Stocks making the biggest moves midday: Target, Revlon, Alphabet & more
Check out the companies making headlines midday Tuesday:
Target — Shares of Target rose 4.6 percent after the company reported fourth-quarter results that surpassed analyst expectations. Target reported earnings of $1.53 per share, 1 cent higher than a Refinitiv estimate. Revenue came in at $22.977 billion, higher than expected. The retail company's same store sales were up 5.1 percent, while its digital sales grew more than 25 percent for the fifth year in a row.
Kohl's — Shares of Kohl's rose 7.3 percent after the retailer released better-than-expected fourth-quarter results. Kohl's reported earnings per share of $2.24 on revenue of $6.823 billion. Its comparable store sales grew by 1 percent, versus a Refinitiv estimate of 0.3 percent. The company also issued a better-than-expected profit guidance for the year.
Revlon — Shares of Revlon plunged more than 20 percent after data compiled by Jefferies showed the cosmetics company's sales dropped 15 percent in the four-week period that ended on Feb. 23.
Ciena —The telecommunication company's stock rose as much as 6.8 percent on stronger-than-expected earnings. Ciena reported adjusted earnings per share of 33 cents, topping a 30 cents estimate from Refinitiv. However, the stock later closed more than 4 percent lower.
Alphabet — Google's parent company rose 1.37 percent after analysts at Needham initiated coverage of the company with a buy rating and a price target of $1,350, implying a 17 percent upside. Needham said YouTube could be a positive catalyst for Alphabet as it sees upside to its valuation.
Tesla — Shares of Tesla fell 3.1 percent despite China's approval of Model 3 imports. Barclays also cut its price target on Tesla shares, citing recent strategic decisions made by the company that undercut the firm's bull case, which had previously positioned it as the Apple of the car world.
Tyson Foods — Analysts at Stephens initiated coverage of Tyson Foods with an overweight rating and a price target of $78 per share. That target implies a 25.3 percent upside from Monday's close. "We think its diversified product offering, best in class operations and prudent capital allocation strategy position the company to create value for shareholders," Stephens said. Tyson rose more than 2 percent.
Ingersoll-Rand — Goldman Sachs added the manufacturing company to its conviction buy list, noting its "strong order book exiting 2018, improving price/cost, and a conservative guidance range." Ingersoll-Rand shares rose more than 1 percent before closing about half a percent higher.