People queue up outside a Home Depot as they wait to shop for power generators and other supplies after Hurricane Ian caused widespread destruction in Cape Coral, Florida, September 30, 2022.
Marco Bello | Reuters
Check out the companies making headlines in midday trading Tuesday:
Generac Holdings — Generac’s stock slumped about 8.6% as Truist downgraded the generator maker to a hold from a buy rating, citing high interest rates and sticky inflation that could hurt the company’s outlook.
Home Depot — Shares of the home improvement retailer dropped 7.2% on Tuesday after the company posted a quarterly revenue miss for the first time since 2019. Home Depot also provided a muted outlook for fiscal 2023 and expects sales growth to be approximately flat due to a tougher consumer backdrop and a pivot away from goods toward services.
HSBC Holdings — The bank stock rallied nearly 4.5% after reporting a fourth-quarter pre-tax profit of $5.2 billion, topping expectations. HSBC said the results reflect lower reported operating expenses and strong reported revenue growth.
AutoNation — Shares dropped 7% after JPMorgan downgraded the stock to underweight from neutral. The Wall Street firm said AutoNation is starting to look overvalued after its outperformance during the Covid pandemic.
DocuSign — Shares slid 7.5% during Tuesday’s trading session after UBS downgraded the company to sell from neutral, citing concerns about dwindling growth in fiscal year 2024.
Nordson Corp. — Shares of the adhesive manufacturing company plunged 13.9% after it missed fiscal first-quarter expectations. Nordson reported sales of $610.5 million in the period and earnings per share of $1.95, excluding items. Analysts surveyed by FactSet had expected $623.9 million in sales and earnings per share of $1.98.
Vir Biotechnology — Shares of the immunology company soared nearly 4.9% on Tuesday. Goldman Sachs upgraded Vir to buy from neutral. The Wall Street firm said Vir’s stock could more than double going forward, citing the company’s release of flu vaccine data in the year ahead.
Molson Coors Beverage — The beer brewer’s stock price gained nearly 3.1% after reporting stronger-than-expected profit for the fourth quarter. The company reported quarterly earnings of $1.30 per share, excluding items. That result beat analysts’ earnings expectations of $1.07 per share, according to FactSet. The company posted revenue of $2.63 billion, compared to analysts’ expectations of $2.64 billion.
General Mills — Shares of the Cheerios maker jumped 4.4% on Tuesday after the company lifted its full-year forecast for the 2023 fiscal year, citing resilient consumer demand. The updated outlook includes organic net sales growth of about 10% and adjusted diluted per-share earnings growth of 7% to 8% in constant currency.
— CNBC’s Yun Li, Samantha Subin and Michelle Fox Theobald contributed reporting.