Katrina Lake, co-founder and chief executive officer of Stitch Fix Inc.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making headlines midday Tuesday:
Stitch Fix — Shares of the clothing subscription service soared 45% after the company beat top and bottom-line estimates during its fiscal first-quarter results . Stitch Fix earned 9 cents per share, compared to the 20-cent loss analysts surveyed by Refinitiv had expected. Revenue came in at $490.4 million, which was also ahead of the $481.2 million estimate. The company’s client base grew 10.2% year over year.
AutoZone — The company reported mixed quarterly numbers, pushing its stock down 4.8%. The auto goods retailer posted earnings per share of $18.61, topping a Refinitiv estimate of $17.77 per share. However, the company’s revenue of $3.15 billion was just below a consensus forecast of $3.16 billion.
Raytheon Technologies — The aerospace stock gained 1.4% after Raytheon’s board authorized a $5 billion stock buyback program. Shares are down roughly 50% for the year, dramatically underperforming the broader market.
Pfizer — Shares of the pharmaceutical company gained 2% on Tuesday as the U.K. began to rollout the Covid-19 vaccine from Pfizer and BioNTech. Emergency use authorization is expected in the U.S. later this month. The Food and Drug Administration said Tuesday that the vaccine did not raise any specific safety concerns.
QuantumScape — Shares rallied more than 14% after the electric car-battery maker said it is building a battery that it says can charge to 80% in 15 minutes. Additionally, The Financial Times reported that investor Jeremy Grantham’s previous investment in QuantumScape is now worth $200 million.
Boeing — The stock declined by more than 1% after the aerospace giant said its backlog for the 737 Max declined once again last month. The company said customers, including Virgin Australia and lessor Air Lease, canceled orders for 88 Max planes.
ON Semiconductor — The company announced Hassane El-Khoury as the company’s new president and CEO. The stock rose more than 4% on the news.
Etsy —BTIG hiked its price target on Etsy to $174 per share from $160 per share, sending the stock up about 6%. The new target implies a 10.9% upside from Monday’s close of $156.80 per share. “If our estimate bears out, then with the first two months of the quarter growing 90%+, the standalone Etsy marketplace is well-positioned to meet or beat our 84% 4Q growth estimate.”
FedEx — FedEx advanced more than 1% after UBS raised its price target on the stock to $380 from $320, a new Street high. The firm said it expects the company to beat estimates when it reports second-quarter results after the market closes on Dec. 17.
GrubHub — Shares of food delivery company Grubhub slipped more than 1% after the company revealed a new initiative to help restaurants take commission-free orders as states and cities force eateries to turn once again to delivery and takeout for survival during the pandemic.
—CNBC’s Michael Bloom, Pippa Stevens, Jesse Pound and Maggie Fitzgerald contributed to this report.
Correction: This story has been updated to reflect Jeremy Grantham’s previous investment in QuantumScape is now worth $200 million.