XPeng delivered over 60,000 of its flagship P7 electric sedans in 2021.
Check out the companies making headlines in midday trading.
Strategic Education — The education stock advanced 3% following an upgrade to buy from neutral by Bank of America. The firm said the company could have strong earnings ahead.
Xpeng — The electric car maker stock declined 5% after the company reported a larger-than-expected loss in the second quarter. XPeng reported a loss of 2.8 billion yuan, while analysts polled by Refinitiv had forecasted 2.13 billion yuan. The company did, however, meet expectations for revenue with 5.06 billion yuan.
Ross Stores — The discount retailer popped 6% following its earnings beat after the bell Thursday. Ross Stores reported second-quarter earnings per share of $1.32, beating the $1.16 expected from analysts polled by Refintiv. Revenue came in at $4.93 billion, versus the consensus estimate of $4.75 billion.
Blue Bird — Stock in the school bus manufacturer added 4% after Bank of America initiated coverage of the company with a buy rating. The firm highlighted Blue Bird’s potential to emerge as a leader in bus electrification.
Keysight Technologies — Shares fell 12% after a weak fiscal fourth-quarter outlook. The electronic design company forecasted adjusted earnings per share in the range of $1.83 to $1.89 with revenue of $1.29 billion to $1.31 billion. Analysts polled by FactSet, meanwhile, are forecasting an adjusted $2 per share on $1.39 billion in revenue.
Estee Lauder — The cosmetics company pulled back about 2% after issuing lower-than-expected guidance. The company expects an adjusted loss of 31 cents to 21 cents per share in its fiscal first quarter. Analysts polled by FactSet had estimated earnings of 98 cents per share.
Nvidia — The chipmaker and artificial intelligence favorite slipped 1% in midday trading. Nvidia will report quarterly results next Wednesday, and analysts polled by FactSet are forecasting an adjusted $2.08 cents per share on $11.1 billion in revenue.
Alibaba, JD.com, PDD, Nio — A slew of China-based companies were trading lower as Wall Street contends with the country’s shaky economic footing due to property market trouble. Alibaba dipped close to 3%, while JD.com fell about 5%. Nio slipped 5.9%. PDD fell nearly 4%.
Deere – Shares of the farm equipment giant slid more than 3%, even as the company posted beats on the top and bottom lines for the fiscal third quarter. Deere reported earnings of $10.20 per share on revenue of $15.8 billion. Analysts polled by Refinitiv called for earnings of $8.20 per share and revenue of $14.25 billion.
— CNBC’s Alex Harring and Michelle Fox contributed reporting