Boeing, Deere, AT&T and more
An ASL Airlines Boeing 737-400 cargo plane landing at Milan Malpensa Airport.
Fabrizio Gandolfo | LightRocket | Getty Images
Find out which companies are making the headlines in midday trading.
Boeing – Boeing shares edged up nearly 3% in midday trading Reuters reported the aircraft maker has discussed increasing production of the 737 MAX to 42 jets per month by the end of 2022. The news comes as Boeing seeks to recover from safety concerns and the Covid pandemic.
Deere – Shares of the farm equipment maker rose nearly 2.5% after beating both highs and lows in its quarterly results. Deere reported earnings of $ 5.68 per share on revenue of $ 11 billion. Wall Street is forecasting earnings of $ 4.52 per share on revenue of $ 10.44 billion, according to Refinitiv.
AT&T – The telecom company’s stock price rose more than 1%, rising for the second day in a row after falling earlier in the week after the announcement of a derivative deal involving WarnerMedia and Discovery. UBS updated the stock to buy from neutral on Friday, saying the lean company had a clearer path to improving cash flow growth.
VF Corp – Shares of the apparel name fell more than 7% following the company’s fiscal fourth quarter results. The parent company of North Face, Timberland and Vans reported revenue of $ 2.58 billion, which was ahead of the $ 2.5 billion expected by analysts polled by Refinitiv. But the bottom line missed estimates, with the company earning 27 cents per share excluding items, two cents less than expected earnings of 29 cents per share.
Oatly – Oatly shares were last traded around 7% higher Friday at noon after the oatmilk maker launched on Thursday. Oatly’s IPO was priced at $ 17 per share, with the first trade at $ 22.12 and a Thursday closing price of $ 20.20.
Deckers – Retail inventory jumped nearly 6% after growth in Deckers’ Hoka brand helped the company beat expectations for its fiscal fourth quarter. Deckers reported $ 1.18 in earnings per share and $ 561 million in revenue. Analysts polled by Refinitiv were looking for 64 cents a share for $ 437 million in revenue.
Nvidia – Shares of Nvidia rose more than 2% at midday after the company announced a 4-to-1 stock split, pending shareholder approval. Oppenheimer also reiterated its outperformance rating on Nvidia shares. The tech company is expected to release its results on Wednesday.
Palo Alto Networks – The cybersecurity headline rose 5.3% at noon after beating the streets on its upper and lower lines. Palo Alto Networks reported Thursday earnings of $ 1.38 per share, exceeding analysts’ expectations of $ 1.28 per share. The company also reported quarterly revenue of $ 1.07 billion, compared to $ 1.06 billion expected by analysts.
Galactic Virgo – Space company shares rose more than 5% after UBS updated the stock to buy from neutral on Friday. The Wall Street company called on clients to take advantage of an opportunity the company sees with stocks down nearly 70% from their February highs.
– CNBC’s Yun Li, Pippa Stevens, Maggie Fitzgerald and Jesse Pound contributed reporting
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