Midday movers: Target, TJX, VF Corp. and more
Investing.com -- U.S. stocks were rallying on Wednesday after more positive data on inflation reinforced investors' outlook that the Federal Reserve was drawing closer to the end of its interest rate increases.
Here are some of the biggest U.S. stock movers today:
Target (NYSE:TGT) stock soared over 16% after the big-box retailer easily beat quarterly earnings estimates, as purchases in high-frequency categories helped prop up weaker customer spending.
Advance Auto Parts (NYSE:AAP) stock rose 1.6% after the car parts provider posted mixed third quarter results, while lowering its FY guidance, announcing a new CFO, and initiating separate sale processes for its Worldpac and Canadian businesses.
TJX (NYSE:TJX) stock fell 3.3% after the off-price retailer disappointed with its holiday quarter guidance even as it beat third-quarter expectations on both the top and bottom lines.
Goodyear (NASDAQ:GT) stock rose 1.9% after the tire manufacturer announced a transformation plan that aims to raise more than $2 billion in proceeds.
JD (NASDAQ:JD) stock rose 7.3% after the Chinese e-commerce giant posted a surge in quarterly profit as supply chain challenges eased.
XPeng (NYSE:XPEV) stock rose 0.5% after the Chinese electric vehicle manufacturer’s operating loss widened on costs tied to its increased production plans.
VF Corp (NYSE:VFC) stock rose 12.3% after JPMorgan upgraded its stance on the apparel company to ‘neutral’ from ‘underweight’, citing an expected turnaround in profitability within the next 12 to 18 months.
Wix (NASDAQ:WIX) stock rose 3.4% after Barclays upgraded the web developer to ‘overweight’ from ‘equal weight’, saying its partner program is scaling effectively in a market with few strong competitors.
--Peter Nurse contributed to this report
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Midday movers: Target, TJX, VF Corp. and more
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