Shoppers pass an Under Armour store in White Plains, New York.
Scott Mlyn | CNBC
Check out the companies making headlines in midday trading.
Under Armour — Under Armour’s stock plunged more than 18% after missing revenue estimates for the fourth quarter. The sports apparel company reported adjusted earnings of 10 cents per share, in line with estimates, but its $1.441 billion of revenue was below the $1.465 billion expected by analysts, according to Refinitiv. Under Armour also said it expected its sales to take a hit due to the coronavirus outbreak and that it is considering possible restructuring this year.
Sprint, T-Mobile — Shares of Sprint soared 70% after a federal judge approved the $26 billion merger between the company and rival wireless carrier T-Mobile. The deal still needs to be approved by the California Public Utilities Commission before it can close. Shares of T-Mobile also jumped more than 10%.
Facebook — Shares of Facebook slipped 2.5% after Pivotal researched downgraded the social media giant to sell from hold. Pivotal said in a note to clients that it was concerned about regulatory issues and advertising growth for Facebook. The financial firm also lowered its price target on the stock to $180 from $215, projecting shares to decline by more than 11%. The Mark Zuckerberd-led company also dipped on news that the FTC is looking into past acquisitions of major technology companies, including Facebook.
AutoNation — Shares of car retailer AutoNation jumped 9% following its quarterly earnings. AutoNation reported earnings per share of $1.74, which is unclear if it compares to analyst estimates. Revenue came in at $5.549 billion, topping estimates of $5.533 billion, according to Refinitiv.
Nvidia — Shares of the semiconductor company rose 2.7% after Oppenheimer hiked its price target on Nvidia to $300 per share from $250 per share. Nvidia reports quarterly earnings on Thursday.
Occidental Petroleum — Shares of the exploration and production company gained more than 4% after the company issued guidance for fourth quarter results. The company said impairment and other charges would total around $1 billion for the quarter, but also said that annual production is expected to grow 2%. “Production/capex guidance was strong in all of the right areas, with better than expected production (both 4Q actuals and 2020 guidance), and lower than expected capex,” Simons Energy analyst Ryan Todd said.
DaVita — Shares of the dialysis company surged more than 6% following its strong earnings report. DaVita earned $1.86 per share, topping estimates of $1.66, according to Refinitiv. Deutsche Bank also raised its price target on DaVita to $105 per share from $72 per share.
Advanced Micro Devices — Shares of the chip stock rose more than 3% after RBC Capital Markets raised its target price on AMD to $63 per share from $53 per share. The firm said it sees several notable catalysts ahead of AMD’s analyst day in March.
Boston Beer — Shares of Boston Beer spiked more than 6% after Credit Suisse upgraded the beer company to outperform from neutral. The firm said it sees continued growth in the company’s hard seltzer business.
CrowdStrike — Shares of cyber-security technology company CrowdStrike rose 2% following an upgrade to buy from neutral from D.A. Davidson. The firm said it is seeing increasing traction with CrowdStrike’s products the will help enable APR growth well above Street estimates in the next 12 months.
L Brands — Shares of L Brands rose 3% following an upgrade to neutral from underperform from Credit Suisse. The firm said the company that it sees less valuation downside on a sale of the Victoria’s Secret brand and recent outperformance from Bath & Body Works.
Goodyear— Shares of the time company tumbled more than 14% after reporting dismal quarterly earnings. The company reported earnings of 19 cents per share, compared to the estimated earnings of 52 cents per share, according to FacSet. Goodyear also missed analyst expectations on revenue. The company also said its operating in China have been impacted by the coronavirus.
— with reporting from CNBC’s Jesse Pound and Pippa Stevens.