Products You May Like
Check out the companies making headlines midday Friday:
Tiffany — Shares of Tiffany rose 3.41 percent after the jewelry retailer reported mixed fourth-quarter results. The retailer reported earnings of $1.67, 7 cents higher than expected, and revenues of $1.321 billion, missing estimates by $11 million. Tiffany also reported a 1 percent drop in worldwide sales, while Refinitiv had estimated 0.8 percent increase.
Citigroup, Bank of America, J.P. Morgan Chase, Morgan Stanley and Goldman Sachs — Bank shares all fell at least 2 percent as worries over the global economy sent Treasury yields lower. The benchmark 10-year rate fell below the 3-month yield, causing a yield-curve inversion, which often signals a recession is on the horizon.
Nike — Shares of Nike declined 5.51 percent after the sneaker maker reported weaker-than-expected sales in North America for its third-quarter. Nike also warned that its revenue growth could slow during its fourth-quarter. The company stated it was partially hurt by fewer Converse-branded merchandise.
Cintas — Shares of Cintas plunged 6.3 percent after the company reported weaker-than-expected sales for the previous quarter, while its full-year revenue outlook also disappointed investors.
Nokia — Shares of Nokia fell 5.19 percent after the network equipment maker revealed it is investigating transactions at Alcatel-Lucent, the rival it acquired in 2016, and that it alerted U.S. authorities to these possible compliance issues.
Avon Products — Shares of the beauty company rose nearly 6.5 percent following a Wall Street Journal report that Avon is exploring a sale to Brazilian rival Natura. The company reportedly would acquire both the publicly traded Avon that operates worldwide and the private North American business.
Papa John’s International — The pizza maker’s stock rose more than 3 percent after announcing former basketball star Shaquille O’Neal joined its board of directors. The company also announced O’Neal is investing in nine Papa John’s restaurants in Atlanta.
—CNBC’s Jessica Bursztynsky and Nadine El-Bawab contributed to this report.