Target, Kroger, Foot Locker and more

Check out the companies making headlines in midday trading.

Target – Shares of the retailer jumped 11% after the company reported 9% sales growth in the fiscal fourth quarter, despite supply chain pressures, and said it’s poised to keep that momentum going. Target also issued revenue guidance with growth in the low to mid- single digits and projected adjusted earnings per share to rise by high single digits in the year ahead.

Kroger — Shares of Kroger rose more than 2% after Telsey upgraded the grocery store chain ahead of its earnings report. “We believe we have higher visibility and confidence into Kroger’s multi-year omni-channel growth runway,” Telsey’s Joseph Feldman said.

Foot Locker – The athletic retailer saw shares fall 7.5% after Goldman Sachs downgraded the stock to neutral from buy, saying it sees too much near-term pressure on the stock. The downgrade follows Foot Locker’s announcement that it will sell fewer Nike products.

AutoZone – The retail stock dipped 2% despite AutoZone beating expectations for earnings and revenues for its fiscal second quarter. The company’s same-store sales jumped 13.8% year over year.

Workday — Shares of Workday popped 7% in midday trading after beating on the top and bottom lines of its quarterly earnings results. The company also raised guidance for its fiscal year 2023 subscription revenue to be in a range of $5.53 billion to $5.55 billion, reflecting year-over-year growth of 22%.

Lucid Group — Shares of the electric carmaker plunged more than 15% in midday trading after reporting a wider-than-expected loss of 64 cents per share, while analysts expected a loss of 25 cents per share, according to Refinitiv. Revenue came in at $26.4 million, below the forecast $36.7 million.

Zoom Video — Zoom shares fell nearly 4% midday after the video conferencing platform issued a weaker-than-expected first quarter and full-year guidance. The company beat earnings and revenue expectations for the fourth quarter.

Novavax — Shares of Novavax rose 2.7% midday. The biotech company reported a miss on the top and bottom line in the fourth quarter, but said it expects revenue between $4 billion and $5 billion in 2022. Novavax is also working on an omicron-specific vaccine.

J.M. Smucker — J.M. Smucker shares fell 6.3% despite the company’s better-than-expected earnings report. The company reduced its fiscal-year sales growth guidance and reduced the high end of its fiscal-year earnings guidance.

Hormel Foods — Shares of Hormel rose 4% after the company beat revenue estimates in its latest quarterly report. Hormel earnings matched Wall Street expectations.

Rivian — Shares of Rivian sunk 8.5% after Wells Fargo reiterated its equal-weight rating on the stock. The firm said it sees too many “near-term headwinds.”

Chevron — Chevron shares rose 3.5% after Bank of America reiterated its buy rating on the stock. The call came after Chevron said it was close to acquiring Renewable Energy Group. 

Wells Fargo, Bank of America — Financial stocks were among the biggest losers Tuesday. Bank of America was down more than 4%, while Wells Fargo eased about 5%. Falling Treasury yields could potentially take a bite out of bank profits, while the conflict in Eastern Europe and sanctions on Russia have some traders worried about disruption in credit markets.

Occidental Petroleum, APA Corp — Energy stocks got a lift as oil prices spiked, with U.S. crude hitting its highest level since June 2014. Occidental Petroleum added 5.8% and APA Corp rose 4.6%.

Lockheed Martin, Northrop Grumman — Defense stocks gained as investors monitored increasing tension in the Russia-Ukraine conflict. Lockheed Martin rose 4.3% while Northrop Grumman added 2%.

— CNBC’s Maggie Fitzgerald, Jesse Pound and Samantha Subin contributed reporting