Stocks making the biggest moves midday: Kohl's, Micron, JC Penney & more
Check out the companies making headlines midday Tuesday:
Micron, Qualcomm, Broadcom – Chip stocks staged a comeback after the U.S. granted a 90-day license for mobile phone companies and internet providers to work with Huawei. The temporary relief prompted Google to reverse its decision to cut ties with the Chinese telecom giant. The semiconductor sector took a hit Monday on fears chipmakers would lose a big customer as Huawei purchases about $20 billion U.S. chips a year. Micron rose more than 2% Tuesday while Qualcomm and Broadcom closed 1.5% and 1% higher, respectively.
Kohl's — The retailer's stock fell 12.4% after reporting weaker than-expected earnings. Kohl's reported earnings per share of 61 cents, 7 cents below a Refinitiv estimate. Same-store sales, a key metric for retailers, dropped 3.4% in the first quarter, far more than expected.
J.C. Penney — J.C. Penney posted a wider-than-expected quarterly loss, sending its shares down 7.4%. The company posted a loss of 46 cents a share. Analysts polled by Refinitiv expected a loss of 38 cents per share. Revenue also disappointed.
360 Finance — Shares of the China-based fintech company rose more than 6% on strong quarterly results. 360 Finance posted adjusted net income of 788.8 million yuan. That's up from 163.6 million yuan in the year-earlier period. Revenue also grew to 2.01 billion yuan from 599.4 million.
Monro — The auto service company's stock rose 4.1% after hiking its dividend and announcing it expanded a partnership with Amazon. Those announcements overshadowed in-line quarterly earnings and weaker-than-expected revenue.
Tesla — Tesla fell as much as 4.5% after Morgan Stanley lowered its bear-case price target to $10 a share from $97. Morgan Stanley cited rising debt levels alongside geopolitical tension for the sharp cut. An analyst at Baird also lowered his 12-month price target to $340 from $400. Shares recovered and were only down slightly.
TripAdvisor — Shares of TripAdvisor climbed 1.8% after an analyst at Guggenheim upgraded them to neutral from sell, noting the worst is probably over for the travel site.
Deckers Outdoor — An analyst at Bank of America upgraded Deckers Outdoor to buy from neutral, noting it has an attractive valuation. The analyst also hiked Deckers' price target to $180 per share from $150, representing a 26.1% upside from Monday's close of $142.74. Deckers shares rose more than 4%.
AutoZone — AutoZone shares rose more than 5% after the company reported quarterly earnings and revenue that topped analyst expectations. The auto parts retailer posted earnings per share of $15.99 on revenue of $2.78 billion. Analysts polled by Refinitiv expected a profit of $15.14 on sales of $2.77 billion.
Boeing — The aerospace giant's stock rose about 1.5% on news that U.S. officials think a bird strike may have caused the 737 Max crash that took place in March.
—CNBC's Yun Li contributed to this report.