A look at companies making waves in midday trading: Crocs — The footwear company’s shares rose nearly 2% after Williams Trading upgraded the company to a “buy” rating. The investment firm said Crocs’ hiring of actress Sydney Sweeney as a spokesperson for its Hey Dude brand could help reverse a negative sales trend. Nordson — The adhesives company’s shares rose 2% after third-quarter results beat expectations. Nordson reported adjusted earnings per share of $2.41, compared with analysts surveyed by FactSet expecting $2.33. The company’s revenue of $661.6 million also beat the consensus estimate of $656.5 million. Deutsche Bank — The bank’s U.S.-listed shares rose more than 3% after the bank said it had reached settlements with about 60% of plaintiffs in lawsuits related to its acquisition of Postbank more than a decade ago. Wolfspeed — The semiconductor stock fell 4% after it reported a fourth-quarter loss of 89 cents a share, beating analysts surveyed by LSEG’s expectations by 4 cents. Wolfspeed’s revenue of $201 million was in line with expectations. Snowflake — The software company plunged 13%. Analysts pointed to slowing growth as a potential reason for the stock’s decline, despite most recent quarterly profits and revenue beating expectations. Urban Outfitters — Shares fell 9% after the clothing retailer reported second-quarter sales at stores open at least a year fell 9.3% from a year ago. That was better than the 8.3% decline analysts had expected, according to LSEG. But the company beat expectations on profit and revenue. Peloton — Shares rose 34% after the connected fitness company implemented a turnaround plan and reported its first sales increase in nine quarters. Peloton posted a smaller-than-expected loss of 8 cents a share. Advance Auto Parts – The auto parts retailer fell 16% after reporting second-quarter earnings per share of 75 cents. Analysts surveyed by FactSet had expected earnings per share of 93 cents. The company also lowered its full-year guidance. Paramount Global – Media shares rose nearly 2% after the company’s special committee said it would extend the “go-shop” period of its merger agreement with Skydance. The Paramount committee also confirmed it had received a competing proposal from Edgar Bronfman Jr. Estée Lauder – Cosmetics company Estée Lauder rose more than 2% after Piper Sandler upgraded it to overweight from neutral. Analyst Colin Wolfmeyer cited a management change as one reason for optimism. Stryker – Medical shares rose 1% on news that the company would acquire Vertos Medical, a company focused on treating chronic back pain. Williams-Sonoma — The kitchenware retailer plunged 7% after second-quarter revenue fell to $1.79 billion, below analysts’ expectations of $1.81 billion, according to LSEG. But the company’s earnings per share of $1.74 beat the consensus estimate of $1.60. Zoom Video — The communications stock rose 13% after second-quarter profit and revenue beat expectations. Zoom also forecast third-quarter and full-year profit and revenue to beat analyst expectations. — CNBC’s Michelle Fox, Jesse Pound and Samantha Sabin contributed to this report.
Biggest movers at midday: URBN, PTON, AAP, ZM
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