People walk near the entrance of Kohl’s department store on June 7, 2022 in Doral, Florida.
Joe Raedle | Getty Images
Check out the companies making the biggest moves midday:
Kohl’s: Shares of the retailer rose 5.64% after a Reuters report that private equity firm Oak Street Real Estate Capital has made an offer to acquire up to $2 billion of the Kohl’s property and that the retailer rents its stores. Reuters cited people familiar with the matter.
Broadcom: Shares of Broadcom advanced 1.67% after the chipmaker reported quarterly earnings and revenue that beat analysts’ estimates and issued stronger-than-expected revenue guidance for the current quarter The company’s CEO Hock Tan also said he expects demand to continue this quarter.
Lululemon: Shares of the apparel company rose 6.7% after Lululemon’s earnings beat analysts’ estimates for the second quarter. The company reported $2.20 in adjusted earnings per share on revenue of $1.87 billion. Analysts polled by Refinitiv had expected $1.87 in earnings per share and $1.77 billion in revenue. Comparable sales increased 23% year over year and operating margin expanded to 21.5%.
Okta: Shares of the cybersecurity company rose 6.65%, recouping some of its sharp losses from the previous day. Okta had fallen 33.7% on Thursday after a flurry of Wall Street downgrades, despite an uptick in the top and bottom lines in the latest quarter.
Salesforce: Shares of the business software maker jumped earlier in the day but settled just 0.1% higher after Guggenheim upgraded the stock to neutral from sell. The Wall Street firm raised its rating after Salesforce sold off 20% since its inception. Last week, Salesforce reported numbers that beat quarterly expectations but fell short of guidance for the current quarter and full fiscal year.
PagerDuty — PagerDuty fell 2.45%, despite reporting better-than-expected quarterly earnings and strong guidance. The operations management software company reported a 7.1% increase in total paying customers compared to the previous year and a 37.5% increase in the number of customers providing recurring revenue per year in excess of $100,000.
Rocket Lab: Shares of Rocket Lab rose in midday trading, but closed only 95% higher after the company announced that it successfully fired a reused Rutherford stage engine for the first time earlier this week The engine is a liquid propellant rocket engine designed and manufactured by the Space Rocket Company.
Beyond Meat: Shares of Beyond Meat fell 4.68% after investment firm Baillie Gifford reported a 6.61% stake in the company. This is down from the company’s 13.38% stake on December 31, 2021.
Energy Stocks – Oil prices rose on Friday, helping to boost shares of energy companies. Among the gainers was Halliburton, which jumped 3.7%. Devon Energy and ConocoPhillips rose about 3%, while Exxon Mobile rose just under 2% and Occidental Petroleum added 0.54%.
– CNBC’s Jesse Pound, Yun Li and Tanaya Macheel contributed to this report.
