Check out the companies making headlines in midday trading. Victoria’s Secret – The intimate apparel retailer plunged 36% and headed for its worst day on record after posting mixed fourth-quarter results and disappointing guidance. Victoria’s Secret said it expects a larger-than-expected decline in revenue for the first quarter and full year. Novo Nordisk — Shares rallied nearly 10% to record high after the company reported positive Phase I trials for its new experimental weight-loss drug amicretin. American Eagle Outfitters – Shares jumped 2% after American Eagle Outfitters posted a beat on the top and bottom lines. The company reported adjusted earnings of 61 cents per share on $1.68 billion in revenue for its fiscal fourth quarter. Analysts had estimated earnings of 50 cents per share on $1.67 billion in revenue, according to LSEG. Shake Shack – Shares gained more than 4% after TD Cowen upgraded shares to outperform from market performance. TD Cowen cited Shake Shack’s promising “margin expansion strategy.” Kroger – Shares jumped 8.7% after the supermarket chain reported better-than-expected earnings in the fourth quarter. Kroger reported adjusted earnings of $1.34 per share. Analysts polled by LSEG had expected earnings of $1.13 per share. Revenue of $37.06 billion came in marginally below expectations. Burlington Stores – The stock rose 5% after Burlington posted a fourth-quarter beat on adjusted earnings per share and revenue. The top end of the company’s full-year revenue guidance topped analysts’ estimates, as did its projections for revenue growth. Avangrid — Shares of the sustainable energy company rose 12.5% after Spanish utility company Iberdrola made an offer to acquire Avangrid at $34.25 per share and take it private. Iberdrola already owns around 81.6% of the issued and outstanding shares of Avangrid. New York Community Bancorp – The regional bank stock added 6.5% after announcing a capital infusion of more than $1 billion by Liberty Strategic Capital. Meanwhile, the bank’s deposits fell 7% month over month to $77.2 billion as of March 5. Semiconductors – Chip stocks rose broadly as a group, with the VanEck Semiconductor ETF (SMH) climbing 3.3%. Nvidia shares gained more than 3% after Mizuho said the stock could go to $1,000. Shares of Micron Technology advanced more than 3% after Stifel upgraded the stock to buy from hold, and raised its price target. Intel shares jumped 3.9% after a Bloomberg report, citing congressional aides, said the US government was ready to invest $3.5 billion in the company so it could produce advanced chips for the military. — CNBC’s Samantha Subin contributed reporting
American Eagle Outfitters Inc Avangrid Inc Burlington Stores Inc business Business News Cleans: Markets earnings Economy( t)Stock markets Intel Corp Kroger Co( t)Shake Shack Inc Market Insider markets Micron Technology Inc New York Community Bancorp Inc Novo Nordisk A/S NVIDIA Corp VanEck Semiconductor ETF Victoria's Secret & Co