An employee brings a television to a customer’s car at a Best Buy store in Orlando, Florida.
Paul Hennessy | SOPA Images | LightRocket | Getty Images
Check out the companies making headlines in midday trading.
Best Buy — The retail stock jumped 9.2% after the company announced it was raising its quarterly dividend by 26%. The move comes despite Best Buy reporting adjusted earnings just matching the Refinitiv consensus estimate.
Kroger — The grocery chain saw its shares jump 11.6% after it beat Wall Street expectations for earnings. The company reported fourth-quarter adjusted earnings of 91 cents per share on revenue of $33.05 billion. Analysts were looking for a profit of 74 cents per share on revenue of $32.86 billion, according to Refinitiv.
BJ’s Wholesale — Shares fell 13.2% after the wholesale retailer missed Wall Street expectations for quarterly revenue. BJ’s posted $4.36 billion in revenue, compared with $4.4 billion expected by analysts, according to StreetAccount.
Big Lots — Shares dropped 1.2% following a poor earnings report. The company posted earnings of $1.75 per share versus the Refinitiv consensus estimate of $1.89 per share.
Burlington — The stock tumbled about 13% in midday trading, after missing consensus estimates in its holiday earnings report. Burlington reported quarterly adjusted earnings of $2.53 per share on revenue of $2.6 billion, falling short of Refinitiv consensus estimates of $3.25 per share on $2.78 billion in sales.
Snowflake — Shares plummeted 15.4% after the software company reported earnings that indicated the slowest sales growth since at least 2019. Revenue for the fourth quarter came in above analysts’ estimates and grew by 101% year over year. The company reported an adjusted loss of 43 cents per share.
Box Inc. — Shares gained 2.2% after the company reported better-than-expected results for the fourth quarter. The company earned 24 cents per share excluding items on $233 million in revenue. Analysts expected earnings of 23 cents per share on $229 million in revenue.
Intel — Shares dipped 1.9% after Morgan Stanley downgraded the stock from equal-weight to underweight. “Downgrades of value stocks … will let us focus on more actionable situations that offer relatively more attractive risk-reward going forward,” Morgan Stanley’s Ethan Puritz said.
Southwest — Shares gained 1.5% after Evercore ISI upgraded the airline stock to outperform from in-line. “Greater relative financial strength + margin focused planning lead us to raise our rating on Southwest,” the firm said.
— CNBC’s Samantha Subin and Sarah Min contributed reporting.