Yahoo Finance is tracking Hudson’s Bay, Royal Bank of Scotland, Barclays, Nvidia and Citigroup in intraday trading on Friday.
Hudson’s Bay (HBC) – The parent company of retail giants Saks Fifth Avenue and Lord & Taylor is planning to slash jobs in an effort to cut costs. Hudson’s Bay announced that it will layoff about 2,000 workers, which accounts for about 3% of its workforce, after posting a bigger-than-expected drop in quarterly sales. The job cuts are expected to save the company about $259 million per year.
Royal Bank of Scotland (RBS), Barclays (BCS) – US-listed shares of British banks are under pressure following a surprising UK election result. The UK’s ruling Conservative Party failed to win a majority, which triggered uncertainty in the region’s economy on concerns that the outcome could threaten to derail Britain’s planned exit from the European Union.
Nvidia (NVDA) – Yahoo Finance’s 2016 company of the year got another bullish call. Bank of America upped its price target on the stock to $185, the highest level on the Street. This comes after Citi lifted its price target hike on Nvidia to $180 on Thursday. Shares hit record highs in intraday trading on Friday before reversing their gains after Citron Research poured cold water on Nvidia’s recent rise. The well-known short-seller firm tweeted that the stock would likely fall by nearly 20% before climbing to $180. Nvidia is up about 226% over the past year.
Citigroup (C) – Shares jumped to their highest level in more than eight years after UBS upgraded the bank to neutral from sell and lifted its price target to $64 from $58. Citigroup’s stock is up about 8% since the start of the year.
For more on Friday’s big stock movers, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.