Stocks making the biggest moves midday: SiriusXM, Cintas, United Natural Foods and more
Check out the companies making headlines in midday trading.
Cintas — Shares fell 4.8% after the company reported its 2024 fiscal first-quarter earnings. The corporate apparel company posted $3.70 in earnings per share on $2.34 billion in revenue, topping analysts' consensus estimates of $3.67 per share in earnings and matching revenue forecasts, per StreetAccount. Cintas raised its full-year guidance but the lower end of its EPS and revenue predictions came in below analysts' estimates.
Pinterest — Shares of the image-sharing platform rose nearly 1% after HSBC initiated coverage of the stock with a buy rating. The Wall Street firm said Pinterest has «the right management team in place, a product fit for shopping and a differentiated capital-light strategy to deliver on its foray into social commerce.»
United Natural Foods — Shares sank 24% Tuesday after United Natural Foods forecast earnings per share and adjusted EBITDA in the coming year below analysts' estimates, citing profitability headwinds. The food company's guidance ranges between a loss of 88 cents per share to earnings of 38 cents per share, excluding items, while analysts called for $1.94 per share, according to StreetAccount. The company's fiscal fourth-quarter revenue missed analysts' $7.47 billion estimate.
Fisker — The electric vehicle maker climbed 15% after Bank of America initiated coverage of shares at a buy rating. The firm said the company offers pure-play exposure in a growing market.
Wells Fargo, JPMorgan, Goldman Sachs — Bank stocks declined Tuesday after JPMorgan Chase CEO Jamie Dimon warned the Federal Reserve could still raise interest rates even further to tamp down inflation, which added to overall bearish sentiment. Shares of Wells Fargo
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