Sew fixation, Boeing, Raytheon, Pfizer, QuantumScape
Katrina Lake, Co-Founder and General Manager of Stitch Fix Inc.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making the headlines on Tuesday lunchtime:
Stitch Fix – Apparel subscription service shares rose 45% after the company beat estimates for revenue and earnings in the first quarter of fiscal. Stitch Fix made 9 cents a share, compared to 20-cent loss analysts surveyed by Refinitiv. Revenue was $ 490.4 million, also above the estimate of $ 481.2 million. The company’s customer base grew 10.2% year over year.
AutoZone – The company reported mixed quarterly results, pushing its stock down 4.8%. The auto merchant posted earnings per share of $ 18.61, beating a refinitive estimate of $ 17.77 per share. However, the company’s revenue of $ 3.15 billion was just below a consensus forecast of $ 3.16 billion.
Raytheon Technologies – Aerospace shares rose 1.4% after Raytheon’s board of directors approved a $ 5 billion share buyback program. Shares fell around 50% over the course of the year, trailing the broader market dramatically.
Pfizer – The pharmaceutical company’s shares rose 2% on Tuesday as the UK began rolling out Pfizer and BioNTech’s Covid-19 vaccine. Emergency approval is expected in the US later this month. The Food and Drug Administration announced Tuesday that the vaccine did not raise any specific safety concerns.
QuantumScape – Shares rose more than 14% after the electric car battery maker announced it would build a battery that it claims can be charged to 80% in 15 minutes. Additionally, the Financial Times reported that investor Jeremy Grantham’s previous investment in QuantumScape is now valued at $ 200 million.
Boeing – The stock fell more than 1% after the aerospace giant announced another drop in backlog orders for the 737 Max last month. The company said customers, including Virgin Australia and lessor Air Lease, have canceled orders for 88 Max aircraft.
ON Semiconductor – The company announced Hassane El-Khoury as the company’s new President and CEO. The stock rose more than 4% on the news.
Etsy – BTIG raised its price target for Etsy from $ 160 per share to $ 174 per share, up approximately 6%. The new target implies an uptrend of 10.9% from Monday’s close of $ 156.80 per share. “If our estimate is confirmed, the stand-alone Etsy marketplace, with over 90% growth in the first two months of the quarter, is well positioned to meet or exceed our fourth quarter growth estimate of 84%.”
FedEx – FedEx gained more than 1% after UBS raised its target price on the stock from $ 320, a new street high, to $ 380. The company believes the company will beat estimates when it releases post-market results for the second quarter on December 17th.
GrubHub – Grocery supplier Grubhub’s shares fell more than 1% after the company announced a new initiative to help restaurants take commission-free orders as states and cities force restaurants to re-deliver during the pandemic and turn to takeaway to survive.
– CNBC’s Michael Bloom, Pippa Stevens, Jesse Pound and Maggie Fitzgerald contributed to this report.
Correction: This story has been updated to reflect Jeremy Grantham’s previous investment in QuantumScape, which is now valued at $ 200 million.