Check out the companies making headlines in midday trading.
Best Buy — The electronics retailer's shares popped 8.3% 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 on revenue of $11.49 billion, according to Refinitiv. Same-store sales rose 19.6%, topping estimates of 18.1%.
Palo Alto Networks — Shares of Palo Alto Networks surged 18.6% after the security hardware and software company reported better-than-expected quarterly earnings late Monday. The company also issued a strong profit forecast for the new fiscal year. Palo Alto Networks reported adjusted earnings of $1.60 per share on revenue of $1.22 billion. Analysts expected earnings of $1.44 per share on revenue of $1.17 billion, according to Refinitiv.
JD.com, Alibaba, Baidu, Pinduoduo – Chinese tech companies rebounded from a recent slump as investors gained more clarity on regulatory risks. Pinduoduo shot up 18%, and JD.com surged 12%. Baidu gained over 8%, and Alibaba jumped roughly 7%.
Planet Fitness — Shares of the gym chain rose 5.2% after Morgan Stanley initiated coverage of the stock with an overweight rating. The firm said in a note to clients that gyms in areas with fewer health restrictions are recovering quickly.
Medtronic — Medtronic shares advanced 3.2% following the company's first-quarter earnings, which beat expectations on the top and bottom line. Medtronic earned $1.41 per share on an adjusted basis on revenue of $7.99 billion. Analysts surveyed by Refinitiv were expecting the company to earn $1.32 per share on $7.87 billion in revenue. The company said it saw demand return as people underwent non-urgent procedures.
Las Vegas Sands, Wynn Resorts — Shares of the casino operators Las Vegas Sands gained about 7.5%, and Wynn Resorts rose more than 7.0% after Macau eased travel restrictions for visitors from China's Guangdong province, a key visitor source for the gambling capital. On Monday, Chinese health authorities reported no new locally transmitted cases of Covid-19 for the first time since July.
Didi Global — The Chinese ride-hailing app's shares surged 12.7% following reports that the company has suspended plans to launch in the U.K. and continental Europe. Investors could be buying the dip after Beijing detailed rules for Chinese companies wanting to go public overseas. Didi has been subject to the country's regulatory crackdown.
Cara Therapeutics – Shares of the drug maker rose 4.2% after it received approval from the U.S. Food and Drug Administration for its Korsuva injection. Cara Therapeutics announced the news on Monday. The drug is designed to treat a kidney disease-related condition known as pruritus.
— with reporting from CNBC's Pippa Stevens, Jesse Pound, Yun Li, Hannah Miao and Tanaya Macheel.
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August 24, 2021 at 11:21PM
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Stocks making the biggest moves midday: Best Buy, Palo Alto Networks, JD.com and more - CNBC
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