Check out the companies making the biggest moves in midday trading Friday:
Adobe — Shares of the software company jumped more than 4% following second-quarter earnings results. Adobe reported a profit of $2.45 per share for the quarter, which was 12 cents ahead of consensus estimates. Revenue was slightly short of expectations, however, and the company gave lighter-than-expected current quarter guidance.
PVH – Shares of the retailer slid more than 7% after the company missed top- and bottom-line estimates in the first quarter. PVH lost $3.03 per share, compared with the $1.67 per share loss the Street had been expecting. Revenue was also light after the company was forced to shutter its stores during the coronavirus lockdown.
Dick's Sporting Goods — Shares of the sporting goods retailer surged more than 8% after the company said it was reinstating its dividend. Dick's suspended its dividend in the first quarter during the coronavirus pandemic but now, with strong early sales results as stores have re-opened the company is in a better cash position.
Tesla — Shares of Tesla dropped more than 3% after Morgan Stanley downgraded the electric car maker to "underweight" from "equal-weight." The bank said cited a slew of risks facing the company including the U.S.-China trade, near-term demand, capital needs and tech competition. The stock topped $1,000 apiece for the first time earlier this week.
Hertz — The volatile stock of the bankrupt rental car company spiked 37% on Friday after the Wall Street Journal reported that the company had asked its bankruptcy judge to allow a secondary stock offering. The company is looking to offer just under 250 million additional shares, according to the report.
Lululemon Athletica — Shares of the apparel company fell more than 4% after it reported a weaker-than-expected fiscal first quarter. Lululemon reported earnings of 22 cents per share, one cent below Wall Street estimates, and $652 million of revenue, $36 million below expectations, according to Refinitiv. Sales declined year-over-year despite 68% growth in direct-to-consumer channels.
American Airlines — American Airlines stock rallied 14.9% in midday trading Friday after the company announced in a filing that it expects second-quarter revenues to be down about 90% on year and said it's pursued significant cost-cutting measures to remove more than $13.5 billion from its operating and capital budgets for 2020. It also said its cash burn rate has decelerated to about $40 million a day forecast for June versus a peak of more than $100 million a day in April.
—CNBC's Pippa Stevens, Jesse Pound, Maggie Fitzgerald and Yun Li contributed to this report.
VIDEO2:5602:56The three types of investors in extremely volatile marketsInvest in You: Ready. Set. Grow.
Source: cnbc.com
