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Stocks making the biggest moves midday: Kohl's, BJ's, Virgin Galactic and more

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Virgin Galactic

Check out the companies making headlines in midday trading.

Kohl's — Kohl's stock fell roughly 10% on Thursday after it said supply chain issues may drag on its profit margins. Like others, Kohl's experienced supply chain hurdles starting in 2020 when factories in Asia shut down to help slow the spread of Covid-19. Now, the company says increases to its number of truck drivers could be a cost headwind to earnings for the rest of this year.

BJ's Wholesale The warehouse retailer stock dropped nearly 5% after the company said the rest of 2021 remains difficult to forecast due to the pandemic impact. BJ's Wholesale reported adjusted quarterly earnings of 72 cents per share, 15 cents above estimates, according to Refinitiv. Its revenue also beat estimates, but BJ's saw comparable store sales ex-fuel fall by 5%.

Hormel Foods Hormel shares jumped about 7% after posting better-than-expected first-quarter earning results. The food producer reported quarterly earnings of 42 cents per share, beating expectations by a penny per share, and revenue that topped analysts' projections. The company's brands include Spam, Dinty Moore and Jennie-O.

Virgin Galactic The space travel stock jumped roughly 15% after the company announced its next test flight is set to occur Saturday. The company said the aircraft that carries the spaceship before launch, VMS Eve, was cleared for flight following a maintenance review. Virgin Galactic shares surged as much as 25% in premarket trading before dipping on heavy trading volume.

L Brands  Shares of the retailer fell nearly 4% despite reporting better-than-expected quarterly results after the bell Wednesday. L Brands posted earnings of $1.25 per share, compared with $1.21 projected, and revenue of $3.02 billion, slightly above the $3.01 billion expected. The company did not issue guidance for the full year. By this fall, L Brands plans to split its Victoria's Secret business into its own publicly traded entity.

Ralph Lauren — Shares of Ralph Lauren fell more than 7% despite the apparel maker reporting better-than-expected fiscal fourth-quarter earnings results. It also brought back its quarterly dividend during the first quarter of fiscal 2022 of about 68.8 cents per share.

Squarespace  Shares of the website building company surged more than 14% Thursday after debuting on the New York Stock Exchange on Wednesday. Squarespace went public through a direct listing.

Petco  Petco shares rose, then closed about 1% lower after topping Wall Street forecasts on first-quarter earning results. The pet products retailer posted quarterly earnings of 17 cents per share compared with analysts' estimates of 9 cents a share, and beat revenue projections. Petco said it gained a multiyear high of 1.2 million net new customers during the quarter.

Coinbase Shares of the cryptocurrency exchange rose roughly 4%. Ark Invest's Cathie Wood purchased $38 million worth of Coinbase in various funds on Wednesday, boosting sentiment. Plus, Wedbush began coverage of the stock with an outperform rating, saying the volatility in bitcoin should not scare investors away from Coinbase's strong underlying business.

Chipotle Mexican Grill The restaurant chain's shares jumped nearly 3% after UBS upgraded the stock to buy from neutral. The investment firm said in a note to clients that Chipotle should see in-store dining improve as the reopening continues and digital sales will still remain strong.

ViacomCBS The media stock climbed 4.6% after Bank of America double upgraded the stock to buy from underperform. The firm said in a note that ViacomCBS is a likely acquisition target following the merger announcement between Discovery and AT&T's WarnerMedia.

— CNBC's Jesse Pound, Tom Franck, Yun Li and Maggie Fitzgerald contributed reporting.

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