Stocks making the biggest moves midday: Peloton, Honeywell, Norfolk Southern, Boot Barn and more

Published Thu, Feb 1 202411:47 AM ESTUpdated Thu, Feb 1 20244:20 PM EST

Check out the companies making headlines in midday trading. C.H. Robinson — Shares tumbled 12.6% following a worse-than-expected earnings report. The logistics company earned 50 cents per share on an adjusted basis on revenue of $4.22 billion. Meanwhile, analysts polled by LSEG, formerly known as Refinitiv, forecast earnings of 81 cents per share and $4.34 billion in revenue. Peloton — Shares fell more than 24.3% on the back of the company's bleak outlook for the current quarter and full-year sales. Peloton is forecasting sales to come in between $700 million and $725 million for the quarter. Analysts had expected $754 million, according to LSEG. The company also posted mixed results for the fiscal second quarter. Honeywell International — The industrial name slipped 2.5% following a miss on revenue. Honeywell posted $9.44 billion for the top line in the fourth quarter. Analysts polled by LSEG expected revenue of $9.70 billion. Align Technology — Shares jumped 2.3% after the medical device company surpassed expectations for the fourth quarter and gave a positive outlook. Align earned of $2.42 per share, excluding items, on $957 million in revenue, exceeding the consensus forecasts of $2.18 per share and $934 million in revenue from analysts polled by LSEG. The company guided first-quarter revenue between $960 million and $980 million, a range above than the $947 million penciled in by analysts. New York Community Bank — The regional bank slumped a second day, falling another 11.1% after plunging 37% on Wednesday in the wake of a fourth quarter loss , a $552 million provision for credit losses and a dividend cut. The SPDR S & P Regional Banking ETF (KRE) dropped 3.1%, Western Alliance was lower by 7.6% and M & T Bank retreated 4.6%. Norfolk Southern — The railroad stock climbed 9.1% after an investor group led by Ancora Holdings took a big stake. The Wall Street Journal reported that the group has plans for a proxy fight as it seeks to take control and push out the CEO. Nextracker — Shares rose 24.8% after the company, which manufacturers systems that direct solar panels toward the sun, raised its guidance for the year. Nextracker increased its revenue forecast up to $2.475 billion this year, compared to $2.4 billion previously. The company also raised its adjusted earnings forecast for the year to $2.75 per share at the top of the range, versus $2.15 previously. Wolfspeed — The semiconductor stock tumbled 13.6% on the heels of weak guidance delivered late Wednesday. Wolfspeed said investors should anticipate revenue between $185 million and $215 million in the third fiscal quarter, a range less than the $224 million consensus forecast from analysts surveyed by LSEG. That detracted attention from a strong financial report for the second quarter. Merck — Shares of the pharmaceutical giant gained 4.6% after Merck reported fourth-quarter revenue and adjusted earnings that exceeded consensus estimates, fueled by strong demand for its blockbuster cancer drug Keytruda and HPV vaccine Gardasil. The company issued generally in-line guidance for 2024. MaxLinear — Shares sank 11.1% a day after the computer hardware provider issued soft guidance. MaxLinear said revenue should come in between $85 million and $105 million for the first quarter, less than the $121.8 million figure expected by analysts polled by FactSet. Boot Barn — Shares of the footwear retailer jumped 10.3% after Boot Barn said its comparable sales were starting to stabilize in January after declining nearly 10% in the fiscal third quarter, which ended in December. The company had already announced preliminary results for its fiscal third quarter last month. Qorvo — The semiconductor stock added 6%, a day after Qorvo reported fiscal third-quarter results that beat estimates. Adjusted earnings per share came in at $2.10 versus the $1.66 expected from analysts polled by StreetAccount. Revenue was $1.07 billion, topping the consensus estimate of $1 billion. ChargePoint — The electric vehicle charging company popped 7.9% after TD Cowen called the company a "potential long-term winner," despite a difficult year ahead. Analyst Gabe Daoud Jr. also raised his price target on the stock by $1 to $4. Qualcomm — Shares slipped 5% on the back of a Citi downgrade to neutral from buy. Citi pointed to the semiconductor company's worse-than-expected outlook for the current quarter when making the call. — CNBC's Pia Singh, Lisa Kailai Han, Jesse Pound, Hakyung Kim, Spencer Kimball and Scott Schnipper contributed reporting.