CEO: Carol MeyrowitzCompany value: $33.309 billionCarol Meyrowitz joined TJX in 1983, eventually becoming president in 2005. She joined its board of directors the following year. TJX operates more than 2,900 discount retail stores, including TJ Maxx, Marshalls and Home Goods.
David McGew | Getty ImagesInset: Essdras M Suarez | The Boston Globe | Getty Images
Check out the companies making headlines in midday trading.
Target — Shares of the big box retailer popped nearly 5% after reporting blowout third-quarter earnings. Target reported adjusted earnings of $2.79 per share on revenue of $22.63 billion. Wall Street expected earnings of $1.60 per share on revenue of $20.93 billion, according to Refinitiv. Target’s curbside pickup service grew more than 500% and its home delivery service Shipt was up nearly 280%.
Lowe’s — The home improvement company sank more than 5% after it reported earnings and guidance that fell short of analyst expectations. Lowe’s reported earnings of $1.98 per share, missing estimates by 1 cents, according to Refinitiv.
Boeing — Shares gained 1.6% after the Federal Aviation Administration lifted its ban on its 737 Max after a 20-month grounding following two deadly crashes.
TJX — The retail stock jumped 5.5% after the parent company of TJ Maxx beat Wall Street estimates on the top and bottom lines for its fiscal third quarter. TJX generated 71 cents in adjusted earnings per share on $10.12 billion in revenue for the quarter. Analysts surveyed by Refinitiv were expecting 40 cents per share and $9.36 billion in revenue. For HomeGoods locations that were open in the U.S., same store sales increased year over year, the company said.
Tesla – Shares of the electric vehicle company advanced more than 3% following an upgrade to overweight at Morgan Stanley. Analyst Adam Jonas also lifted his target to $540, which is 22% above where the stock closed Tuesday. “Tesla is on the verge of a profound model shift from selling cars (volume x price) to generating high margin, recurring software and services revenue,” he wrote in a note to clients.
Nio – U.S.-listed shares of the China-based electric vehicle manufacturer declined 5% following the company’s third-quarter earnings results. Nio posted a smaller-than-expected bottom-line loss and said its revenue jumped 146.4% year over year. Following the report the company got at least three price target hikes from Wall Street analysts.
Pfizer — Shares of the pharmaceutical company rose 2% after it announced that its Covid-19 vaccine candidate was shown to be 95% effective in its phase three trial. Pfizer said it plans to submit data from the trial to the Food and Drug Administration for emergency use authorization in “days.”
La-Z-Boy – The stock jumped more than 8% after the furniture maker reported better-than-expected quarterly results. The company posted adjusted quarterly earnings of 82 cents per share, well above the 50 cent consensus estimate per Refinitiv. Its revenue also came in above forecasts.
Polaris – Shares fell more than 5% after the recreational vehicle maker said its chairman and CEO Scott Wine resigned to join CNH Industrial. Polaris said it would immediately begin a search for Wine’s successor.
GoodRx – Shares of GoodRx dropped 6% after JPMorgan downgraded the prescription drug digital platform to underweight from neutral. The bank cited the launch of rival service Amazon Pharmacy as a threat to GoodRx.
– CNBC’s Maggie Fitzgerald, Jesse Pound and Pippa Stevens contributed reporting.
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