Check out the companies making headlines in the midday trade: Lululemon – Athletic companies have plummeted by more than 11% in shares after President Donald Trump imposed tariffs on a country where companies import most of their products. In 2024, Lululemon sourced 40% of its products from Vietnam. This was hit by a 46% tariff by the administration. Almost 90% of Lululemon’s products are made in Vietnam, Cambodia, Sri Lanka, Indonesia and Bangladesh. Deckers Outdoor – Stock in the footwear company plummeted more than 14% after Trump’s mutual tariffs were rolled out. The UGG manufacturer has 68 supply chain partners in Vietnam and 125 suppliers in China. Nike – Athletic apparel inventory fell 12.1% following broad tariffs on the Trump administration’s major trading partners. Nike manufactures half of footwear in China and Vietnam, with tariff rates of 54% and 46%, respectively. Discount Retail Stocks – Shortly after the new mutual tariff announcement, five shares and Dollar Tree stocks respectively flowed over 27% and 9%. The companies are big sellers of imports, and Dollar Tree CEO Michael Creedon said the company could raise prices to offset the impact of tariffs. Bank Stocks – Several bank shares have been pulled back as traders considered the potential economic radioactive nature of Trump’s tariff policy. Shares of Goldman Sachs and Morgan Stanley fell nearly 8% each, while JPMorgan Chase, Bank of America and Citi fell more than 5%, 9% and 10% respectively. Ford – Automaker stocks fell nearly 4%. On Thursday, Ford announced that it will offer employee pricing for all customers in multiple models of the program called “Americ for America.” Trump’s 25% tariff on imported vehicles came into effect Thursday. Large tech stocks – Shares in Megacap technology name plunged amid concerns that companies face pressure from Trump’s tariffs. Tesla fell nearly 5%, while Amazon and Apple stocks fell more than 7% and 8% respectively. Alphabet stocks moved more than 3% lower. Semiconductor Stocks – Even after the White House said semiconductors would not be subject to new taxes, chipmaker stocks were also hit after the tariff announcement. Shares in Nvidia and Advanced Micro Devices both fell by more than 6%, Broadcom fell by more than 8%, and Qualcomm fell by more than 9%. Microsoft – After Bloomberg, the stock, which cut around 3%, citing people familiar with the issue, reported that the company is shrinking data center projects around the world. RH – Luxury home furniture went well at 43.5% on the worst day on record after fourth quarter revenue and forward guidance fell weaker than expected. RH earned $1.58 per share, with the exception of items, earnings of $812 million, with analysts voted pencils with $1.92 per share and earnings of $830 million. CEO Gary Friedman told analysts that the company is “operating in the worst housing market in almost 50 years.” Wayfair – Stocks fell 25% behind Trump’s newly announced tariffs. Countries such as Vietnam, Thailand, Cambodia and the Philippines all suffer from tariffs above the baseline of 10%. During the revenue call in February, Wayfair CEO Niraj Shah said these aforementioned countries have grown as “people have factories and where are our products coming from?” Lyft – Ridesharing stocks have fallen by more than 9% after receiving a double downgrade to poor performance from Bank of America purchases, citing an increase in headwinds from autonomous vehicles. Lamb Weston – The stock has won over 9% after the food processing company posted a better third quarter results than expected. Lamb Weston reported an adjusted earnings of $1.10 per share of $1.52 billion, while analysts voted by FactSet had expected revenues of $1.49 billion at 86 cents per share. -CNBC’s Alex Hurling, Hakyung Kim, Yoon Lee and Lisa Kai-rai Han contributed the report.
