Stocks making the biggest moves midday: FedEx, Roku, Chewy & more

Finance

Traders work on the floor of the New York Stock Exchange (NYSE) on August 23, 2019 in New York City.

Eduardo Munoz Alvarez | Getty Images

Check out the companies making headlines in midday trading:

FedEx — Shares of the shipping giant dropped more than 14% on the back of weak quarterly earnings. FedEx reported earnings per share of $3.05. Analysts polled by Refinitiv expected a profit of $3.15 per share. The company also slashed its fiscal-year earnings outlook. “Our performance continues to be negatively impacted by a weakening global macro environment driven by increasing trade tensions and policy uncertainty,” CEO Fred Smith said in a statement.

Roku — Shares of Roku cratered more than 12% after Comcast announced that its streaming service Xfinity Flex is now included with an internet-only subscription for free. The platform lets customers stream Netflix, Amazon Prime Video, HBO, Showtime and YouTube, making it a direct competitor to Roku. Facebook also unveiled a new video chat and streaming device called Portal TV as the social media giant took another crack at the smart home market.

Chewy — Shares of Chewy dropped more than 5% despite its narrower-than-expected second quarter loss. The pet products seller lost 10 cents per share for its latest quarter, 1 cent less than anticipated. Chewy’s losses expanded from last year due to higher expenses. The company also posted net sales of $1.15 billion, topping Wall Street estimates of $1.13 billion.

Adobe — Shares of Adobe fell 2.4% on its soft earnings guidance. The software maker gave a lower than expected current quarter revenue forecast, due to slower than anticipated growth in its Marketo marketing software unit. Adobe’s earnings beat estimates by 8 cents with adjusted quarterly profit of $2.05 per share, according to Refinitiv.

Alexion Pharmaceuticals— Shares of Alexion Pharmaceuticals slid nearly 4% after the pharmaceutical company announced its CEO is stepping down. The company said in a press release Paul Clancy will be succeeded by Aradhana Sarin, who is currently the Chief Strategy and Business Officer.

Whirlpool — Shares of Whirlpool are down 2.7% after the appliance maker was downgraded to “sector weight” from “overweight” at KeyBanc. The firm said said it saw weakening earnings momentum for Whirlpool.

American Eagle Outfitters — Shares of American Eagle ticked 1% higher after D.A. Davidson initiated coverage of the retailer’s stock with a buy rating and a $21 price target. The firm said American Eagle is well positioned to capitalize on the resurgence of denim, as a jeans destination for young adults. D.A. Davidson also said the stock is trading near historic lows on a forward price-to-earnings ratio basis.

— CNBC’s Maggie Fitzgerald and Fred Imbert contributed reporting.

Disclaimer: Comcast is the parent company of CNBC.

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