Stocks making the biggest moves midday: Tapestry, Capri, Disney and more
Take a look at the businesses making waves in the middle of market trading:
Disney’s media stock soared by 7%, uplifted by robust earnings and guidance that surpassed expectations. The boost came from its rapidly growing streaming sector. Disney anticipates a high single-digit adjusted earnings growth come fiscal 2025.
Luxury apparel stocks, Capri and Tapestry, experienced a rise after their proposed merger was cancelled due to regulatory restrictions. Tapestry saw a nearly 13% surge in shares, and Capri enjoyed a 2.5% increase.
Hims & Hers Health, a telehealth firm, saw its stock decrease by 14% following Amazon’s announcement that Prime members now have access to set pricing for treatments such as male hair loss. This development sets Amazon as a direct competitor to Hims & Hers Health.
Super Micro Computer, an AI server stock, experienced a greater than 6% slump, marking its fifth consecutive session of losses. This follows the company’s announcement of a delay in filing reports for the period ending September 30. Share prices have dropped 22% since the week started, and 34% since the beginning of November.
ASML Holding, the Dutch semiconductor equipment provider, saw a 5% rise in shares after maintaining its 2030 targets at its 2024 Investor Day. This optimism stems from AI and other essential industry trends.
Despite topping Wall Street’s quarterly estimates and raising its full-year guidance, Cisco Systems, a cybersecurity firm, saw its shares fall by 1.9%. This comes after its fourth straight quarter of dwindling revenue, with a 6% YoY decrease in the previous quarter.
Charles Schwab, a brokerage firm, experienced a 3.6% surge in shares after announcing total client assets of $9.85 trillion in October, marking a 39% YoY growth.
Norfolk Southern, a railroad operator, saw a 1% decrease in shares after settling an agreement with activist Ancora to prevent a proxy battle.
Riding on the back of Barclays upgrading its shares from underweight to equal weight and improved business travel and credit card agreements, American Airlines stock rose over 3%.
Campbell Soup’s shares advanced more than 1% after Piper Sandler upgraded the consumer staples firm to an overweight rating. This was buoyed by its acquisition of sauce maker Rao’s, promising future growth.
Ibotta, the digital rewards platform, experienced a steep 16% fall in share prices amid underwhelming Q4 guidance. Predicted revenue for Q4 is between $100 million and $106 million, falling short of FactSet’s estimate of $110.3 million.
CNH Industrial saw a 6% rise in shares following David Einhorn of Greenlight Capital’s reveal at CNBC’s Delivering Alpha conference of a medium stake in the agricultural equipment firm.
Advance Auto Parts enjoyed a 6.3% surge in its stock after revealing plans to close more than 500 corporate stores and 200 independent outlets. The company also intends to shut down four distribution centres.
