Check out the companies making headlines in midday trading.
U.S. Steel — U.S. Steel shares dropped 10.8% after the company cut its dividend and issued fourth-quarter earnings guidance that was well below analyst expectations. The company expects it will lose $1.15 per share in the fourth quarter. Analysts polled by FactSet had forecast a loss of 62 cents per share.
Nike — Shares of the retailer slid 1.2% despite second quarter earnings that came in above expectations for both EPS and revenue, helped by a 38% increase in e-commerce sales. Nike closed at an all-time high Thursday, and shares have gained 34% this year.
Care.com — Shares of the online marketplace for vetting caregivers soared 14% after media mogul Barry Diller's IAC announced that it agreed to buy Care.com in a deal valued at nearly $500 million. IAC, a holding company for dozens of digital brands, will pay $15 per Care.com share in an all-cash transaction, a 13.2% premium over where Care.com stock closed on Thursday.
CarMax — CarMax shares slid 6.2% after the used-car retailer posted a quarterly profit that disappointed investors. The company reported earnings per share of $1.04. Analysts polled by Refinitiv expected a profit of $1.16. CEO Bill Nash said the weak profit number was, in part, a byproduct of higher advertising expenses.
Winnebago — Shares of Winnebago soared 8% after the recreational vehicle company beat expectations on the top and bottom lines for its fiscal first quarter. Winnebago reported adjusted earnings per share of 73 cents on $588.5 million of revenue, while analysts expected 58 cents in adjusted earnings per share and $542 million of revenue, according to Refinitiv. The company said it saw revenue grow 16.5% year over year in its towables segment, powered by strong performance from its Grand Design RV line.
Carnival — Shares of major cruise lines, including Norwegian Cruise Lines and Royal Caribbean, rose after Carnival reported better than expected earnings and revenues for its fourth quarter, despite impacts from Hurricane Dorian in the Caribbean. Carnival, up 7.6%, reported 62 cents in adjusted earnings per share and $4.78 billion of revenue. The company also said it expects cruise revenue to grow by 5% next year on a constant currency basis. Analysts were expecting 50 cents in earnings per share and $4.57 billion of revenue. Shares of Norwegian Cruise Lines rose 4%, and Royal Caribbean was up 3.4%.
Kellogg — Shares of Kellogg jumped 2.7% to the highest level since October 2018 after Bank of America double-upgraded the cereal and snacks company. The bank's analyst upgraded Kellogg to buy from underperform and hiked the price target to $75 from $53. The analyst said Kellogg has taken "disruptive" action to improve sales and it will focus on "restoring profitability" going forward.
BlackBerry — Shares of the software and services company spiked 12.4% after the company's third quarter earnings exceeded expectations. Quarterly revenue rose 18%, boosted by growing demand for the company's cybersecurity products.
Michaels Cos. — Shares of the arts and crafts retailer sunk 7.9% following a downgrade to underweight from equal weight at Morgan Stanley. The firm said Michaels faces challenges with revenue growth and profit margins. Morgan Stanley also cut its price target on the stock to $5 per share from $7.
Scholastic — Shares of the book publisher rallied 8.3% following strong quarterly earnings. Scholastic reported adjusted quarterly profit of $2.06 per share, beating the consensus estimate of $1.77, with the children's book publisher also seeing revenue beat forecasts.
Biogen — Shares of Biogen ticked 1.2% higher after the drug company announced a $5 billion stock buyback program. Biogen said the new buyback program is in addition to a $5 billion program announced in March.
—with reporting from CNBC's Pippa Stevens, Jesse Pound, Fred Imbert and Yun Li.