China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia were mixed on Tuesday, as the People's Bank of China published its new loan prime rates which would result in cheaper borrowing costs for companies.Asia Marketsread more
Check out the companies making headlines midday Thursday:
Citigroup, J.P. Morgan Chase, Bank of America — Bank shares rose as Treasury yields got a boost from better-than-expected economic data. Housing starts rose more than forecast while weekly jobless claims fell more than expected. The data sent the benchmark 10-year Treasury yield up to 2.41%. Citigroup, J.P. Morgan and Bank of America all rose more than 1%.
Cisco Systems — Cisco surged 6.7% following the release of its better-than-expected third-quarter earnings and upbeat revenue guidance. Cisco reported earnings per share of 78 cents, slightly higher than the estimated Refinitiv estimate of 77 cents. Revenue came in at $12.96 billion, topping expectations of $12.89 billion. For the fourth quarter, the technology company estimates revenue will increase between 4.5% and 6.5%. Analysts estimated an increase of 3.5%.
Walmart — Walmart climbed 1.4% after reporting earnings that beat analyst expectations. The world's biggest retailer posted earnings per share of $1.13 on revenue of $123.93 billion. Analysts expected a profit of $1.02 per share, according to Refinitiv. Same-store sales grew 3.4%, topping the expected increase of 3.3%.
Farfetch — Shares of luxury online retailer Farfetch tanked as much as 16% and closed down 10.6% after the company reported disappointing quarterly results. Farfetch posted a loss of 22 cents a share on revenue of $174.1 million. Wall Street estimated a loss of 16 cents on revenue of $171.1 million, according to Refinitiv.
KB Home — Shares of KB Home rose 2.2% after RBC Capital Markets upgraded its stock to outperform from sector perform and raised its price target for the stock. RBC cited improvements in the home builder's pricing dynamics for the upgrade.
Liberty Media Formula One — The parent company of Formula One racing rose 2% after an analyst at B. Riley FBR upgraded it to buy from neutral. The analyst cited a potential "further inflection as it begins to harvest the benefits of two-plus years of foundation building and fostering better alignment with the 10 F1 teams."
Pfizer— Pfizer stock rose more than 2% after Credit Suisse named it as a "top pick," citing an increase in confidence with management and in the pharmaceutical company's new products over the next few months.
Dillard's — Shares of Dillard's plummeted more than 10% after the company reported flat comparable sales, while analysts had expected a 1.3% increase. The weak same-store sales overshadowed quarterly revenues that matched expectations and a profit that beat estimates.