A man with Nike bags talks on the phone in front of a Nike store as Black Friday sales begin at The Outlet Shoppes of the Bluegrass in Simpsonville, Kentucky, November 26, 2021.
Check out the companies making headlines in midday trading.
Nike — Shares of Nike jumped 2.2% after the company reported a beat on the top and bottom lines in the third quarter. The retailer reported earnings of 87 cents per share on revenues of $10.87 billion, topping analysts' estimates of 71 cents per share on revenues of $10.59 billion. Nike delayed giving its outlook for the year.
GameStop – Shares of the video-game retailer jumped 30.7%. There was no clear reason behind the move. The firm reported quarterly results last week, posting a per-share loss of $1.86 compared to expected earnings of 85 cents per share, according to FactSet's StreetAccount. Shares of AMC Entertainment, a fellow meme-stock favorite, also leapt 11%.
Datadog — Shares of the software company jumped 6% after investment firm BTIG initiated coverage of the stock with a buy rating. BTIG said in a note to clients that Datadog is set up for near- and long-term success.
Alibaba — Shares of the China-based e-commerce giant jumped 11% after the company increased its share buyback program to $25 billion from $15 billion, effective for a two-year period through March 2024. Alibaba also appointed Weijian Shan, executive chairman of Hong Kong-headquartered investment group PAG, to its board as an independent director.
Tencent Music Entertainment — The entertainment services company saw its shares jump 9.6% after it reported better-than-expected earnings for the most recent quarter. Tencent Music also said it would pursue a secondary listing on the Hong Kong Stock Exchange.
Money Report
Pfizer — The biopharmaceutical giant's stock price slipped 2.1% after the company said it will distribute up to four million treatment courses of its oral Covid pill to dozens of poorer nations in a partnership with the United Nations Children's Fund.
Okta — Shares of the authentication and identity management firm fell 1.7% on news of a potential breach from a hacking group. Okta said it had "detected an attempt to compromise the account of a third party customer support engineer working for one of our subprocessors" but found no new evidence of an attack.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Chicago Catch-Up newsletter here.
Alphabet — The tech giant's stock price spiked 2.7% after Google's parent company spun off Sandbox AQ, a quantum computing start-up that includes former Google CEO Eric Schmidt as investor and chairman of the board.
Sherwin-Williams — The paint company's shares gained 1.7% after Bank of America upgraded the stock to a buy from neutral. Analyst Steve Byrne said the issues facing the chemicals sector are already accounted for in the stock price and that the shares could be a way to bet on the U.S. economy over Europe.
Carnival — The cruise company slipped less than 1% after it provided a business update for the first quarter that includes a net loss of $1.9 billion, compared with estimates of $1.36 billion, according to FactSet's StreetAccount. Carnival also reported revenues of $1.62 billion, compared to estimates of $2.26 billion.
Energy stocks — Several energy stocks were lower on Tuesday and were the top decliners in the S&P 500 after jumping in the previous session, as investors paused to take profits. Hess and Occidental declined more than 2%. EOG, Diamondback and Marathon declined more than 1%. Energy is the only sector in the green so far in 2022.
— CNBC's Samantha Subin, Sarah Min and Jesse Pound contributed reporting
