Boeing, Deere, AT&T and extra
An ASL Airlines Boeing 737-400 freighter lands at Milan Malpensa Airport.
Fabrizio Gandolfo | LightRocket | Getty Images
Check out the companies that are making headlines in mid-day trading.
Boeing – Boeing shares rose roughly 3% after Reuters reported the aircraft maker discussed increasing 737 MAX performance to up to 42 jets per month by the end of 2022. The news comes as Boeing tries to recover from security issues and the Covid pandemic.
Deere – Shares in the farm equipment maker rose 1.3% after surpassing its income statement for quarterly results. Deere reported earnings of $ 5.68 per share on sales of $ 11 billion. Wall Street forecasts earnings of $ 4.52 per share on sales of $ 10.44 billion, according to Refinitiv.
AT&T – The telecommunications company’s share price rose 1.4%, rising for the second straight year after falling earlier in the week following the announcement of a spin-off deal with WarnerMedia and Discovery. UBS switched its stock to neutral on Friday, stating that the stripped-down company has found a clearer way to improve cash flow growth.
VF Corp – The apparel name’s stocks fell roughly 9% after the company’s fourth quarter results. The parent company of North Face, Timberland and Vans had sales of $ 2.58 billion, which was higher than the analyst survey by Refinitiv of $ 2.5 billion. The bottom line, however, the results missed the estimates: The company earns 27 cents per share excluding items, two cents less than the expected profit of 29 cents per share.
Oatly – Oatly shares last traded 11.2% higher at $ 22.46 on Friday after the oat milk maker debuted Thursday. Oatly’s initial public offering was priced at $ 17 per share, its first trade at $ 22.12, and its closing price on Thursday at $ 20.20.
Deckers – Retail stocks rose 7.9% after the growth of Deckers’ Hoka brand helped the company beat expectations for the fourth quarter of the fiscal year. Deckers reported earnings per share of $ 1.18 and revenue of $ 561 million. Analysts surveyed by Refinitiv searched for 64 cents per share and $ 437 million in revenue.
Nvidia – Nvidia shares rose 2.6% after the company announced a 4-for-1 stock split pending shareholder approval. Oppenheimer also reiterated its outperform rating for Nvidia shares. The tech company will show profits on Wednesday.
Palo Alto Networks – Cybersecurity stock rose 5.8% in midday trading after hitting the street on the income statement. Palo Alto Networks reported earnings of $ 1.38 per share on Thursday, beating analysts’ expectations of $ 1.28 per share. The company also had quarterly revenues of $ 1.07 billion, compared to $ 1.06 billion analysts had expected.
Virgin Galactic – The space company’s shares rose more than 6% after UBS upgraded the stock from neutral to up Friday. The Wall Street company urged customers to seize the opportunity the company sees when stocks are down nearly 70% from their February highs.
– CNBC’s Yun Li, Pippa Stevens, Maggie Fitzgerald and Jesse Pound contributed to the coverage
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