Kayaks are on display outside a Dick’s Sporting Goods Inc. store in West Nyack, New York.
Craig Warga | Bloomberg | Getty images
Check out the companies that are making headlines during afternoon trading.
Tech Stocks – Tech stocks and more speculative stocks rallied on Tuesday after a drop in US Treasury yields helped the sector reverse some of the steep losses in recent weeks. Electric car maker Tesla jumped more than 14%, to the rhythm of its best day since March 2020. Solar company Enphase Energy gained almost 12%. Chip and chip related companies Nvidia and Lam Research were up more than 7%, while Xilinx added about 6.8%.
Zoom Video – Shares of the video communications company fell more than 7% in the afternoon after CEO and founder Eric Yuan transferred about 40% of his stake, according to a government filing. Yuan made the transfers, which totaled about $ 6 billion, as gifts to unspecified recipients of two trusts. The company said the transfer was part of the estate planning for Yuan and his wife.
First Energy – Shares of the energy company rose more than 2% after Bloomberg News reported activist investor Carl Icahn is in talks with the company about possibly two seats on its board. Icahn took a significant stake in FirstEnergy and tried to help the company work through a federal corruption scandal, Bloomberg reported, citing people familiar with the case.
Dick’s Sporting Goods – Retail inventory fell about 6% on Tuesday, despite the company beating Wall Street’s top and bottom estimates for the fourth quarter. Dick’s recommended earnings for the coming year at between $ 4.40 and $ 5.20 per share. Analysts polled by FactSet estimated it at $ 5.15 a share, close to the top of the range.
Stitch Fix – Share of subscription styling service fell more than 28% after missing analyst revenue expectations as shipping delays and lower customer spend hindered sales. Stitch Fix lowered its revenue forecast for the current quarter and fiscal year. The company said active customers spent an average of 7% less than the same time a year ago.
Baidu – Shares of the artificial intelligence company rose more than 11% after Reuters reported that the company passed a hearing to hold a second listing of its shares in Hong Kong. However, this move has left Baidu roughly level this week, after falling 11.1% on Monday.
CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed to the reporting.