Pedestrians walk past a GAP store in New York.
Scott is dim CNBC
Check out the companies making headlines in midday trading.
Ross Store — Rose Stores jumped 10% on quarterly earnings and revenue. Credit Suisse named the company a top pick in the off-price retail sector. Analyst Michael Binetti raised his price target to $123 from $99. On Thursday, Ross Stores reported third-quarter earnings-per-share of $1.00, versus a Refinitiv estimate of 81 cents.
Foot Locker — Shares of Foot Locker jumped 7% after it beat expectations in its latest quarterly report and raised its full-year forecast.
the caravan — Carvana fell 6% after an internal message obtained by CNBC’s Scott Wapner said the company plans to lay off about 1,500 workers, or 8% of its workforce.
Rent the runway — Shares of Runway Rentals fell 12% after Morgan Stanley downgraded shares of the online apparel retailer to equal weight from overweight. The firm said runway rental is proving to be a “more volatile” business than originally expected, indicating a challenging path to profitability ahead.
Farfetch — The stock fell 17% after Farfetch missed expectations on the top and bottom lines in the most recent quarter, according to FactSet’s consensus estimate.
Palo Alto Networks — Tech stocks jumped nearly 8% in the most recent quarter after Palo Alto reported a beat on the top and bottom lines, according to Refinitiv’s consensus estimate. Palo Alto has slightly increased its guidance.
Coinbase — Shares fell more than 8% after Bank of America downgraded Coinbase from buy to neutral, saying the FTX debacle raises “contagion risk” for the crypto exchange platform, even if it’s not another FTX.
the gap — Retail stocks jumped more than 4% after Gap reported a revenue beat in its most recent quarter, even as it issued a cautious outlook ahead of the holiday season.
Bark — The retailer saw its stock rise 4% after the company posted an earnings beat. Buckle reported third-quarter earnings of $1.24 per share, compared to consensus estimates of $1.19 per share, according to FactSet.
Draft Kings — DraftKings stock rose nearly 2% after Piper Sandler initiated coverage of the sports betting company with an overweight rating, saying shares could rise 40% from here.
RH — Shares fell more than 5% after Wedbush downgraded RH to neutral from outperform, saying there was evidence of a course correction in its luxury strategy.
Diamondback Energy — Energy stock shares lag behind falling oil prices as a group. Diamondback Energy was up 4%, Marathon Oil was up 3%, Halliburton was down 2%.
Williams-Sonoma — Shares fell nearly 7% after Williams-Sonoma declined to reaffirm or update its guidance through fiscal 2024. Refinitive.
— CNBC’s Michelle Fox, Yun Lee and Samantha Subin contributed reporting.