A GameStop logo seen in Stephen’s Green Shopping Center in Dublin.
Artur Widak | NurPhoto | Getty Images
Check out the companies that are making headlines during afternoon trading.
GameStop – Shares of the physical retailer fell 17% after not giving investors enough detail about its turnaround plan and acknowledging in a filing that it was considering selling additional shares. GameStop also missed the top and bottom lines of the quarterly results on Tuesday.
Dave & Buster’s – Shares of the entertainment and arcade company were down more than 4% after Raymond James reiterated his strong buy rating ahead of Dave & Buster’s earnings report. Wall Street firm said it sees an “attractive” entry point after the stock’s recent decline.
American Airlines, Norwegian Cruise Line – Stocks pending the reopening of the economy surged on Wednesday after being beaten during the previous session for fear of the recovery. Shares of American Airlines were up more than 2%, while United Airlines was up nearly 3%. Carnival was up 5%, while Norwegian Cruise Line and Royal Caribbean were up more than 4%.
General Mills – Shares of the food company fell more than 5% after General Mills missed third-quarter earnings expectations. The company earned 82 cents a share excluding items, compared to the 84 cents of profit analysts surveyed by Refinitiv expected. However, sales were higher than estimates, reaching $ 4.52 billion, compared to the projected $ 4.45 billion.
Bank of New York Mellon – Bank stock fell more than 3% after Bank of America upgraded its stock twice to buy from underperformance. Wall Street firm said Bank of New York Mellon will benefit from an improving revenue and earnings outlook, as well as an attractive valuation.
AMC Entertainment – Shares of the movie chain fell more than 4% after Disney said it would delay the release of “Black Widow” from May 7 to July 9. The movie, along with “Cruella”, will also be available on Disney + for an additional rental fee. AMC shares are down more than 26% this week so far.
FedEx – Shares of the shipping giant were up nearly 2.5% after Barclays named FedEx its top pick. The company said in a note to customers that it expects the company’s cash flow to improve in the coming quarters after years of investing those proceeds into the delivery network.
Winnebago – Recreational vehicle inventory fell more than 2% Wednesday despite a better-than-expected second quarter fiscal report. Winnebago earned $ 2.12 per share on $ 840 million in revenue. Analysts polled by Refinitiv were looking for $ 1.42 per share and $ 805 million in revenue. The company’s deliveries of its “Class A” units fell year on year, even as total deliveries increased.
Adobe – Shares of the computer software company are down 1% despite higher first-quarter earnings expectations and higher fiscal year 2021 outlook. Adobe raised its fiscal 2021 revenue forecast to $ 15.45 billion, up from previous expectations of $ 15.15 billion. The company also increased its fiscal earnings per share for 2021 from $ 11.20 to $ 11.85.
Estee Lauder – Shares of the beauty salon were up 3% after Wells Fargo upgraded Estee Lauder from equal weight to overweight, ahead of the third quarter report. The Wall Street firm said Estee Laurder’s long-term sales and margin potential was “attractive”.
Steelcase – Shares of the office furniture maker fell less than 1% after the company released a weaker-than-expected projection as demand for office products remains weak. Steelcase reported earnings per share of 6 cents for the last quarter, exceeding Refinitiv’s estimate of a 1 cent loss. Turnover also exceeded expectations.
– with reports from CNBC’s Yun Li, Pippa Stevens, Jesse Pound and Rich Mendez.