Check out the companies making headlines in midday trading on Friday:
J.C. Penney — The retailer’s stock rocketed 17% on Friday after the company said it had made an interest payment of about $17 million that was due and payable on May 7. The payment by J.C. Penney likely came as good news to investors and part of its ongoing talks with its lenders. CNBC reported Thursday night that the retailer was working on a bankruptcy filing that could come as soon as Friday.
V.F. Corp. — Shares of the apparel company fell 5% on the back of disappointing quarterly results. VF Corp. reported earnings per share of 10 cents on revenue of $2.1 billion. Analysts polled by Refinitiv expected a profit of 14 cents per share on revenue of $2.29 billion. The company said Timberland and North Face sales dropped 18% and 13%, respectively, during the quarter.
DraftKings — DraftKings shares jumped about 9% after the online sports betting company reported a 30% increase in year-over-year revenues. “We are uniquely positioned at the intersection of digital sports entertainment and gaming in a rapidly growing industry,” said CEO Jason Robins.
Gap, Nordstrom — Gap traded 2.8% higher while Nordstrom advanced 4.6% even after the release of the biggest monthly U.S. retail sales drop on record. The U.S. government reported a 16.4% plunge in monthly retail sales, easily topping a Dow Jones estimate of a 12.3% drop. Gap and Nordstrom’s gains led the SPDR S&P Retail ETF higher by 0.7%.
Micron, Intel and Broadcom — Chip stocks fell following news that the Commerce Department announced that it was restricting the sale of semiconductors to Chinese telecom giant Huawei. U.S. officials have raised security concerns about Huawei. Micron fell 4.2%, Intel dropped 3.4% and Broadcom slid 2.4%.
Dillard’s — Shares of the retailer jumped more than 7% after the company reported a smaller-than-expected loss for the first quarter. The company also outlined plans to reopen another 116 stores, as well as 5 clearance centers next week. So far, 149 locations have opened back up following widespread closures amid the pandemic.
Denny’s — Denny’s stock rallied 10% in midday trading after the diner chain reported better-than-expected quarterly earnings despite sales falling 36% from a year earlier. The restaurant company streamlined its menu offerings as the Covid-19 pandemic unfolded, and emphasized curbside delivery and shareable family meal packs.
— CNBC’s Fred Imbert, Pippa Stevens and Jesse Pound contributed reporting.
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