Employees bring a TV to Steve Steward’s car to 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 | Images SOUP | LightRocket | Getty Images
Check out the companies that are owners in the noon trade.
Best Buy: Electronics retailer shares rose more than 8% after the company issued better-than-expected quarterly results. Best Buy reported earnings of $ 2.98 per share on revenue of $ 11.85 billion. Wall Street expected earnings of $ 1.85 for revenue of $ 11.49 million, according to Refinitiv. Sales at the same store increased 19.6%, exceeding estimates by 18.1%.
Palo Alto Networks: Palo Alto Networks shares rose 19% after security and hardware company reported better-than-expected quarterly earnings on Monday at the end. The company also issued a strong profit forecast for the new year. Palo Alto Networks reported adjusted earnings of $ 1.60 per share with revenue of $ 1.222 billion. According to Refinitiv, analysts expected earnings of $ 1.44 per share on revenue of $ 1.17 billion.
JD.com, Alibaba, Baidu, Pinduoduo – Chinese technology companies rebounded due to a recent fall, as investors gained more clarity on regulatory risks. Pinduoduo increased 18% and JD.com increased 12%. Baidu gained more than 8% and Alibaba jumped about 7%.
Planet Fitness: Gym chain stocks rose more than 4% after Morgan Stanley began stock coverage with an overweight rating. The firm said in a note to customers that gyms in areas with fewer health restrictions are recovering quickly.
Medtronic: Medtronic shares advanced 3.8% after the company’s first-quarter earnings, which exceeded expectations at the top and bottom line. Medtronic earned $ 1.41 per share on an adjusted basis with revenue of $ 7.999 billion. Analysts polled by Refinitiv expected the company to earn $ 1.32 per share with revenue of $ 7.878 billion. The company said it saw demand return as people underwent non-urgent procedures.
Las Vegas Sands, Wynn Resorts – Shares of Las Vegas Sands casino operators gained about 6%, and Wynn Resorts rose more than 5% after Macau reduced travel restrictions on visitors to China’s province. Guangdong, a key source of visitors to the gaming capital. On Monday, Chinese health authorities did not report for the first time since July any new cases of local transmission of Covid-19.
Didi Global: Shares of the Chinese app have risen more than 11% after reporting that the company has suspended launch plans in the UK and mainland Europe. Investors could buy the deposit following the detailed rules of Beijing for Chinese companies wishing to go abroad. Didi has been the subject of regulatory repression in the country.
Cara Therapeutics – The shares of the drug manufacturer increased by about 4% after receiving approval from the US Food and Drug Administration for its Korsuva injection. Cara Therapeutics announced the news Monday. The drug is designed to treat a condition related to kidney disease known as itching.
Advance Auto Parts: The car company’s shares rose about 0.8% after surpassing the top and bottom lines of its quarterly results. Advance Auto reported earnings of $ 3.40 in revenue of $ 2.65 billion. Analysts had expected earnings of $ 3.04 for revenue of $ 2.644 billion, according to Refinitiv.
– with reports from Pippa Stevens, Jesse Pound, Yun Li, Hannah Miao and Tanaya Macheel of CNBC.