Stocks making the biggest moves midday: Visa, Nike, FedEx & more


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Check out the companies making headlines in midday trading. 

Visa — Shares of the payment processor fell 4.7% in midday trading after a report said the Justice Department is investigating whether business practices at the payment processor’s debit-card business is leading to unlawful market dominance. The Wall Street Journal reported that DOJ investigators are concerned about Visa’s online debit-card transactions.

Nike — Shares of the retailer dipped nearly 4% after the company reported mixed results for the third quarter. Nike earned 90 cents per share, which was ahead of the 76-cent profit Street analysts were expecting, according to Refinitiv. But revenue missed expectations, coming in at $10.36 billion versus the expected $11.02 billion. Widespread port congestion in the United States and ongoing store closures in Europe hit sales growth.

Ford — Shares of the automaker advanced about 3% after Barclays lifted the stock to an overweight rating. The firm pointed to the turnaround in Ford’s Europe operations, where “significant margin expansion above consensus” is expected. Barclays also hiked its target on the stock to $16 from $9, implying 28% upside from Thursday’s close.

FedEx — Shares of the delivery company jumped 6.8% on Friday after FedEx beat expectations in its fiscal third quarter. The company generated $3.47 in adjusted earnings per share on $21.51 billion in revenue. Analysts surveyed by Refinitiv had penciled in $3.23 in earnings per share and $19.97 billion of revenue. The Tennessee-based company cited better pricing as a reason for strong results.

Petco — The pet supplies retail stock jumped more than 6% after a Bank of America upgrade to buy from neutral. The firm said in a note that it expected the pet adoption boom during the pandemic to create a “multi-year tailwind” for companies like Petco.

Molson Coors — Shares of the beer brewer fell just shy of 1% after Deutsche Bank added the stock to its “short term sell catalyst” list. The Wall Street firm said the call was driven by concerns like the impact from adverse February weather in Texas. The stock is still up about 7% this year.

Hims & Hers Health — Shares of the telehealth company dropped more than 7% after the company reported an adjusted net quarterly loss of $3.1 million, even though that was smaller than the $12.4 million loss reported a year earlier. Revenue, however, beat expectations. Hims & Hers Health’s total revenue was up by 80% for 2020.

Skillz Inc. — The mobile gaming stock tumbled more than 9% after the company priced a 32 million share public offering at $24 apiece. The stock last traded about $24.20 a share. Skillz said it would use its proceeds for general purposes.

CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens, and Yun Li contributed reporting.

This article was originally published on CNBC