Stocks making the biggest moves midday: Kohl’s, Broadcom, Lululemon and more

People walk near a Kohl’s department store entranceway on June 07, 2022 in Doral, Florida.
Joe Raedle | Getty Images

Check out the companies making the biggest moves midday:

Kohl’s — Shares of the retailer jumped 7.8% after a Reuters report that private equity firm Oak Street Real Estate Capital has made an offer to acquire as much as $2 billion of Kohl’s property and have the retailer lease back its stores. Reuters cited people familiar with the matter.

Broadcom — Broadcom shares advanced more than 4% after the chipmaker reported quarterly earnings and revenue that exceeded analyst forecasts and issued stronger-than-expected revenue guidance for the current quarter. The company’s CEO, Hock Tan, also said it’s expecting strong demand to continue this quarter.

Lululemon — Shares of apparel company surged nearly 9% after Lululemon’s earnings cruised past analyst estimates for the second quarter. The company reported $2.20 in adjusted earnings per share on $1.87 billion in revenue. Analysts surveyed by Refinitiv were expecting $1.87 in earnings per share and $1.77 billion of revenue. Comparable sales rose 23% year over year, and operating margin expanded to 21.5%.

Okta — Shares of the cybersecurity company rose 8.4%, recovering some of its steep losses from the previous day. Okta had cratered 33.7% Thursday after a slew of Wall Street downgrades, despite a top and bottom line beat in the recent quarter.

Salesforce — Shares of the enterprise software maker jumped just under 3% after Guggenheim upgraded the stock to neutral from sell. The Wall Street firm upped its rating after Salesforce sold off 20% since its initiation. Last week, Salesforce reported numbers that beat quarterly expectations but came up short on guidance for the current quarter and the full fiscal year.

PagerDuty — PagerDuty was up 1.22% after reporting better-than-expected quarterly earnings and strong guidance. The operations management software company posted a 7.1% increase in total paid customers compared to a year prior and a 37.5% jump in the number of customers providing annual recurring revenue exceeding $100,000.

Rocket Lab — Shares of Rocket Lab climbed 2.56% after the company announced it successfully fired a reused Rutherford stage engine for the first time earlier this week. The engine is a liquid propellant rocket engine designed and manufactured by the space rocket company.

Beyond Meat — Beyond Meat shares dropped 2.04% after investment firm Baillie Gifford reported a 6.61% stake in the company. That’s down from the firm’s 13.38% stake on December 31, 2021.

Energy stocks – Oil prices rose on Friday, helping shares of energy companies higher. Among the winners was Halliburton, which jumped 5.15%. Devon Energy, and ConocoPhillips both rose more than4%, while Exxon Mobile and Occidental Petroleum were both up about 2%.

— CNBC’s Jesse Pound, Yun Li and Tanaya Macheel contributed to this report.

Products You May Like

Articles You May Like

Top Wall Street analysts say these stocks have the best growth prospects
IRS Slams The Brakes On ERC Claims Over Suspicious Activities
Climate Change Pushes Up Home Insurance Premiums
Fed declines to hike, but points to rates staying higher for longer
Op-ed: Think you know gray divorce? You have no idea

Leave a Reply

Your email address will not be published. Required fields are marked *