Stocks making the biggest moves midday: Citrix Systems, Boeing, Nike, Kellogg and more
Check out the companies making headlines in midday trading.
Rite Aid — Shares of Rite Aid rallied more than 16% after reporting a quarterly profit of 15 cents per share, smashing analysts’ expectations for a quarterly loss of 32 cents per share. The company also announced a store closure program it expects will help it save about $25 million annually.
Citrix Systems — Citrix shares surged 12.8% after Bloomberg reported that Elliott Investment Management and Vista Equity Partners are considering a joint bid for the software maker, which has been exploring options including a potential sale since September.
Braze — The software company Braze saw its shares soar by more than 16% following a quarterly report that included a lower-than-expected loss and better-than-expected revenue. This was the company’s first report since going public last month.
Micron — Shares of the semiconductor company jumped more than 9% after Micron beat estimates on the top and bottom lines for its fiscal first quarter. The company’s second-quarter guidance also impressed analysts and helped the company earn an upgrade from Bank of America.
Nike — Shares of Nike jumped 6.5% after the athletic apparel brand posted a better-than-expected quarterly report despite supply chain issues. The company reported quarterly earnings of 83 cents per share, 20 cents a share above the Refinitiv consensus estimate. Revenue also came in above forecasts.
General Mills — The consumer foods giant’s shares fell nearly 4% after the company reported quarterly earnings of 99 cents per share, which missed estimates by 6 cents. General Mills beat revenue estimates for the quarter and raised its full-year sales forecast. Still, it said it’s dealing with higher input costs and supply chain disruptions.
Boeing — The aircraft maker’s shares rose 5% after UPS placed an order for 19 of the company’s 767 freighters. Also on Tuesday RBC named Boeing a top stock pick for 2022 and said it sees improving free cash flow.
Pfizer, Moderna — Vaccine stocks traded lower after the Centers for Disease Control and Prevention director said initial Covid shots “may not be enough” to prevent infection and noted that the omicron variant has more than 50 different mutations. Shares of both Pfizer and Moderna fell more than 3%.
Kellogg — The maker of cereal and other foods saw its shares slip by about 2.3% after it announced union employees have ratified a previously announced tentative agreement for a master contract at its four U.S. cereal plants. The contract covers about 1,400 union-represented employees at plants in Battle Creek, Mich., Omaha, Neb., Lancaster, Pa., and Memphis, Tenn.
Solaredge — On a strong day for solar stocks overall, SolarEdge outperformed and rose more than 7% after Cowen named the stock a top pick for 2022. The investment firm said in a note to clients that SolarEdge can benefit from both the residential and commercial rooftop solar markets.
— CNBC’s Jesse Pound and Hannah Miao contributed reporting