Check out the companies making headlines in midday trading. Sonos — The stock climbed 17% after Sonos CEO Patrick Spence said the company is entering a multiyear product cycle that will include an entry “into a new multi-billion dollar category” in the second half of fiscal 2024. Macy’s — Shares of the department store chain popped more than 6% on the back of better-than-expected quarterly results. Macy’s also said margins and inventory levels improved during the third quarter. General Motors — General Motors shares dipped more than 1% in midday trading. The move comes after union workers on Thursday said it ratified a record deal with the United Auto Workers. Alibaba — The U.S-listed shares of Alibaba dropped more than 8% after the Chinese internet company scrapped plans for a spin-off of its cloud business, citing the “recent expansion of U.S. restrictions on export of advanced computing chips.” Williams-Sonoma — The seller of kitchenware and home goods gained 4.8%. Williams-Sonoma on Thursday reported a record operating margin of 17% in the third quarter, signaling a healthy return on sales for the company. Its adjusted earnings of $3.66 per share came ahead of the FactSet consensus estimate of $3.33 per share. Cisco Systems — Shares dropped 11.3% after the company’s earnings guidance for the current quarter came out below analyst estimates, driven by a slowdown in new product orders. Cisco also cut its full year forecast for revenue. Children’s Place — Shares of Children’s Place plunged 25.8% after retailer quarterly adjusted earnings of $3.22, trailing the FactSet consensus estimate of $3.49. Children’s Place cited higher fulfillment and labor costs for the lackluster results. Deckers Outdoor — The footwear company behind the Hoka and Ugg brands declined 2.5% after Piper Sandler downgraded the stock to neutral from overweight. The Wall Street firm said its overweight thesis on the apparel stock “has largely played out.” Palo Alto Networks — The cybersecurity stock slid more than 5% after Palo Alto Networks issued a weaker-than-expected billings forecast for the current quarter and full year. Walmart — Shares dropped more than 7% after the big box retailer gave disappointing guidance . Walmart said it expects adjusted earnings per share of $6.40 to $6.48 for the year, slightly lower than analysts were anticipating. CFO John David Rainey told CNBC he is now more cautious on the consumer. However, the company beat earnings and revenue expectations for the quarter. Advance Auto Parts — The auto parts retailer tumbled 4% after Bank of America downgraded the stock to underperform from neutral. The firm cited ongoing challenges in the medium-term that will pressure free cash flow for at least the next 12 months. Plug Power — The stock retreated 7% following a Citi downgrade to neutral from buy. The bank said the company is facing near-term issues related to liquidity and execution. — CNBC’s Michelle Fox, Alex Harring, Hakyung Kim and Pia Singh contributed reporting.
Source: www.cnbc.com