Here’s a look at the companies making headlines in midday trading: Kohl’s — Shares fell 18% after the retailer cut its sales outlook amid an uncertain holiday backdrop. Profit and sales in the latest quarter fell short of Wall Street analysts’ expectations, and the chief executive will resign in January. Amgen — Shares of the biotech fell more than 3% after an experimental weight-loss drug helped patients lose 20% of their body weight after a year, the lowest number investors expected. Some analysts had been hoping for weight reductions of up to 25% in phase 2 trials. Morgan Stanley – Shares of the Wall Street investment bank retreated more than 2% after HSBC downgraded its rating to hold from buy, citing a less attractive risk-reward balance. Best Buy — Shares of Best Buy fell 7% after the electronics retail chain slashed its full-year sales forecast. Best Buy now expects same-store comparable sales to decline 2.5% to 3.5%, lower than its previous forecast. Franklin Resources — Shares of the fund company fell more than 3% after federal prosecutors charged the former co-chief investment officer of its Western Asset Management unit with fraud. Dana Inc. — Shares of Dana Inc. rose 9% after the auto parts supplier named a new chief executive and announced a restructuring that includes the sale of its highway business and a $200 million cost-cutting campaign. Abercrombie & Fitch — The apparel retailer beat third-quarter profit expectations but fell short of Wall Street’s highest forecasts, sending its shares down about 5%. Abercrombie earned $2.50 per share, beating the $2.39 per share consensus among analysts polled by LSEG. Revenue was $1.21 billion, above estimates of $1.19 billion, with holiday sales and full-year guidance also stronger. Royal Caribbean — Shares of the cruise line rose 2% after Bernstein initiated a research note with an outperform rating. Stellantis – Shares of Chrysler and the Jeep owner fell more than 5% after President-elect Trump said he planned to impose 25% tariffs on imports from Mexico and Canada. Stellantis is already considering revising plans for further expansion in Mexico in response to potential tariffs. General Motors and Ford Motor fell more than 8% and 2%, respectively. Rivian Automotive — Shares of Rivian Automotive rose 2% after the electric vehicle maker received conditional approval for more than $6 billion in government loans aimed at supporting production capacity. Fluence Energy — The battery storage company reported third-quarter revenue of $1.23 billion, missing the $1.28 billion forecast by analysts polled by FactSet, and its shares fell more than 16%. Zoom Communications — Shares of the online conferencing technology provider fell 8% despite stronger-than-expected third-quarter results after a 60% surge from recent lows in August. Zoom had adjusted earnings of $1.38 per share on revenue of $1.18 billion, while Wall Street expected earnings of $1.31 per share on revenue of $1.16 billion. Novo Nordisk, Eli Lilly — makers of diabetes and weight-loss drugs rose 2% to 5%. The Biden administration has introduced a new rule that would allow Medicare and Medicaid to cover the cost of weight-loss treatment for Americans with obesity. —CNBC’s Hakyung Kim, Pia Singh, Samantha Subin and Jesse Pound contributed reporting.
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