A shopper loads a car with bottled water at a Costco wholesaler in Chingford, Britain on March 15, 2020.
John Sibley | Reuters
Find out which companies are making headlines in the midday business.
Selling power – Shares of the cloud-based software company fell more than 9% after the company announced the sudden departure of co-CEO Bret Taylor. The Dow Jones component led the 30-stock average lower in Thursday’s selloff. Salesforce, however, reported earnings and revenue that beat analysts’ expectations for the latest quarter.
Costco – Shares of retailer Costco fell nearly 6% after the company reported weaker-than-expected sales figures for November, which could signal a weak consumer heading into the holiday shopping season. The company said sales in November rose 5.7% to $19.17 billion for the year, less than the growth seen in October and September.
Snowflake — Snowflake shares gained more than 4% after Morgan Stanley and MoffettNathanson analysts reiterated their bullish stance on the stock’s long-term prospects. The cloud data platform provider announced earnings above expectations, but provided light indications of incomewhich sent the stock lower after hours on Wednesday.
Okta — The identity management software provider’s stock jumped more than 23% after the company shared a better-than-expected outlook and beat Wall Street estimates for the recent period. Analysts had expected a loss of 24 cents for the quarter.
five below – Shares of the discount retailer jumped more than 13% after Five Below beat estimates on higher and lower results for the latest quarter. The company reported 29 cents of earnings per share on $645 million in revenue. Analysts polled by Refinitiv had expected 14 cents in earnings per share and $613 million in revenue. The fourth quarter forecast also exceeded expectations. CEO Joel Anderson said in a statement that ticket and transaction metrics improved during the third quarter.
Victoria’s Secret – Stocks fell 4% after Victoria’s Secret published mixed results for its last quarter. The lingerie company reported earnings of 29 cents per share on revenue of $1.32 billion. Analysts polled by Refinitiv had expected earnings of 23 cents per share on revenue of $1.33 billion. JPMorgan downgraded the stock from overweight to neutral after the results, citing problems in the company’s core business.
HPV – Shares jumped 10% after PVH beat Wall Street expectations and released a strong quarterly guidance, saying it expects full-year revenue to be at the top of its range expected range.
Splunk — Splunk’s stock gained 13% on strong quarterly results and an upbeat outlook for the full year. The company also noted the benefits of cost reduction.
Designer brands – Shares of the shoe retailer fell 22% after the company reported quarterly earnings and revenue that missed Wall Street estimates. It also cut its earnings outlook, citing the volatile economic environment.
General dollar – The discount retailer saw its shares fall more than 8% after posting earnings for the last quarter below analysts’ expectations of 21 cents a share and lowered its full-year guidance due to higher costs.
Aclaris Therapeutics — Shares jumped 3.5% after Goldman Sachs has launched a hedge on Aclaris Therapeutics with a buy rating. The company said the biopharmaceutical stock could jump more than 60% on a potential new treatment for immune-inflammatory diseases.
Nutanix — Nutanix stock gained 5.8% in a Bloomberg report this Hewlett Packard Enterprise recently held potential takeover talks with the cloud computing company, citing sources familiar with the situation.
lands end – Shares fell 30% after the clothing retailer posted an unexpected loss for the last quarter and revenue fell short of analysts’ expectations.
Allied Financial — Ally Financial shares fell 3.8% following a downgraded to underweight by Morgan Stanleyciting a cautious consumer credit outlook ahead.
GoodRx – The stock jumped 13% after Citi launched discount drug app coverage with a buy rating and said GoodRx’s stock selloff is overblown. The firm’s target suggests an upside potential of more than 60%.
– CNBC’s Sarah Min, Tanaya Macheel, Michelle Fox, Jesse Pound, Carmen Reinicke and Yun Li contributed reporting