Market Insider

Stocks making the biggest moves midday: Fitbit, General Electric, Thor Industries & more

The Abercrombie & Fitch store at South Park mall in Charlotte, North Carolina.
Chris Keane | Reuters

Check out the companies making headlines midday Wednesday:

General Electric — Shares of the global industrial company fell 7.9 percent Wednesday, adding to Tuesday's losses after issuing a gloomy outlook in 2019. CEO Larry Culp forecasts negative net cash outflow from the industrial business this year, citing its struggling power-plant unit. J.P. Morgan analyst Stephen Tusa said in a note Wednesday that his $6 price target looks "generous" given the latest information.

Abercrombie & Fitch — Shares of Abercrombie & Fitch surged 20.37 percent after the retail company reported better-than-expected fourth-quarter results. The retailer posted an adjusted quarterly profit of $1.35 per share, beating a Refinitiv estimate by 20 cents. Its revenue also beat expectations. The company said its same-store sales jumped 3 percent, citing its strong performance in the U.S.

Snap — Snap shares fell 2.1 percent after The Wall Street Journal reported that the company paid additional severance benefits to at least three women it let go in layoffs they claimed affected women disproportionately last year.

Fitbit — Fitbit shares rose 1.86 percent after the company released four new products, including a less expensive version of its Versa smartwatch, called the Versa Lite Edition smartwatch, and a device for children ages 6 and up. This comes after the company reported weak first-quarter guidance last week.

Thor Industries — Shares of the RV-maker fell more than 4.35 percent after the company's quarterly results missed expectations. Thor reported earnings per share of 65 cents, well below a Refinitiv estimate of $1.05. Its revenue of $1.291 billion also fell short of expectations.

BJ's Wholesale Club — The membership warehouse chain rose as much as 5.6 percent after reporting better-than-expected earnings and revenue. BJ's posted earnings per share of 44 cents on revenue of $3.417 billion. Analysts polled by Refinitiv expected a profit of 36 cents a share on sales of $3.393 billion. However, the stock gave back its strong gains later in the session and closed 3.76 percent lower.

Ambarella — Shares of Ambarella gained more than 3.5 percent on better-than-expected fourth-quarter earnings. The video-chip maker reported adjusted quarterly profit of 14 cents per share, 10 cents above a FactSet estimate. Ambarella's revenue also came in above Wall Street forecasts.

United Natural Foods — Shares of United Natural Foods tanked more than 8 percent after the organic foods distributor reported a loss of $341.7 million, or $6.72 a share, in its fiscal second quarter. The company said it experienced higher cost because it incurred a $370.9 million impairment charge from its acquisition of Supervalu grocery stores.

Brown-Foreman — The parent company of Jack Daniels dropped 5.1 percent Wednesday after reporting quarterly sales that fell short of Wall Street's expectations. Sales in the fiscal third-quarter grew 3 percent but still missed FactSet consensus estimates of $911 million. Profits topped expectations.

—CNBC's Nadine El-Bawab, Yun Li and Kate Rooney contributed to this report.