People walk past a Nike store in New York.
Spencer Platt | Getty Images
Check out the companies that make headlines in the midday trade.
Nike – The sporting goods manufacturer declined more than 5% after the company saw a surprise loss in the fourth quarter as sales declined 38% year over year. Nike lost 51 cents per share compared to analysts' expectations of 7 cents per share. Revenue also declined as businesses closed in the midst of the pandemic.
Gap – The retailer's shares rose more than 28% after a partnership with musician Kanye West was announced. West's Yeezy design studio will design clothing lines for Gap. The first products are expected in 2021, according to a press release.
Goldman Sachs, JPMorgan, Wells Fargo – Bank stocks fell broadly on Friday after the Federal Reserve announced plans to ban buybacks and limit dividends for large financial firms, and will have to resubmit payment plans later this year. Goldman Sachs shares fell 7.2%, while JPMorgan fell 4.9%. Wells Fargo, which many Wall Street analysts believe will likely cut the dividend, lost 6.4%.
Bed Bath & Beyond – The retailer's shares rose 8% on Friday after Bank of America said Buybuy Baby's company value could be almost the same as Bed Bath & Beyond's current company value. Bank of America, which has a buy rating for Bed Bath & Beyond, raised its price target from $ 12.50 per share to $ 14.50 per share.
Facebook – Facebook shares dropped about 5% in midday trading after Verizon joined a growing group of companies that announced they would advertise on the company's platforms. The move supports a boycott campaign accusing the social media giant of not doing enough to stop hate speech on its platform.
Harley-Davidson – The motorcycle manufacturer's stock fell 5.5% on Friday afternoon after it was announced that 140 U.S. jobs would be lost after a decision to adjust production volume was made. 90 jobs will be cut at Harley's York, Pennsylvania plant, while 50 jobs will be cut at its Tomahawk, Wisconsin, plant.
Virgin Galactic – Virgin Galactic shares rose 1.7% after their spaceship's second successful glide over southern New Mexico. The pilots flew the ship at higher speeds than during the first flight. The company said that after completing a data review, it can begin "preparing for the next level" of its flight test program: full missile test flights.
– With reports from Maggie Fitzgerald, Jesse Pound and Pippa Stevens of CNBC.