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Hasbro, Salesforce, Carnival, Lockheed Martin & more

by Index Investing News
October 18, 2022
in Markets
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Hasbro Inc. toys from based on “Marvel’s The Avengers” movie sit on the shelf at a Target Corp. store in Union, New Jersey, U.S., on Wednesday, Aug. 22, 2012.

Bloomberg | Bloomberg | Getty Images

Check out the companies making headlines in midday trading Tuesday.

Hasbro — Shares of the toy company dipped 2.3% after the company reported third-quarter earnings that missed expectations. CEO Chris Cocks blamed “increasing price sensitivity” among consumers and inventory gluts.

Salesforce — Salesforce shares gained 5.2% after Starboard Value revealed to CNBC that it has taken a “significant” stake in the software giant. Starboard founder Jeff Smith did not reveal the exact amount but said he sees a big opportunity after the shares fell more than 40% this year.

Carnival Corporation — Shares of the cruise company jumped more than 12% after one of Carnival’s subsidiaries began an offering of $1.25 billion of senior priority notes due 2028. The company plans to use the net proceeds of the offering to make principal payments on debt and for other general corporate expenses, according to a regulatory filing. Norwegian Cruise Line Holdings and Royal Caribbean also rose 8.8% and 7.6%, respectively, on the news.

Goldman Sachs — Goldman Sachs rallied 3% after beating third-quarter analyst expectations for profit and revenue on better-than-expected trading results. The company also announced a corporate reorganization that combines the firm’s four main divisions into three.

Target — Shares of the retailer jumped 5% after Jefferies upgraded Target to a buy from hold, saying they can rally about 20% from current levels and benefit from both an easing of supply chain issues and improved inventory positioning.

Lockheed Martin — Shares of the aerospace company jumped 8.5% after Lockheed reported third-quarter earnings of $6.87 per share excluding items, which was higher than a Refinitiv estimate of $6.66 per share.

Amazon — Amazon added 2.7% after Citi named it a top pick for both a hard and soft economic landing, saying it would perform well under either scenario.

XPO Logistics — XPO Logistics fell 1.7% after the freight transportation company released disappointing preliminary quarterly results ahead of its earnings release. The company said Monday that it expects revenue to come in lower than analysts expect, but that earnings before interest, taxes, depreciation and amortization will be higher. The company reports Oct. 31.

Nordstrom — The retailer’s shares added more than 3% after the company announced its chief financial officer, Anne Bramman, will step down in December. Nordstrom has begun its search for her successor and said accounting chief Michael Maher will serve that role in the interim.

Enviva — The wood pellet maker rose 4.7% after Raymond James said its value as a more environmentally and socially responsible energy provider is misunderstood.

 — CNBC’s Carmen Reinicke, Alex Harring and Michelle Fox contributed reporting



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