Micron Technology’s hard drive for data center customers is presented at a product launch event in San Francisco, October 24, 2019.
Stephen Nellis | Reuters
Check out the companies making headlines in midday trading.
Micron — Micron traded more than 6% higher after the chip manufacturer posted better-than-expected results for the previous quarter. The company posted an adjusted profit of 82 cents per share, topping a Refinitiv estimate of 77 cents. Revenues rose to $5.44 billion, beating an estimate of $5.31 billion. Micron also issued better-than-expected revenue guidance for the current quarter.
Lululemon — Shares of Lululemon popped more than 4% after the athleisure and activewear company said it is buying the in-home fitness company Mirror for $500 million. The move marks Lululemon’s first acquisition and it’s seen as a bet on the stay-at-home trend in the wake of the pandemic. The deal, which will be paid for in cash, is expected to close in the second quarter of fiscal 2020.
Boeing — Shares of the plane maker slid more than 6% after Norwegian Air said it was canceling an order for nearly 100 jets. The airline also said that it would seek payment for the grounding of its Boeing 737 Max planes.
Uber — Shares of the ride hailing company jumped 4.5% after the Wall Street Journal reported Uber is in discussions to buy food delivery service Postmates for $2.6 billion. Uber recently lost out on the purchase of food delivery company GrubHub.
Xilinx — Shares of Xilinx soared nearly 7% after the chip maker raised its fiscal first quarter revenue guidance. Xilinx now expects a revenue of $720 million to $734 million, after previously projecting a range of $660 million to $720 million. The company said its revenue strength partially came from loosening of restrictions on sales to its international customers helped its business.
Conagra — Shares of the food producer jumped more than 3% after the company beat top and bottom lines estimates in the fourth quarter. The company also gave upbeat guidance amid elevated demand fueled by the coronavirus pandemic.
Goldman Sachs, JPMorgan, Wells Fargo — Shares of major banks rose on Tuesday after the most of the companies announced on Monday night that they planned to maintain their dividends after the Fed’s stress test. Goldman Sachs and JPMorgan both gained more than 1%. Wells Fargo, which said it will likely announce a dividend cut next month, opened in negative territory but has now inched 0.3% higher.
Carnival, Norwegian Cruise Line, Royal Caribbean Cruises — Shares of cruise lines dropped on Tuesday amid an uptick in coronavirus cases and rollback in some reopening measures. Shares of Norwegian Cruise Line fell 1.3% and shares of Carnival Corp. dropped 1.5%. Royal Caribbean ticked 1.4% lower.
FedEx — Shares of the shipping company rose nearly 3% ahead of its fourth quarter earnings, which will be released after the bell on Tuesday. Analysts are expecting the company to earn $1.58 per share on $16.41 billion in revenue, according to Refinitiv. Shares of FedEx are down 8% this year.
Tesla — Shares of the electric car marker jumped 7% on Tuesday after Elon Musk sent an email to employees saying the car company could break even for the quarter, according to an internal memo reviewed by CNBC.
– with reporting from CNBC’s Pippa Stevens, Jesse Pound and Yun Li.