Check out the companies making headlines in midday trading.
Boeing — Boeing shares edged nearly 3% higher in midday trading after Reuters reported the aircraft manufacturer discussed increasing 737 MAX output to as many as 42 jets per month by late 2022. The news comes as Boeing seeks to recuperate from safety issues and the Covid pandemic.
Deere — Shares of the farm equipment manufacturer rose nearly 2.5% after beating on the top and bottom lines of its quarterly results. Deere reported earnings of $5.68 per share on revenue of $11 billion. Wall Street forecast earnings of $4.52 per share on revenue of $10.44 billion, according to Refinitiv.
AT&T — The telecom company’s share price perked up more than 1%, rising for the second straight day after declining earlier in the week following the announcement of a spinoff deal involving WarnerMedia and Discovery. UBS upgraded the stock to buy from neutral on Friday, saying that the slimmed down company had a clearer pathway to improving cash flow growth.
VF Corp — Shares of the apparel name dipped more than 7% following the company’s fiscal fourth quarter results. The parent company of North Face, Timberland and Vans reported revenue of $2.58 billion, which was ahead of the $2.5 billion analysts surveyed by Refinitiv were expecting. But bottom-line results missed estimates, with the company earning 27-cents per share excluding items, two cents short of the expected 29-cent per share profit.
Oatly — Shares of Oatly last traded roughly 7% higher in midday trading Friday after the oat milk maker debuted Thursday. Oatly’s IPO was priced at $17 per share, with the first trade at $22.12 and a closing Thursday price of $20.20.
Deckers — The retail stock jumped nearly 6% after growth from Deckers’ Hoka brand helped the company beat expectations for its fiscal fourth quarter. Deckers reported $1.18 in earnings per share and $561 million in revenue. Analysts surveyed by Refinitiv were looking for 64 cents per share of $437 million of revenue.
Nvidia — Nvidia shares rose more than 2% in midday trading after the company announced a 4-for-1 stock split, pending stockholder approval. Oppenheimer also reiterated its outperform rating on Nvidia shares. The technology company is set to report earnings Wednesday.
Palo Alto Networks — The cybersecurity stock rose 5.3% in midday trading after beating the Street on its top and bottom lines. Palo Alto Networks on Thursday reported earnings of $1.38 per shared, topping analysts’ expectations of $1.28 per share. The company also posted $1.07 billion in quarterly revenue compared with $1.06 billion expected by analysts.
Virgin Galactic — Shares of the space company rallied more than 5% after UBS upgraded the stock to buy from neutral on Friday. The Wall Street firm called for clients to take advantage of an opportunity the firm sees with shares down nearly 70% from their February highs.
— CNBC’s Yun Li, Pippa Stevens, Maggie Fitzgerald and Jesse Pound contributed reporting
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