Stocks That Make The Biggest Moves At Midday: RH, Signet Jewelers, Clover & More
Entrance to the Restoration Hardware Store in the Meatpacking District of New York.
RH – RH shares rose about 15% after the retailer’s financial results beat Wall Street’s expectations for the first quarter. The home decorator, formerly known as Restoration Hardware, reported adjusted earnings of $ 4.89 per share on sales of $ 861 million. Analysts were expecting adjusted earnings of $ 4.10 per share on revenue of $ 758 million, according to Refinitiv. RH also raised its outlook for the year as a whole.
Signet Jewelers – Signet stock rose nearly 9% after the company’s earnings beat analysts’ projections in the first quarter. The jeweler reported adjusted earnings of $ 2.23 per share, compared to Street expectations of $ 1.27 per share, according to Refinitiv. Signet has also exceeded analysts’ revenue expectations, more than doubling sales in the same store.
ServiceNow – The enterprise software company’s shares rose approximately 4.7% after Goldman Sachs added the stock to its persuasion buy list. The company said the company’s growth should accelerate again in 2022, and its shares are up nearly 50%.
Bristol-Myers Squibb – The drug company is trading 3% higher at noon after reporting positive results from a phase 3 study of lymphoma. Bristol-Myers Squibb said it was the first time treatment beyond chemotherapy and stem cell transplantation had shown benefit in relapsed or refractory large B-cell lymphoma.
Biogen – Biogen stock rose more than 3% at noon. SVB Leerink has raised its price target and maintained the outperformance of the share. UBS also upgraded it after the FDA approved its Alzheimer’s drug.
Fast – The cloud computing company’s stock fell more than 1% in midday trading after Oppenheimer downgraded it from outperformance to performance. Although the company was quick to respond in response to the internet outage this week, the cost to customers of the network switch is small and could have an impact on sales.
Eli Lilly and Co. – The company’s shares rose more than 3% after Eli Lilly said it entered into a clinical trial collaboration and supply agreement with ALX Oncology. The study focuses on patients with gastric or gastrointestinal cancer.
GameStop – GameStop’s shares fell about 19% in midday trading. The company has hired two former Amazon executives as CEO and CFO as the Securities and Exchange Commission searches for information on the recent trading frenzy around them. GameStop also reported better-than-expected earnings on Wednesday.
Clover Health, Wendy’s, Clean Energy Fuels Corp. – Meme stocks fell. Health insurer Clover stocks were down 11%. Wendys slipped more than 4%. Clean Energy Fuels, a California-based natural gas supplier, lost about 14%.
– CNBC’s Hannah Miao, Jesse Pound and Pippa Stevens contributed to the coverage
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