A customer exits a Big Lots store in Clifton, New Jersey.
Emile Wamsteker | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Big Lots — Shares of Big Lots tumbled nearly 30% after the retailer posted a quarterly earnings miss. The company reported earnings per share of $2.39 in the fourth quarter, below analyst expectations of $2.68 per share, according to FactSet. Big Lots also said it expects a “challenging” first quarter due in part to “the sales impact of supply chain disruption related to the coronavirus.”
Apple — Shares of Apple dipped 1.7%, after being down more than 4% earlier in the day. Apple’s stock briefly dipped into bear market territory, down more than 20% from its most recent 52-week high. Apple has been hit over fears the coronavirus would hurt demand in China, as well as disrupt its supply chain there. The company said last week that it will likely not meet its guidance for the first quarter because of the virus impact.
Cruise lines — Cruise stocks stopped their long decline and traded higher on Friday morning. Norwegian Cruise Lines spiked 4.6%, while Royal Caribbean rose 3.9% and Carnival was up 3.2%. All three are still down about 20% or more for the week. Deutsche Bank downgraded Royal Caribbean and Norwegian to hold overnight, and kept Carnival as a hold, saying in a note that “we cannot realistically recommend buying them.”
Wayfair — Shares of Wayfair plummeted more than 12% following its disappointing earnings results. The online furniture retailer reported a loss of $2.80 per share, larger than the loss of $2.65 per share expected on Wall Street, according to Refinitiv. The issue for Wayfair has long been how to turn a profit. The company has been criticized for spending too much money on advertising to acquire new customers on the internet.
Airlines — Major airline stocks fell on Friday as flight cancellations and travel advisories continued to expand due to the epidemic. Delta, American and United all dropped more than 3%, and United announced that it is reducing its flights to Asia. Southwest and JetBlue were off more than 1%.
Beyond Meat — The alternative meat company dropped more than 17% after the company reported a surprise quarterly loss. Beyond Meat posted a loss of 1 cent per share for the previous quarter even as quarterly revenue tripled on a year-over-year basis.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
View original Post