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The kayaks are on display outside a Dick’s Sporting Goods Inc. store in West Nyack, New York.
Craig Warga | Bloomberg | Getty Images
Find out which companies are making the headlines in midday trading.
Tech stocks – Tech and more speculative stocks surged en masse on Tuesday as lower yields on U.S. Treasuries helped the sector reverse some of the steep losses seen in recent weeks. Electric car maker Tesla jumped more than 14%, on pace for its best day since March 2020. Solar cell company Enphase Energy gained nearly 12%. Chip-related companies Nvidia and Lam Research rose more than 7%, while Xilinx added about 6.8%.
Zoom Video – Shares of the video communications company rose more than 7% as of noon after CEO and founder Eric Yuan transferred around 40% of his stake, according to a government file. Yuan made the transfers, totaling around $ 6 billion, to unspecified recipients of two trusts as gifts. The company said the transfer was part of Yuan and his wife’s estate planning.
First Energy – Shares of the energy company rose more than 2% after Bloomberg News reported that activist investor Carl Icahn was in talks with the company about the possibility of taking two seats on the board. Icahn took a significant stake in FirstEnergy and sought to help the company fight a federal corruption scandal, Bloomberg reported, citing people familiar with the matter.
Dick’s Sporting Goods – Retail stock fell about 6% on Tuesday despite the company beating Wall Street estimates up and down for its fourth quarter. Dick’s has forecast earnings for the coming year between $ 4.40 and $ 5.20 per share. Analysts polled by FactSet had projected $ 5.15 per share, near the top of the range.
Stitch Fix – The subscription styling service’s shares fell more than 28% after missing analysts’ earnings expectations as shipping delays and lower customer spending weighed on sales. Stitch Fix has lowered its revenue forecast for the current quarter and fiscal year. The company said that, on average, active customers spent 7% less than the same period a year ago.
Baidu – Shares of the artificial intelligence company jumped more than 11% after Reuters said the company had passed a hearing to re-list its shares in Hong Kong. The move puts Baidu roughly stable for the week, after falling 11.1% on Monday.
– CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed reporting.
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