Market Insider

Stocks making the biggest moves midday: Foot Locker, Apple, HP & more

Customers walk with Foot Locker shopping bags on the Third Street Promenade in Santa Monica, California.
Patrick T. Fallon | Bloomberg | Getty Images

Check out the companies making headlines in midday trading:

Apple, Nvidia, Broadcom, Caterpillar — Shares of the tech companies, along with Caterpillar, all traded lower after President Donald Trump tweeted that U.S. companies should look for an "alternative to China," ordering them to move their Chinese operations out of the country. This is the latest escalation in the U.S.-China trade war. Earlier on Friday, China announced new tariffs on $75 billion worth of U.S. products. Apple fell 4.6% while Nvidia fell 5.3% and Broadcom dropped 5.4%. Caterpillar traded 3.3% lower.

Foot Locker — Shares of Foot Locker cratered 18.9% after the company reported dismal second-quarter results. The shoe retailer reported earnings per share of 66 cents on revenue of $1.774 billion. Analysts expected earnings per share of 67 cents on revenue of $1.823 billion, according to FactSet. Foot Locker reported same-store sales growth of 0.8%, compared to the 3.3% estimated.

Salesforce — The cloud software company's stock jumped 2.25% after announcing better-than-expected revenue and an upbeat full year guidance for its second-quarter. The company reported adjusted earnings per share of 66 cents, compared to the 47 cents per share expected by analysts, according to Refinitiv.

HP Inc — Shares of HP plummeted 5.9% after the company announced chief executive officer Dion Weisler will step down "due to a family health matter." Alongside the news about Weisler, the company reported mixed third-quarter earnings and raised EPS guidance for its full year 2019.

Dell Technologies, Pivotal Software, VMware — Shares of VMware plunged 9.9% after the software company announced the acquisition of software companies Pivotal Software and Carbon Black in separate deals. Shares of Pivotal rose 8.6% on the news. Dell Technologies is a controlling stakeholder in both Pivotal and VMWare, and fell 6.6%.

Gap — Shares of retailer Gap fell 4.7% after reporting disappointing revenue and same-store sales for the second-quarter. The company reported revenue of $4.01 billion, missing estimates of $4.02 billion surveyed by Refinitiv. Same-store sales decreased 4%, while analysts expected a drop of 3%. Gap CEO Art Peck called out a "challenging environment."

Macy's — Shares of the retailer fell 4% after Guggenheim downgraded the company to neutral from buy. Guggenheim analysts said they don't see headwinds "abating" with the prospect of future tariffs.

La-Z-Boy — Shares of furniture retailer La-Z-Boy rose 2% and closed up 0.3% after Raymond James upgraded the company to "outperform" from "market perform," citing a strong U.S. consumer. The firm set a price target of $36, about a 14% upside for the stock.

Hibbett Sports — The sporting goods retailer's stock nosedived 10.8% after reporting that its second-quarter revenue fell below estimates. Hibbett Sports reported a second-quarter adjusted loss per share of 13 cents on revenue of $252.4 million. Analysts had expected a loss per share of 16 cents on revenue of $255.9 million, according to FactSet. The company's comparable store sales increase of 0.3% was also below the 0.4% rise expected by analysts.

— CNBC's Fred Imbert and Elizabeth Myong contributed to this report.