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Employees bring a television to Steve Steward’s car at a Best Buy store on Black Friday, traditionally one of the busiest shopping days of the year. Crowds are smaller this year due to the growing popularity of online shopping amid concerns about the COVID-19 pandemic.
Paul Hennessy | SOPA Pictures | LightRocket | Getty Images
Find out which companies are making the midday headlines.
Best Buy – Shares of the electronics retailer climbed more than 8% after the company reported better-than-expected quarterly results. Best Buy reported earnings of $ 2.98 per share on revenue of $ 11.85 billion. Wall Street expected a profit of $ 1.85 on revenue of $ 11.49 billion, according to Refinitiv. Same store sales increased 19.6%, beating estimates of 18.1%.
Palo Alto Networks – Shares of Palo Alto Networks jumped 19% after the security hardware and software company reported better-than-expected quarterly results on Monday night. The company also released strong earnings guidance for the new year. Palo Alto Networks reported adjusted earnings of $ 1.60 per share on revenue of $ 1.22 billion. Analysts had expected earnings of $ 1.44 per share on revenue of $ 1.17 billion, according to Refinitiv.
JD.com, Alibaba, Baidu, Pinduoduo – Chinese tech companies have rebounded from a recent slump as investors gain clarity on regulatory risks. Pinduoduo jumped 18% and JD.com jumped 12%. Baidu gained more than 8% and Alibaba jumped about 7%.
Planet Fitness – The gym chain’s shares rose more than 4% after Morgan Stanley launched cover for the stock with an overweight rating. The company said in a note to customers that gyms in areas with fewer health restrictions are recovering quickly.
Medtronic – Medtronic shares rose 3.8% on the company’s first quarter earnings, which exceeded expectations for bottom lines. Medtronic earned $ 1.41 per share on an adjusted basis on revenue of $ 7.99 billion. Analysts polled by Refinitiv expected the company to earn $ 1.32 a share on revenue of $ 7.87 billion. The company said it saw the request come back as people underwent elective procedures.
Las Vegas Sands, Wynn Resorts – Shares of Las Vegas Sands casino operators gained around 6%, and Wynn Resorts rose more than 5% after Macau eased travel restrictions for visitors to China’s Guangdong province , a key visitor source for the gaming capital. On Monday, Chinese health authorities reported no new cases of Covid-19 transmitted locally for the first time since July.
Didi Global – Shares of the Chinese rideshare app have jumped more than 11% following reports the company has suspended its plans to launch in the UK and mainland Europe. Investors could buy the decline after Beijing details the rules for Chinese companies wishing to go public overseas. Didi has been subjected to the country’s regulatory repression.
Cara Therapeutics – The drugmaker’s shares rose about 4% after receiving approval from the U.S. Food and Drug Administration for its Korsuva injection. Cara Therapeutics announced the news on Monday. The medicine is designed to treat a condition related to kidney disease known as pruritus.
Advance Auto Parts – Shares of the automaker gained around 0.8% after beating quarterly results on the top and bottom. Advance Auto reported a profit of $ 3.40 on sales of $ 2.65 billion. Analysts had expected a profit of $ 3.04 on revenue of $ 2.64 billion, according to Refinitiv.
– with reporting by CNBC’s Pippa Stevens, Jesse Pound, Yun Li, Hannah Miao and Tanaya Macheel.
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