A Dick’s Sporting Goods store in Niles, Illinois, May 20, 2014.
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Check out the companies making headlines in midday trading.
Dick’s Sporting Goods — The retail stock plummeted nearly 24% following a rare earnings miss and a downward revision of its guidance for the year. The decline was partly attributed to an increase in store theft. The company’s fiscal second-quarter earnings per share came in at $2.82, significantly lower than the consensus estimate of $3.81 from Refinitiv. Meanwhile, revenue totaled $3.22 billion, slightly below the expected $3.24 billion.
Macy’s — The department store stock dropped 11% after Macy’s reiterated its cautious full-year outlook. The company anticipates adjusted earnings per share ranging from $2.70 to $3.20, with an expected decline in comparable store sales between 6% and 7.5%.
Lowe’s — Lowe’s shares rose by 4% as the home improvement retailer exceeded earnings expectations and reaffirmed its full-year guidance. The company reported earnings of $4.56 per share, surpassing the anticipated $4.49 as surveyed by Refinitiv. Additionally, revenue reached $24.96 billion, slightly below the expected $24.99 billion.
Charles Schwab — The brokerage firm’s shares declined 3.7% after announcing plans to cut jobs as part of a cost-saving measure to reach $500 million in savings. According to Bloomberg, Charles Schwab is also seeking to raise debt in the bond market.
American Airlines — The airline stock decreased by 1.7% after American Airlines’ pilots approved a new labor deal that includes a 21% pay increase.
Baidu — U.S.-listed shares of the Chinese internet company surged over 4% after reporting better-than-expected results for the second quarter. Baidu attributed the 15% year-over-year growth in revenue to the influence of artificial intelligence on online marketing sales during the period.
Microsoft
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