Stocks making the biggest moves midday: Target, Lowe's, Urban Outfitters, L Brands & more
Check out the companies making headlines in midday trading.
Target — Target shares surged more than 14% to an all-time high on the back of quarterly numbers that beat expectations. The retailer posted a profit of $1.36 per share on revenue of $18.67 billion. Analysts polled by Refinitiv expected earnings per share of $1.19 on revenue of $18.49 billion. Target said its digital sales surged 31% during the quarter.
Lowe's — The home-improvement retailer posted quarterly earnings that beat analyst expectations, sending its stock up 3.8%. "We were pleased with the performance of our U.S. home improvement stores, which reflects a solid macroeconomic backdrop," CEO Marvin Ellison said in a statement.
Urban Outfitters — Shares of Urban Outfitters tanked more than 15% after the retailer posted weaker-than-expected quarterly earnings. Urban Outfitters earned 56 cents in the third quarter, one cent short of analysts' expectations, according to FactSet. Its sales also missed estimates.
Schlumberger, Halliburton — Shares of Schlumberger and Halliburton climbed 5.3% and 3.2% respectively after Deutsche Bank initiated the oil field services companies with buy ratings. The bank said it sees a "pick up" in the exploration and production areas beginning in the second half of 2020.
L Brands — Shares of L Brands dropped 7.1% ahead of its third quarter earnings after the bell on Wednesday. The company is expected to earn 2 cents a share on revenue of $2.69 billion, according to Refintiv. The owner of Victoria's Secret and Bath & Body Works reported earnings of 16 cents on revenue of $2.77 billion in the third quarter of 2018.
Nordstrom — Shares of Nordstrom dropped more than 4% ahead of the retailer's quarterly earnings report on Thursday after the bell. Wall Street analysts expect Nordstrom to report an EPS of 63 cents, an increase from 39 cents a share in the same quarter a year ago, according to Refinitiv.
Nvidia — Shares of Nvidia rose 1.5% after SunTrust Robinson Humphrey recommended clients buy the chipmaker's stock. The firm said it expects Nvidia to outperform due to its "superior positioning in gaming, server acceleration and eventually autonomous driving." SunTrust has a 12-month price target of $240 for Nvidia, representing a roughly 13% gain from here.
Salesforce — Shares of Salesforce rose 0.4% after the software company raised the higher end of its fiscal 2020 revenue guidance. Salesforce now expects sales for the period to range between $16.99 billion and $17 billion, while analysts are forecasting $16.863 billion in revenue, according to Refinitiv.
— CNBC's Fred Imbert and Maggie Fitzgerald contributed to this report.