Midday movers: Carvana, Palo Alto Networks, Gap and more

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Midday movers: Carvana, Palo Alto Networks, Gap and more

By Liz Moyer

Investing.com -- Stocks were mixed again on Friday as investors tried to absorb comments by Federal Reserve officials that the central bank isn't done raising rates. Here are the midday movers for Nov. 18:

  • Carvana Co (NYSE: CVNA ) shares fell 5.5% after a CNBC report that the used car seller was cutting 8% of its staff, or about 1,500 jobs, because of higher financing costs and ongoing challenges with reduced demand after a pandemic surge.

  • Palo Alto Networks Inc (NASDAQ: PANW ) stock rose 7.8% as the cybersecurity company beat profit and revenue expectations and raised its outlook.

  • Gap Inc (NYSE: GPS ) stock rose 4.5% after the casual clothing retailer beat expectations on revenue in the recent quarter . It did say it expects overall net sales for its brands, which include Gap, Banana Republic, Old Navy, and Athleta, could be down mid-single digits in the fourth quarter compared with last year.

  • Williams-Sonoma Inc (NYSE: WSM ) shares fell 6.7% after the home and kitchen specialty retailer beat expectations and reiterated its 2022 outlook but said macro uncertainty meant it wouldn't be able to update its guidance through 2024.

  • Foot Locker Inc (NYSE: FL ) shares rose 6.9% after the athletic apparel retailer reported an unexpected 0.8% rise in same store sales as its earnings report beat expectations.

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