sporting Goods (NYSE:DKS) stock slumped 23% after the athletics goods retailer reported a profit drop and cut its earnings outlook for the year after seeing an uptick in retail theft and slow sales.

  • Microsoft (NASDAQ:MSFT) stock rose 0.3% after the software giant proposed a revised version of its merger with "Call of Duty" maker Activision Blizzard (NASDAQ:ATVI), up 0.9%, in a bid to receive approval from U.K. competition authorities for the video-gaming industry's largest-ever tie-up.

  • Coty (NYSE:COTY) stock fell 2.6% after the perfume and cosmetics maker issued a downbeat annual profit forecast, overshadowing positive fourth quarter revenues as customers splurged on both its high-end and affordable produce.

  • Tesla (NASDAQ:TSLA) stock rose 0.8%, with the EV manufacturer’s stock continuing to push higher after logging its biggest one-day percentage gain since March in the previous session.

  • Amazon (NASDAQ:AMZN) stock dipped 0.3% after Wedbush added the online retail giant to its Best Ideas List, saying its core business is underappreciated.

  • Medtronic (NYSE:MDT) stock rose 3% after the medical devices maker raised its annual profit forecast, banking on higher demand for its products as surgical procedure volumes pick up pace.

  • Baidu (NASDAQ:BIDU) stock rose 3% after the Chinese tech company Baidu reported better-than-expected revenue growth in the second quarter, bolstered by growth in advertising.

  • Fabrinet (NYSE:FN) stock rose 28% after the electronic manufacturing services provider beat expectations for fourth quarter earnings, driven by new artificial intelligence products that saw strong growth.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

-- Peter Nurse contributed to this report

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.