Midday movers: Foot Locker, Deere & Co., Morgan Stanley and more

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Midday movers: Foot Locker, Deere & Co., Morgan Stanley and more
Credit: © Reuters.

Investing.com -- Stocks gave up earlier gains and turned negative after reports talks over raising the debt ceiling were put on hold, killing optimism that a deal could get done this weekend. Here are the market movers for May 19.

  • Foot Locker Inc (NYSE: FL ) shares tumbled 26% after the athletic apparel retailer reported disappointing first-quarter results and cut its outlook for the full year, citing a challenging economic backdrop.
  • Deere & Company (NYSE: DE ) shares fell 2.3% despite beating expectations and raising its profit forecast for the year. After a strong quarter of tractor and precision agriculture machinery sales, the company continues to see a strong order book.
  • Morgan Stanley (NYSE: MS ) shares fell 2.3% after the investment banking and wealth management giant said James Gorman has indicated plans to step down as CEO in the next year.
  • Applied Materials Inc (NASDAQ: AMAT ) shares fell 2.3% after the maker of equipment for chip manufacturing reported quarterly sales rose 6%, more than expected, and its forecast for net sales and earnings per share in the current quarter are higher than expectations.
  • Farfetch Ltd (NYSE: FTCH ) shares jumped 21% after the luxury fashion e-commerce company reported better-than-expected first-quarter earnings as gross merchandise value rose beyond forecasts.

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