Stocks making the biggest moves midday: Kohl’s, Broadcom, Lululemon and more

Business

People walk near a Kohl’s department store entranceway on June 07, 2022 in Doral, Florida.
Joe Raedle | Getty Images

Check out the companies making the biggest moves midday:

Kohl’s — Shares of the retailer jumped 5.64% after a Reuters report that private equity firm Oak Street Real Estate Capital has made an offer to acquire as much as $2 billion of Kohl’s property and have the retailer lease back its stores. Reuters cited people familiar with the matter.

Broadcom — Broadcom shares advanced 1.67% after the chipmaker reported quarterly earnings and revenue that exceeded analyst forecasts and issued stronger-than-expected revenue guidance for the current quarter. The company’s CEO, Hock Tan, also said it’s expecting strong demand to continue this quarter.

Lululemon — Shares of apparel company surged 6.7% after Lululemon’s earnings cruised past analyst estimates for the second quarter. The company reported $2.20 in adjusted earnings per share on $1.87 billion in revenue. Analysts surveyed by Refinitiv were expecting $1.87 in earnings per share and $1.77 billion of revenue. Comparable sales rose 23% year over year, and operating margin expanded to 21.5%.

Okta — Shares of the cybersecurity company rose 6.65%, recovering some of its steep losses from the previous day. Okta had cratered 33.7% Thursday after a slew of Wall Street downgrades, despite a top and bottom line beat in the recent quarter.

Salesforce — Shares of the enterprise software maker jumped earlier in the day but settled just 0.1% higher after Guggenheim upgraded the stock to neutral from sell. The Wall Street firm upped its rating after Salesforce sold off 20% since its initiation. Last week, Salesforce reported numbers that beat quarterly expectations but came up short on guidance for the current quarter and the full fiscal year.

PagerDuty — PagerDuty was down 2.45%, despite reporting better-than-expected quarterly earnings and strong guidance. The operations management software company posted a 7.1% increase in total paid customers compared to a year prior and a 37.5% jump in the number of customers providing annual recurring revenue exceeding $100,000.

Rocket Lab — Shares of Rocket Lab climbed during midday trading but only closed .95% higher after the company announced it successfully fired a reused Rutherford stage engine for the first time earlier this week. The engine is a liquid propellant rocket engine designed and manufactured by the space rocket company.

Beyond Meat — Beyond Meat shares dropped 4.68% after investment firm Baillie Gifford reported a 6.61% stake in the company. That’s down from the firm’s 13.38% stake on December 31, 2021.

Energy stocks – Oil prices rose on Friday, helping shares of energy companies higher. Among the winners was Halliburton, which jumped 3.7%. Devon Energy and ConocoPhillips both rose about 3%, while Exxon Mobile was up just under 2% and Occidental Petroleum rose 0.54%.

— CNBC’s Jesse Pound, Yun Li and Tanaya Macheel contributed to this report.

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