See the companies making headlines in midday trading. Victoria’s Secret – Shares of the intimate apparel retailer fell 29.7% and are on track for their worst day ever after posting mixed fourth-quarter results and disappointing guidance. Victoria’s Secret said it expects a larger-than-expected decline in first-quarter and full-year revenue. Novo Nordisk – Shares rose nearly 8.9% to a record high after the company reported positive results from a phase 1 trial of its new experimental weight-loss drug Amicretin. American Eagle Outfitters. American Eagle Outfitters shares fell 2% even after American Eagle Outfitters shares showed improvement in the top and bottom lines. The company reported adjusted earnings of 61 cents per share on revenue of $1.68 billion for the fiscal fourth quarter. Analysts estimated earnings of 50 cents per share on revenue of $1.67 billion, according to LSEG. Shake Shack – Shares rose more than 3% after TD Cowen upgraded the stock to outperform. TD Cowen mentioned Shake Shack’s promising “profit strategy.” Kroger — Shares jumped about 10% after the supermarket chain reported better-than-expected fourth-quarter earnings. Kroger reported adjusted earnings of $1.34 per share. Analysts polled by LSEG expected earnings of $1.13 per share. Revenue of $37.06 billion was slightly below expectations. Burlington Stores — Burlington shares rose 7.5% after Burlington posted its best fourth-quarter results on adjusted earnings per share and revenue. The top end of the company’s full-year earnings forecast exceeded analysts’ estimates, as did its forecasts for revenue growth. Avangrid — Shares of the sustainable energy company rose 12.5% after Spanish utility Iberdrola made an offer to acquire Avangrid for $34.25 per share and take it private. Iberdrola already owns about 81.6% of Avangrid’s issued and outstanding shares. New York Community Bancorp. Shares of the regional bank rose about 13% after announcing a capital injection of more than $1 billion from Liberty Strategic Capital. Meanwhile, the bank’s deposits fell 7% month-on-month to $77.2 billion as of March 5. Semiconductors – Chip shares were up overall, with shares of the VanEck Semiconductor ETF (SMH) up 3.4%. Nvidia shares rose more than 4.5% after Mizuho said shares could reach $1,000. Micron Technology shares rose more than 3% after Stifel upgraded the stock to buy and raised its price target. Intel shares jumped 3.7% after Bloomberg reported, citing congressional aides, that the U.S. government is willing to invest $3.5 billion in the company so it can produce advanced chips for the military. — CNBC’s Samantha Subin contributed reporting.
