Stocks making the biggest moves midday: Lowe's, Virgin Galactic and more
Here are the stocks making the biggest moves midday:
Lowe's – Shares of the home improvement retailer added 0.2%, outperforming the broader market, after the company reported quarterly results that beat top- and bottom-line estimates. Lowe's also issued upbeat full-year guidance, citing continued demand for tools and building materials.
Tupperware Brands – The stock fell 2.7% after the kitchen storage maker reported an earnings miss, citing challenging operating conditions. The company reported an adjusted profit of 38 cents per share, falling short of analysts' estimates by 14 cents. Revenue was above Street forecasts.
Palo Alto Networks – The cybersecurity software company's shares rose 0.4% after beating earnings estimates by 9 cents with adjusted quarterly earnings of $1.74 per share. The company also topped revenue estimates. Palo Alto also gave a better-than-expected outlook.
Virgin Galactic – Shares of the space exploration company jumped 3.5% after Virgin reported a smaller-than-expected loss for the fourth quarter. Virgin also said that it expects free cash flow for the first quarter to be between negative-$75 million and negative-$85 million and that it should have a spaceship enter commercial service in the fourth quarter.
TJX – Disappointing fourth-quarter results, particularly in international markets, sent shares of the retailer down 4.2%. The company reported 78 cents in earnings per share on $13.85 billion in revenue. Analysts surveyed by Refinitiv were looking for 91 cents per share on $14.22 billion in revenue.
Caesars Entertainment – The casino company's stock rose nearly 3% despite a weaker-than-expected earnings result for the fourth quarter. The company's CEO said on a conference call that Caesars will spend less on advertising going forward, a key source of concern in the mobile and sports betting space.
Cadence Design Systems – The software stock jumped more than 4% after Cadence reported stronger-than-expected earnings and revenue for the fourth quarter compared to estimates from FactSet's StreetAccount. The company's forward guidance for the first quarter and full year also topped estimates.
Tenneco – Shares of the auto supply manufacturer jumped more than 93% after Tenneco announced that it had accepted a takeover offer from Apollo Funds in a deal valued at $7.1 billion.
Kodiak Sciences – Shares of the biotech company tanked 80% after Kodiak announced that a drug aimed at improving vision in patients with macular degeneration failed to meet its primary endpoint in a clinical trial.
— CNBC's Tanaya Macheel and Maggie Fitzgerald contributed to this report.