Pedestrians walk by a CVS store on November in San Francisco, California.
Justin Sullivan | Getty Images
Check out the companies making headlines in midday trade:
Box— Shares of Box closed down 4% after the company lowered its full year revenue guidance, citing a lag in landing large clients. The cloud company changed cut its revenue outlook to $688 million and $692 million from between $700 million and $704 million. That compares with $702 million estimated by analysts, according to Refinitiv. Box posted a loss of 3 cents per share, slightly better than expected.
CVS Health — Shares of the drugstore and health company rallied 2% after the company promised double-digit earnings growth by 2020 at its investor day on Tuesday. The year 2020 will be when the $70 billion acquisition of health insurer Aetna with be fully integrated into CVS’s business. Shares of Rite Aid also rose in midday trading on the optimistic outlook from CVS.
Mattel— Shares of Mattel closed up more than 11% after the toy company announced it signed a licensing agreement with Hello Kitty franchise owner Sanrio. The toy line will be available in North America, Europe, Latin America, Australia and New Zealand beginning Fall 2020, the company said in a release. Separately, the stock was booted from the S&P 500 and will begin trading in the S&P MidCap 400 on Friday.
Bank stocks, including Goldman Sachs, Citigroup, Morgan Stanley, Bank of America, and JPMorgan Chase, all rose at least 2% as bond yields rebounded. The 10-year Treasury note yield climbed after reaching its lowest level in 20 months on Monday.
Lands’ End— Shares of Lands’ End closed up 7% after posting better-than-expected results. The retailer reported a loss of 21 cents per share, while analysts forecast a loss of 31 cents, according to Refinitiv. Revenue was $262.4 million, topping estimates of $260.6 million.
Navistar— Shares of Navistar closed up 9% after beating on the top and bottom lines of its second-quarter results. The truck maker posted earnings per share of $1.06 on revenue of $2.996 billion. Wall Street estimated earnings per share of 89 cents on revenue of $2.712 billion per Refinitiv.
Beyond Meat—Shares of Beyond Meat closed up more than 7% on a Wall Street Journal report that meat alternative companies are struggling to meet demand. Due to limited production capacity Beyond Meat and rival Impossible Foods have been unable to meet the high frequency of orders from restaurants adding meatless products to their menus.
Tiffany— Shares of Tiffany ended the day up 2% despite posting mixed first-quarter earnings. The jewelry-maker posted earnings per share of $1.03, slightly higher than the forecast $1.02, according to Refinitiv. Tiffany’s same-store sales dropped 5%, compared to the 1.2% estimated. The company’s CEO cited foreign exchange headwinds and “dramatically lower worldwide spending attributed to foreign tourists” for the disappointing comps.
Amazon—Shares of Amazon closed up 2% after investment firm Loop Capital raised its price target on the stock to $2,380 from $2,200. Loop Capital said Amazon’s market capacity could triple over the next four to five years.
Netflix—Shares of Netflix ended the day up 4% after Loop Capital upgraded the stock to “buy” from “hold” and raised the price target to $425. The financial planner believes that Netflix has an “unstoppable lead” in subscription video streaming.
—Nadine El-Bawab contributed to this report.