Pedestrians walk past a GAP store in New York.
Scott Mlyn | CNBC
Check out the companies making headlines in afternoon trading.
Ross Stores – Ross Stores up 10% after quarterly beat on earnings and revenue. It was also the company Selected as a top choice by Credit Suisse in the off-price retail sector. Analyst Michael Binetti raised his price target to $123 from $99. On Thursday, Ross Stores reported third-quarter earnings of $1.00 per share, versus Refinitiv’s estimate of 81 cents.
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foot locker — Shares rose 7% after Foot Locker reported beating expectations in its latest quarterly report and raised its full-year forecast.
caravan – Carvana reduced by 6% after some time Internal message obtained by CNBC’s Scott Wapner the company said it plans to cut about 1,500 jobs, or 8% of its workforce.
Rent a runway — Shares of Rent the Runway fell 12% after Morgan Stanley downgraded the online clothing retailer’s stock to equal weight from overweight🇧🇷 The firm said Rent the Runway proved to be a “more volatile” business than expected, pointing to a tough road to profitability ahead.
away — The stock fell 17% after Farfetch missed expectations on the top and bottom lines in its most recent quarter, according to consensus estimates on FactSet.
Palo Alto Networks — Tech stocks are up nearly 8% after Palo Alto reported a beat on the top and bottom lines In the most recent quarter, according to Refinitiv’s consensus estimate. Palo Alto raised its leadership a bit.
Coinbase — Shares fell more than 8% after Bank of America downgraded Coinbase from buy to neutral, saying the FTX failure raises the “risk of contagion” for the cryptocurrency platform even without another FTX.
Gap — Retail stocks up more than 4% after Gap reported a revenue hit in its latest quarter, even if it gives a cautious look ahead of the festive season.
Buckle — The retailer saw its shares rise 4% after an earnings boost. According to FactSet, Buckle reported third-quarter earnings of $1.24 per share, while consensus estimates were calling for earnings of $1.19 per share.
DraftKings — DraftKings shares are up nearly 2% after Piper Sandler began coverage of the sports betting betting company with an overweight rating, he said the stock could rally 40% from here.
HR — Shares fell more than 5% after that Wedbush downgraded RH to neutral from outperformsaying there is evidence of a course correction in its luxury strategy.
Diamondback Energy — Energy stocks fell as a group amid falling oil prices. Diamondback Energy was down more than 4%, Marathon Oil was down more than 3%, and Halliburton was down 2%.
Williams-Sonoma — Shares fell nearly 7% after Williams-Sonoma declined to confirm or update its guidance through fiscal 2024. Refinitive.
— CNBC’s Michelle Fox, Yun Li and Samantha Subin contributed reporting.
