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Target, Kohl’s, Peloton and more

FILE PHOTO: Shoppers walk out of a Target store during Black Friday sales in Brooklyn, New York, U.S. November 26, 2021.

Brendan Mcdermid | Reuters

Find out which companies are making headlines in the midday business.

Target – The retailer’s shares fell more than 4% after the company said it would take a short-term hit to profits as it cancels orders and marks down unwanted merchandise. CEO Brian Cornell said the big-box retailer wanted to free up space for merchandise, including groceries and back-to-school supplies.

Kohl’s – Shares of the department store jumped 8.1% after learning it was in negotiations with parent company The Vitamin Shoppe to buy Kohl’s for $60 a share, which values ​​Kohl’s at around $8 billion . Franchise Group shares gained 7.5%.

Peloton – Shares of the home fitness company fell more than 1% after it announced that Jill Woodworth, its chief financial officer, would leave the company after four years. Liz Coddington, a former executive at Amazon and Netflix, will take her place from June 13.

Apple – Apple shares rose about 1% following the iPhone maker’s WWDC event on Monday, where it announced its M2 chip, a buy-it-now/pay-later offer and upgrades. CarPlay day.

BuzzFeed – Shares of the media company rebounded 10.7% after falling about 41% on Monday after its IPO lock-in period expired.

GitLab – The cloud-based software provider’s stock jumped 23.1% on a weaker-than-expected loss last quarter. GitLab also exceeded revenue estimates and shared strong revenue guidance for the current quarter.

JM Smucker – Shares of the food company rose 4.9% after last quarter earnings and revenue beat analysts’ estimates. Adjusted earnings per share are 35 cents higher than analysts’ forecasts.

United Natural Foods – Shares of the food wholesaler fell 8% despite United Natural’s fiscal third quarter results beating expectations. The company reported $1.10 of adjusted earnings per share on $7.24 billion in revenue. Analysts polled by Refinitiv had expected 97 cents in earnings per share on $7.1 billion in revenue. Company executives said on an investor call that inflation remains high.

– CNBC’s Tanaya Macheel, Jesse Pound and Yun Li contributed reporting.

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