Stocks making the biggest moves midday: SiriusXM, Cintas, United Natural Foods and more
Check out the companies making headlines in midday trading.
Cintas — Shares fell 5.3% after the company reported its 2024 fiscal first-quarter earnings. The corporate apparel company posted $3.70 in earnings per share on $2.34 billion in revenue, topping analysts' consensus estimates of $3.67 per share in earnings and matching revenue forecasts, per StreetAccount. Cintas raised its full-year guidance but the lower end of its EPS and revenue predictions came in below analysts' estimates.
Pinterest — Shares of the image-sharing platform declined 0.6% after HSBC initiated coverage of the stock with a buy rating. The Wall Street firm said Pinterest has "the right management team in place, a product fit for shopping and a differentiated capital-light strategy to deliver on its foray into social commerce."
United Natural Foods — Shares sank 27.4% Tuesday after United Natural Foods forecast earnings per share and adjusted EBITDA in the coming year below analysts' estimates, citing profitability headwinds. The food company's guidance ranges between a loss of 88 cents per share to earnings of 38 cents per share, excluding items, while analysts called for $1.94 per share, according to StreetAccount. The company's fiscal fourth-quarter revenue missed analysts' $7.47 billion estimate.
Fisker — The electric vehicle maker climbed 9.6% after Bank of America initiated coverage of shares at a buy rating. The firm said the company offers pure-play exposure in a growing market.
Wells Fargo, JPMorgan, Goldman Sachs — Bank stocks declined Tuesday after JPMorgan Chase CEO Jamie Dimon warned the Federal Reserve could still raise interest rates even further to tamp down inflation, which added to overall bearish sentiment. Shares of Wells Fargo and Goldman Sachs declined 2.2% and 1.5%, respectively, while Morgan Stanley and JPMorgan both lost about 1%.
SiriusXM — Shares of the media company slipped 3.2% following news of a proposal from Liberty Media to SiriusXM's special committee of independent directors to combine the two corporate structures into one entity.
DraftKings — DraftKings' shares jumped just above 2% after JPMorgan upgraded the sports betting stock to overweight from neutral, saying the company's recent underperformance creates an attractive entry point for investors.
Barclays — U.S.-listed shares of the bank added 2.2% after Morgan Stanley upgraded Barclays to overweight from an equal weight rating, citing an improved revenue outlook and opportunity for U.S. credit card growth.
Amazon – Shares dropped 4% after the Federal Trade Commission and 17 state attorneys general sued Amazon on Tuesday, hitting the e-commerce retailer with antitrust charges. The suit alleges that Amazon uses its "monopoly power" to hike prices and prevent rivals from competing against it.
— CNBC's Hakyung Kim, Alex Harring, Brian Evans, Samantha Subin and Yun Li contributed reporting.