Here are the companies making headlines in midday trading:
Shopify – Shares of the e-commerce company advanced 3.8% after Jefferies upgraded the stock to a buy rating. "We have a greater appreciation for SHOP's ability to deliver robust growth for the next several years and reach ~$10B of revenue in 2025," the firm wrote in a note to clients. Shares of Shopify have gained more than 145% this year.
L Brands — Shares of the parent company of Victoria's Secret and Bath & Body Works rallied more than 17% after posting blowout quarterly results. The company reported earnings of $1.13 per share, topping estimates of 9 cents per share, according to Refinitiv. Revenue came in at $3.06 billion, higher than the forecast $2.67 billion. Bath & Body Works same-store sales rose 56%.
Tesla – Shares of the electric vehicle company jumped more than 2% amid continued momentum after S&P Dow Jones Indices announced on Monday night that Tesla will join the S&P 500 in December. Earlier in the session Tesla hit a new all-time high of $508.61.
Sonos — Shares of Sonos surged more than 29% after the company reported stronger-than-expected results for its fiscal fourth quarter. The company reported 15 cents in earnings per share, while analysts surveyed by FactSet expected 2 cents in earnings per share. Revenue came in at $339.8 million, also topping expectations of $298.7 million. Sonos said that its direct-to-consumer revenue was up 67% year over year.
Nasdaq — Shares of stock exchange firm rose 1.7% after Nasdaq announced a deal to acquire Verafin, a software company which specializes in preventing financial crimes. The deal is for $2.75 billion in cash and is expected to close in the first quarter of 2021, according to the announcement.
Money Report
Macy's — Shares of department store retailer Macy's rose more than 2% despite reporting a same-store sales decline of more than 20% in the third quarter. Macy's posted earnings and revenue that topped analyst expectations. Macy's reported a loss of 19 cents on revenue of $3.99 billion. Wall Street was expecting a loss of 79 cents on revenue of $3.86 billion, according to Refinitiv.
Sinclair Broadcast Group — Shares of the television company climbed 5.9% after Sinclair announced a naming rights deal with sports gambling company Bally's for its regional sports networks. The deal will also involve incorporating Bally's content across Sinclair's channels. Shares of Bally's gained more than 20%.
Jack in the Box — The restaurant stock rose 4.8% on Thursday after the company beat Wall Street expectations for its fiscal fourth quarter. Jack in the Box reported $255.4 million in revenue, $6.2 million higher than what analysts surveyed by FactSet expected. The company's operating earnings per share also topped estimates, and Jack in the Box said restaurant traffic improved quarter over quarter.
Nuance Communications — The health software stock surged 17% on the heels of a better-than-expected report for Nuance's fiscal fourth quarter. The company earned 18 cents per share and $352.9 million in adjusted revenue. Analysts from FactSet were expecting 16 cents per share and $345.9 million in adjusted revenue. Nuance also announced deal to sell off two of its health tech businesses.
GoPro — Shares of the high definition camera maker dropped more than 13% after the company said it is planning to raise $100 million through the sale of senior convertible notes due in 2025. GoPro intends to use the proceeds to pay the cost of the capped call transactions as well as general corporate purposes.
— CNBC's Yun Li, Maggie Fitzgerald and Pippa Stevens contributed to this story.
