Take a look at the companies making waves in the stock market during midday trading.
Target: Despite a lowered earnings forecast and underwhelming second-quarter sales, Target saw a 2.9% increase in shares. The company reported earnings of $1.80 per share on revenue of $24.77 billion. Analysts were expecting earnings of $1.39 per share on $25.16 billion in revenue. However, there was improvement in inventory compared to the previous year.
Coinbase: The U.S. cryptocurrency exchange experienced a slight 0.2% decline. The National Futures Association approved Coinbase to offer futures trading alongside its existing spot crypto trading, as authorized by the Commodity Futures Trading Commission.
TJX Companies: The discount retailer saw a 4.1% jump in shares after surpassing Wall Street expectations for the fiscal second quarter. TJX reported adjusted earnings of 85 cents per share on $12.76 billion in revenue, exceeding the anticipated 77 cents per share and $12.45 billion in revenue.
Coherent: Shares plummeted 29.9% following a disappointing fiscal first-quarter guidance from Coherent, a manufacturer of lasers and optics. The company predicted earnings of 5 cents to 20 cents per share and revenue of $1 billion to $1.1 billion, while analysts estimated 47 cents per share in earnings and $1.16 billion in revenue.
VinFast Auto: The Vietnamese electric vehicle stock experienced a significant 18.8% drop. VinFast Auto made its debut on the Nasdaq, with shares initially surging over 250%.
JD.com: Despite beating expectations in its most recent quarter, U.S. shares of the Chinese e-commerce company slid 3%. JD.com reported better-than-expected results on both top and bottom lines.
Keurig Dr Pepper: The beverage stock gained 1.2% after a UBS upgrade from neutral to buy. The decision was influenced by the perceived undervaluation of the stock.
H&R Block: The tax prep software stock rose by 9.7% following a dividend increase of 10%. H&R Block also surpassed analysts’ expectations for the fiscal fourth quarter, reporting adjusted earnings of $2.05 per share on revenue of $1.03 billion. Analysts had estimated earnings of $1.88 per share and revenue of $1.01 billion.
Agilent Technologies: The laboratory technology company experienced a 3.4% decline in shares after revising its full-year guidance due to a soft macroeconomic environment. Despite beating consensus estimates, with adjusted earnings of $1.43 per share on revenue of $1.67 billion, analysts had anticipated earnings of $1.36 per share and revenue of $1.66 billion.
Jack Henry & Associates: The financial technology stock retreated 7% after providing full-year earnings guidance below analysts’ expectations. Jack Henry expects earnings of $4.92 to $4.99 per share, while analysts had forecasted $5.32 per share.
Mercury Systems: Despite weak quarterly results and guidance, the aerospace stock climbed 6.9%. Mercury reported adjusted earnings per share of 11 cents on $253.2 million in revenue, falling short of analysts’ estimated 52 cents per share and $278.8 million in revenue.
Cava: The Mediterranean restaurant chain gained 1.2% after reporting a profit for its first quarter post-IPO. Cava reported earnings of 21 cents per share on revenue of $172.9 million.
Jack in the Box: Shares of the restaurant stock increased by 2.3% after Loop Capital reiterated its buy rating. Jack in the Box had faced a series of declining sessions due to negative investor reaction to its quarterly report. Loop Capital identified this decline as an opportunity to invest.
GE HealthCare: Shares rose by 0.2% after Wells Fargo initiated coverage of GE HealthCare with an overweight rating and a $90 price target, indicating a potential 28% upside. The Wall Street firm highlighted the growth potential of GE HealthCare’s Alzheimer’s drug Leqembi.
News Corp: Shares advanced by 1% following Morgan Stanley’s resumption of coverage for the media stock. The investment firm predicted an increase in shares over the next two months.
Getty Images: The image platform’s stock declined by 2.1% despite an upgrade to outperform from in line by Imperial Capital. Imperial emphasized Getty Images’ prominent market position and ability to generate free cash flow.
Intel: Shares slid by 3.6% after Intel announced the termination of its agreement to acquire Tower Semiconductor. Intel cited failure to obtain regulatory approvals in time and will pay a $353 million termination fee. Tower Semiconductor also experienced an 11% decline in its shares.
General Motors: General Motors saw a 1.4% decline in midday trading. United Auto Workers President Shawn Fain warned that members have until August 24 to authorize a strike if a new contract agreement is not reached with the Big Three automakers (General Motors, Ford Motor, and Stellantis) by the expiration of the current deal next month.
Note: This information was compiled with contributions from CNBC’s Sarah Min, Samantha Subin, Michelle Fox, and Jesse Pound.
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