Source: Stitch Fix
Check out the companies making headlines in midday trading.
Stitch Fix — Shares of Stitch Fix plummeted 25% on Tuesday after the personal styling service issued a bleak outlook and reported quarterly revenue that missed analysts’ expectations. Stitch Fix reported sales of $451.8 million, below the forecast $452.5 million, according to Refinitiv. Its next quarter guidance is between $465 million and $475 million, while analysts estimated about $506.2 million.
Amazon — The online retail giant rose 5% on Tuesday as the broader stock market recovered about half of its historic losses incurred on Monday. Amazon has outperformed the broader market in recent days as the coronavirus fears that have dogged the S&P 500 made online shopping more appealing for those worried about contracting the disease at a brick-and-mortar shop. Amazon shares are down 2.9% over the last week versus the S&P 500’s 7.1% decline. The uptick in Amazon shares also followed Cowen’s move to hike its price target to $2,700, more than 50% upside from current levels.
OneOk — Natural gas company OneOk was one of the biggest losers in the S&P 500 Tuesday morning, at one point falling more than 14%. The company announced an additional $100 million debt offering, on top of a $1.6 billion offering it announced March 5. Natural gas futures rose Tuesday but are still down over the past three weeks. OneOk finished the day down just 0.18%.
Royal Caribbean, Norwegian Cruise Lines — Cruise line stocks whipsawed on Tuesday as President Trump’s pledge for provide aid to the industry offset lingering concerns about the coronavirus outbreak. Royal Caribbean jumped 7% on Tuesday, while Norwegian gained 3.4%. Royal Caribbean fell earlier in the day after it withdrew its full-year guidance on Tuesday morning and announced that it had increased its revolving credit by $550 million and would be cutting capital expenditures over the next two years. Norwegian announced a new $675 million credit agreement with JPMorgan on Monday. Carnival also reversed losses to end the day sharply higher, up 10.49%.
American Airlines — Shares of American Airlines rose 15% after the company said it’s slashing international and domestic flights as the coronavirus dents travel demand. Shares also rose on hopes the federal government could provide aid to industries severely impacted by the coronavirus. American said it will shave 10% off its peak summer international flying, including a 55% slash to trans-Pacific flying. United Airlines announced similar cuts last week. Shares of United also climbed more than 12%.
Qualcomm — Shares of Qualcomm jumped 8.6% on Tuesday after being initiated with a buy rating at Nomura Instinet. The firm called the semiconductor company a “world leader” in “cellular communications technology.
United Postal Service — Shares of UPS jumped 6.4% following an upgrade to to buy from hold at Stifel. The firm called UPS “interesting” due to its healthy cash generation.
Pioneer Natural Resources — Shares of the exploration and production gained more than 20% as oil prices rebounded from their sharpest slide since 1991. Occidental Petroleum was also in the green with a gain of more than 3%, one day after the stock plummeted 53%. Chevron also gained nearly 2%.
Dollar General — Shares of the discount retailer jumped 4.3%, extending its gain for the week. The stock also moved higher on Monday amid the broad market sell-off that saw the Dow post its single-largest point decline on record.
— with reporting from CNBC’s Thomas Franck, Yun Li, Jesse Pound and Pippa Stevens.
These are the stocks posting the largest moves in midday trading.