Stocks making the biggest moves midday: Nordstrom, Intuit, Gap & more

CHICAGO – NOVEMBER 21: Nordstrom signage is visible at its store November 21, 2003 in Chicago. Nordstrom, Inc. reported net earnings of $45.5 million, or $0.33 per diluted share, for the third quarter of 2003, which ended November 1, 2003. For the same period last year, net earnings and earnings per diluted share were $18.4 million and $0.14, respectively. (Photo by Tim Boyle/Getty Images)

Tim Boyle | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.

Zoom Video Communications — Shares of the videoconferencing company rose more than 4% after Guggenheim initiated its coverage on the software company with a “buy” rating. Guggenheim set its price target on Zoom at $90, which implies a 28.7% upside from Thursday’s close of $69.92. The firm said Zoom’s business model is “a combination of low initial price and very rapid adoption.”

Gap — Shares of the struggling retailer rose nearly 3% after reporting better-than-expected third-quarter earnings. The company reported earnings of 53 cents per share, topping estimates of 5 cents, according to Refinitiv. Revenue came in at $4.00 billion, above the forecast $3.96 billion. The company warned earlier this month that it was anticipating dismal results. The retailer said it is making “progress” on the Old Navy spin-off.

Nordstrom — Shares of the retailer soared more than 11% after the company reported fiscal third-quarter earnings that beat analysts’ estimates, and narrowed its 2019 earnings forecast. Nordstrom reported earnings of 81 cents, above the forecast 64 cents, according to Refinitiv. Revenue was in line with expectations at $3.67 billion.

Buckle — Shares of the retailer surged more than 18% after beating on the top and bottom lines of its third-quarter earnings. The buckle reported earnings of 53 cents per share on revenue of $224 million, while Wall Street expected earnings of 43 cents on revenue of $219 million, according to Refinitiv.

Intuit — Intuit shares dropped 5% after the financial software company issued weaker-than-expected earnings guidance for the current quarter. The company expects fiscal second-quarter earnings to range between $1 per share and $1.03 per share.

Pure Storage — Shares plummeted more than 16% after the company reported mixed results for the third quarter, which saw earnings top estimates, but revenue came up short. The company also gave weak guidance for the current quarter, saying trade tensions are among the factors that could lead to a slowdown in sales.

Splunk — The software company surged more than 15% following third-quarter earnings that beat Street expectations for EPS and revenue. Results were boosted by momentum in the company’s term license and cloud offerings, and the company also raised its guidance.

J.M. Smucker — J.M. Smucker’s stock gained more than 4% after the peanut butter maker reported quarterly earnings that topped analysts’ estimates. The company earned $2.26 a share in the fiscal second quarter, compared to an EPS of $2.13 that analysts were expecting, according to FactSet. J.M. Smucker lowered its full-year earnings guidance, however.

Foot Locker — Shares of Foot Locker fell nearly 5% despite stronger-than-expected quarterly earnings. The retailer reported a profit of $1.13, beating a FactSet estimate of $1.08. Its same-store sales were also better than expected.

Tesla — Shares of Elon Musk’s electric automaker dropped 5% after the design of the company’s first pickup truck received a highly critical reception from Wall Street analysts. Bernstein’s Toni Sacconaghi said “Tesla’s Cybertruck looks weird … like, really weird,” while Credit Suisse said Tesla’s competitors “can breathe a sigh of relief.”

Williams-Sonoma — Shares of the retailer fell more than 2% after reporting third-quarter results that saw same-store sales at its flagship stores drop 2.1%, more than the 1% drop analysts anticipated, according to FactSet.

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

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