Ross Stores, Carvana, Coinbase, Rent the Runway and more

Pedestrians pass a GAP store in New York.

Scott Mlyn | CNBC

Check out the companies making headlines in midday trading.

Ross stores – Ross Stores rose 10% after a quarterly hit to earnings and sales. The company was also named a top pick in the off-price retail sector by Credit Suisse. Analyst Michael Binetti raised his price target to $123 from $99. On Thursday, Ross Stores reported third-quarter earnings per share of $1.00 versus a Refinitiv estimate of 81 cents.

foot cabinet — Shares rose 7% after Foot Locker reported in its latest quarterly report that it beat expectations and raised its full-year guidance.

Carvana – Carvana fell 6% after an internal message from CNBC’s Scott Wapner said the company plans to lay off about 1,500 employees, or 8% of its workforce.

Rent the runway — Shares in Rent the Runway fell 12% after Morgan Stanley downgraded the online clothing retailer from overweight to equal weight. The company said Rent the Runway is proving to be a “more volatile” business than initially anticipated, indicating a challenging path to profitability.

Far-fetched — According to consensus estimates on FactSet, the stock fell 17% after Farfetch missed expectations for revenue and earnings in the most recent quarter.

Palo Alto Networks — The tech stock rose nearly 8% after Palo Alto reported a hit to earnings and profit lines last quarter, according to consensus estimates from Refinitiv. Palo Alto raised its guidance slightly.

coin base — Shares fell more than 8% after Bank of America downgraded Coinbase from “buy” to “neutral,” saying the FTX debacle was raising a “contagion risk” for the crypto exchange platform, even if it were itself not another FTX.

gape — The retail stock rose more than 4% after Gap reported a drop in sales last quarter, despite a cautious outlook ahead of the holiday season.

buckle — The retailer’s stock rose 4% after the company posted a drop in earnings. Buckle reported earnings of $1.24 per share for the third quarter, while consensus estimates according to FactSet called for earnings of $1.19 per share.

DraftKings – DraftKings stock rose nearly 2% after Piper Sandler opened coverage of the sports betting company with an Overweight rating and said shares could rise 40% from here.

RH – Shares fell more than 5% after Wedbush downgraded RH to neutral from outperform and said there were signs of a price correction in its luxury strategy.

Diamondback Energy — Shares of energy stocks fell as a group on falling oil prices. Diamondback Energy is down more than 4%, Marathon Oil is down more than 3% and Halliburton is down 2%.

Williams Sonoma – Shares fell nearly 7% after Williams-Sonoma declined to confirm or update its guidance through fiscal 2024, according to Refinitiv.

– CNBC’s Michelle Fox, Yun Li and Samantha Subin contributed coverage.

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