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FinanceCVS, Gap, Activision Blizzard, Generac and more

CVS, Gap, Activision Blizzard, Generac and more

Pedestrians move in entrance of a GAP retailer in New York.

Scott Mlyn | CNBC

Check out the businesses making headlines in noon buying and selling.

Activision Blizzard — The online game firm tumbled more than 15% regardless of reporting better-than-expected quarterly earnings of 72 cents per share, in comparison with analysts’ estimates of 70 cents. It additionally reported income of $1.88 billion, proper consistent with analysts’ expectations.

Zillow — Shares of the digital actual property firm tanked 23% after the corporate mentioned on Tuesday that it is shuttering its homebuying unit, known as Offers. Zillow can be eliminating 25% of its workforce because it exits that enterprise. Zillow additionally missed on the highest and backside traces of its quarterly outcomes.

Bed Bath & Beyond — Shares of the house furnishings retailer continued their rally, leaping about 22% after the corporate introduced numerous strategic modifications to hurry up progress on Tuesday night, together with a partnership with Kroger, the biggest grocery chain within the U.S. Kroger shares are up more than 4%.

Cameco Corp — Shares of the uranium mining firm jumped 8.1% after Bank of America upgraded the inventory to a purchase. The agency mentioned shares, which have more than doubled this yr, will proceed to rise on the again of energy within the steel. Nuclear energy’s position in decarbonization is being revaluated, which has lifted uranium shares this yr.

Gap — Gap shares gained more than 5% after it reached an settlement through which Italian retailer OVS will buy all of Gap’s 11 store locations in Italy, based on a presentation from OVS. The deal will “allow Gap to operate its business through a more capital efficient partner model,” the businesses mentioned in a press release Wednesday. Terms of the deal weren’t disclosed.

T-Mobile US — Shares of T-Mobile rose 5.6% after the telecom firm posted a stronger-than-expected revenue for the earlier quarter. T-Mobile reported diluted earnings of 55 cents a share, topping a Refinitiv forecast of 53 cents per share. However, the corporate’s income got here in at $19.62 billion. Analysts anticipated gross sales of $20.19 billion, based on Refinitiv.

Generac — Generac shares slipped more than 7% after each Bank of America and UBS downgraded the inventory to a impartial score. The calls comply with Generac reporting lower-than-expected gross sales throughout the newest quarter. “The long-term outlook remains excellent and demand for most of Generac’s products is still booming, but supply chain constraints have finally started to bite as they have for everyone else,” Bank of America wrote in a word to purchasers.

CVS Health Corp — Shares of CVS gained more than 5% after the pharmacy chain and well being insurer beat Wall Street expectations for third-quarter earnings and hiked its outlook for the yr. The firm posted adjusted earnings of $1.97 per share on income of $73.79 billion, versus the Refinitiv consensus of $1.78 in revenue per share on income of $70.49 billion. CVS reported Covid-19 exams and vaccines boosted gross sales.

Deere & Co — The equipment maker fell about more than 4% after manufacturing workers on strike at 12 of its crops turned down a tentative contract supply agreed to by their negotiators earlier within the week. The strike has lasted about three weeks.

Lyft — Shares of the ride-sharing firm jumped more than 7% after its better-than-expected quarterly report. Lyft posted adjusted earnings of 5 cents per share within the third quarter, versus a lack of 3 cents per share anticipated, based on Refinitiv. The firm additionally beat on income and mentioned drivers are coming again, although it missed estimates of lively riders.

 — CNBC’s Pippa Stevens, Maggie Fitzgerald, Hannah Miao and Yun Li contributed reporting

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