Stocks making the biggest moves midday: Slack, Tiffany, Tesla, Lululemon, United Airlines & more

Market Insider

Chris Ratcliffe | Bloomberg | Getty Images

Check out the companies making headlines in midday trading. 

Slack — Shares of Slack tanked 14% after its quarter results showed steady growth instead of an expected boost from the coronavirus. Although it beat on full-year guidance, the team communications software company’s revenue growth came in below 50% on an annualized basis, in line with the two previous quarters.That’s a disappointment compared with video-calling software company Zoom, which showed 355% growth during the pandemic. Slack did not reinstate billings guidance due to the volatile environment, which analysts said is also pressuring the stock.

Tesla – Shares of the electric auto maker jumped about 5% as the stock sought to claw back some of its recent losses. On Tuesday the stock dropped 21.06% for its single worst day on record after the company was not added to the S&P 500 after widespread speculation that it would be included in the benchmark index.

Tiffany — Tiffany shares dropped more than 8% after Louis Vuitton owner LVMH said it was scrapping a $16.2 billion acquisition of the jewelry company. LVMH said the deal couldn’t be completed “as it stands,” noting it needs to figure out the impact from potential U.S. tariffs on French goods. The Wall Street Journal, meanwhile, reported Tiffany filed a lawsuit to enforce the agreement.

Lululemon — Shares of the athletic retailer dropped more than 8% despite its better-than-expected earnings and revenue for the second quarter. CEO Calvin McDonald said the retailer is “cautiously optimistic” about the rest of the year. Lululemon is not offering a 2020 outlook at this time.

HD Supply – Shares of HD Supply rose 4% after the industrial distributor reported earnings that exceed analysts’ expectations. HD Supply said it earned 83 cents per share in the previous quarter, 10 cents above estimates, according to Refinitiv. Its revenue was in line with Wall Street forecasts. 

United Airlines – Shares of United Airlines fell 4% after the carrier said it doesn’t expected the recovery from the coronavirus to follow a “linear path.” The airline company also cut its third-quarter scheduled capacity forecast as well as passenger revenue. United said in continues to expect average daily cash burn during the third quarter to be about $25 million per day.

Qorvo — Shares of the chipmaker jumped more than 8% after the company raised its guidance for its fiscal second quarter, citing strong demand for its mobile products. The company now projects its adjusted earnings per share to be $2.14 at the midpoint of its guidance, up from $1.90 previously. The company raised its revenue guidance as well.

Apple – Shares of the tech giant jumped more than 4% amid a comeback in the tech sector. The stock is still down more than 10% over the last week, however.

Mastercard — Shares of the financial company rose more than 2% after Mastercard said it was seeing “continued modest improvements” in its business in August. The company said its switched volume is now above its pre-pandemic levels outside of the travel and entertainment sectors and that business improved from July to August in every market outside the U.S.

— CNBC’s Maggie Fitzgerald, Pippa Stevens, Fred Imbert and Jesse Pound contributed reporting.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Articles You May Like

Gary Gensler says he was ‘proud to serve’ as SEC chair, defends his approach to crypto regulation
David Einhorn to speak as the priciest market in decades gets even pricier postelection
What should my wife do with my Roth IRA when I die?
AI’s Dark Horse Could Become Its Crown Jewel Under Trump
5 Stocks to Buy on a Trump Victory