Stocks making the biggest moves midday: Bath & Body Works, Robinhood, Macy’s and more
Check out the companies making headlines in midday trading: Bath & Body Works — The Ohio-based personal care company climbed more than 16%, on pace for its best day since November 2022. The retailer raised its forecast for full-year adjusted profit and said it expects a smaller drop in annual sales, boosted by solid demand for personal care products and new store offerings. Robinhood — The financial services provider surged 5% after Morgan Stanley upgraded it to overweight, citing upside from President-elect Donald Trump’s looming second term in office. Macy’s — The New York-based retailer lost 3% after delaying the release of its full third-quarter results following a discovery that an employee had intentionally made incorrect accounting entries to hide delivery expenses. The errors took place over several years and amounted to as much as $154 million. Macy’s said the accounting issues do not appear to have had an effect on the company’s cash position. Meanwhile, sales in the third-quarter dropped 2.4% to $4.74 billion. Target — The retail chain rose 4.6% after Oppenheimer named it a top pick, citing an improved risk-to-reward skew for the beaten-down stock. Target’s shares have lost about 12% year to date and the stock’s 3.6% dividend yield is very “attractive,” the firm said. AGCO — The farm equipment maker rallied 5% after Tractors and Farm Equipment Limited, its largest shareholder with a 16.3% stake and a member of the board, filed to separate the chairman and CEO’s roles . “[T]he combined Chair and CEO position has failed to serve the best interests of shareholders and has led to suboptimal strategic and capital allocation decisions,” the investor said. “Winning a fight like this, even if you own 16% of the stock, is a long shot,” Gordon Haskett Research Advisors said Monday. Intel — Shares rose more than 3%. CNBC reported that the chipmaker is in talks with the Commerce Department to finalize an $8 billion grant through the CHIPS Act, citing a source familiar with the matter. U.S. Bancorp — The Minneapolis-based regional bank gained 2% after an upgrade to buy from neutral at Citigroup, which said U.S. Bancorp’s spending is “turning the corner.” Abercrombie & Fitch — The retailer gained 4% ahead of its third-quarter earnings release , expected Tuesday morning. Analysts estimate quarterly earnings of $2.39 per share on revenue of $1.19 billion, according to FactSet data. Investors have grown enthusiastic about retailers after Gap raised its full-year guidance last week and said the holiday shopping season is off to a strong start. Arm Holdings — Shares of the British chip designer added 4%. UBS initiated coverage with a buy rating, saying shares should benefit from artificial intelligence-driven growth across end markets and data center businesses. Santander — ADRs of the Spanish bank gained 2%. Morgan Stanley upgraded Santander to overweight from equal weight, citing a “resilient regional footprint” and an “improved capital generation outlook.” Super Micro Computer — The volatile AI server stock jumped 11% to build on a 78% gain last week after announcing BDO as its new auditor and providing plans for how it intends to maintain its Nasdaq listing. Scholar Rock Holding — The biotech soared 34% after rival Biohaven said its T-alfa drug failed to reach statistically significant results in treating spinal muscular atrophy. Piper Sandler, Truist Securities and Wedbush all raised their Scholar Rock price targets in response. — CNBC’s Hakyung Kim, Jesse Pound, Yun Li, Michelle Fox, Pia Singh and Scott Schnipper contributed reporting. This post has been syndicated from a third-party source. View the original article here.
