Stocks making the biggest moves midday: Nike, Philip Morris, Marathon Petroleum & more
Check out the companies making headlines in midday trading:
Nike — Nike shares jumped to a record high on the back of stronger-than-expected quarterly results. The shoe maker posted earnings per share of 86 cents on revenue of $10.66 billion. Analysts polled by Refinitiv had forecast a profit of 70 cents a share on $10.44 billion in revenue. CEO Mark Parker said a stronger e-commerce business contributed to the company's strong results.
Philip Morris — Shares of Philip Morris popped more than 5% after the tobacco company and peer Altria end their merger talks following chilly response from investors. The decision came after Altria's investments in vaping and cannabis are being challenged by increased regulations and scrutiny. The companies said they will now focus on jointly launching a heated tobacco product in the U.S.
Marathon Petroleum — Shares of Marathon Petroleum jumped more than 8% after billionaire Paul Singer's hedge fund Elliott Management urged the refiner to divide into separate retail, midstream and refining companies to "remedy the company's chronic underperformance." Hedge fund D.E. Shaw is also supporting the breakup of Marathon, CNBC reported.
Nvidia — Shares of Nvidia rose more than 3% after Goldman Sachs raised the chip stock's price target to $192 from $179. The firm, which has a buy rating on Nvidia, said the company's gaming and data center business segments are continuing to grow. Goldman expects overall 27% year-over-year revenue growth for Nvidia.
Synnex — Shares of Synnex climbed more than 17% after beating on the top and bottom lines of its third-quarter earnings results. The supply chain company reported earnings per share of $3.30 on revenue of $6.20 billion. Analysts estimates earnings per share of $2.86 on revenue of $5.69 billion, according to Refinitiv.
HD Supply — Shares of HD Supply rose about 3.5% after the industrial distributor said it plans to split into two separate public companies. One will contain the facilities maintenance business and the other will focus on commercial and industrial operations.
Cintas — Shares of Cintas surged more than 5% after the provider of uniforms and other employee services posted stronger-than expected earnings. Cintas reported fiscal first-quarter profit of $2.32, beating the consensus estimate of $2.15. Revenue also beat analyst forecasts, while the company also raised its full-year earnings forecast.
Broadcom — Shares of Broadcom slid 2.3% after the chipmaker boosted the size of a planned convertible preferred stock sale. Broadcom raised $3.2 billion in the convertible preferred stock offering, more than the $3 billion planned size.
— CNBC's Maggie Fitzgerald and Fred Imbert contributed reporting.