Yahoo Finance’s Seana Smith is tracking Foot Locker, Nike, Under Armour, Deere and Alibaba in intraday trading on Friday.
Foot Locker reports big earnings miss, sales plunge
Sports retailers are in a tailspin after Foot Locker’s (FL) profit and revenue fell short of Wall Street’s estimates. The company reported second quarter adjusted earnings of 62 cents a share on revenue of $1.701 billion. Analysts were forecasting earnings of 90 cents and sales of $1.8 billion. Foot Locker’s same-store sales, which is a key metric investors watch in retail earnings, fell 6% from a year ago. The miss at Foot Locker is weighing on the sector. Both Nike (NKE) and Under Armour (UA) shares are falling in intraday trading.
Deere shares sink on equipment sales miss
The world’s largest agricultural equipment maker beat the Street’s estimates on profit and raised its full-year forecast, but a miss on equipment sales is dragging the stock lower in intraday trading. Deere (DE) reported sales of equipment operations rose 17% to $6.83 billion during its fiscal third quarter, missing estimates of $6.9 billion. Deere’s stock is down 5.7% as of 11:30 a.m. ET.
Analyst says Alibaba shares are set to rally
The e-commerce giant got another bullish call on Friday. Needham & Co maintained a buy rating on the stock while it raised its price target to $190 a share from $155, implying the stock could rally 16% from Thursday’s closing price. On Thursday, Alibaba (BABA) posted a 56% jump in fiscal first-quarter revenue, driven by strength in its core e-commerce business. Alibaba shares have jumped about 89% so far this year.
For more on Friday’s big stock movers, check out The Final Round, starting at 3:55 p.m. ET, right here on Yahoo Finance.