Stocks making the biggest moves midday: Gap, Nike, JPMorgan & more
Check out the companies making headlines in midday trading.
Nike — The sportswear maker slid more than 5% after the company reported a surprise loss for the fourth quarter as sales slumped 38% year-over-year. Nike lost 51 cents per share, compared with analyst expectations of a 7-cent profit per share. Revenue also came up short as stores closed amid the pandemic.
Gap — Shares of the retailer soared more than 28% after it announced a partnership with musician Kanye West. West's Yeezy design studio will design clothing lines for Gap, and the first products are expected in 2021, according to a press release.
Goldman Sachs, JPMorgan, Wells Fargo — Bank stocks fell across the board on Friday after the Federal Reserve said it was banning buybacks and capping dividends for large financial companies and will require them to resubmit payout plans later this year. Shares of Goldman Sachs dropped 7.2%, while JPMorgan fell 4.9%. Wells Fargo, which is seen by many Wall Street analysts as likely to cut its dividend, lost 6.4%.
Bed Bath & Beyond — Shares of the retailer jumped 8% on Friday after Bank of America said Buybuy Baby's enterprise value could be equal to nearly all the current enterprise value of Bed Bath & Beyond. Bank of America — which has a buy rating on Bed Bath & Beyond — hiked its price target to $14.50 per share from $12.50 per share.
Facebook — Facebook shares sank about 5% in midday trading after Verizon joined a growing group of companies that have announced they are pulling advertising on the company's platforms. The move lends support to a boycott campaign accusing the social media giant of not doing enough to stop hate speech on its platform.
Harley-Davidson — The motorcycle maker's stock dropped 5.5% in midday trading on Friday after it said is eliminating 140 U.S. jobs following its decision to adjust production quantity. Ninety jobs will be cut at Harley's York, Pennsylvania, plant, while 50 jobs will be cut at its facility in Tomahawk, Wisconsin.
Virgin Galactic — Virgin Galactic stock gained 1.7% after its second successful glide flight of its spaceship over Southern New Mexico, with pilots flying the ship at faster speeds than during the initial flight. The company said that after it completes a data review, it can "start preparing for the next stage" of its flight testing program: Full rocket-powered test flights.
— With reporting from CNBC's Maggie Fitzgerald, Jesse Pound and Pippa Stevens.