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Check out the companies making headlines in afternoon trading. Victoria’s Secret – The intimate apparel retailer plunged 36% and is headed for its worst day on record after posting mixed fourth-quarter results and disappointing guidance. Victoria’s Secret said it expects revenue to decline more than expected for the first quarter and full year. Novo Nordisk – Shares rose nearly 10% to a high after the company reported positive results from a Phase 1 trial of its new experimental weight loss drug amicreatin. American Eagle Outfitters – Shares jumped 2% after American Eagle Outfitters reported wins on the top and bottom lines. The company reported adjusted earnings of 61 cents per share on revenue of $1.68 billion for its fiscal fourth quarter. Analysts had expected earnings of 50 cents per share on revenue of $1.67 billion, according to LSEG. Shake Shake – Shares rose more than 4% after TD Cowen upgraded the stock to outperform from market perform. TD Cowen cited Shake Shack’s promising “margin expansion strategy”. Kroger – Shares rose 8.7% after the supermarket chain reported better-than-expected fourth-quarter earnings. Kroger reported adjusted earnings of $1.34 per share. Analysts surveyed by LSEG were expecting profit of $1.13 per share. Revenue of $37.06 billion fell slightly short of expectations. Burlington Stores – The stock rose 5% after Burlington reported fourth-quarter gains on adjusted earnings and revenue per share. The upper end of the company’s full-year earnings guidance was above analysts’ estimates, as was revenue growth that was also above estimates. Avangrid – Shares of the sustainable energy company rose 12.5% after Spanish utility company Iberdrola made a bid to acquire Avangrid for $34.25 a share and take it private. Iberdrola already owns approximately 81.6% of the issued and outstanding shares of Avangrid. New York Community Bancorp – The regional bank stock rose 6.5% after Liberty Strategic Capital announced a capital investment of more than $1 billion. Meanwhile, bank deposits fell 7% month-on-month to $77.2 billion as of March 5. Semiconductor – Chip stocks rose broadly as a group, with the VanEck Semiconductor ETF (SMH) climbing 3.3%. Nvidia shares rose more than 3% after Mizuho said the stock could hit $1,000. Shares of Micron Technology rose more than 3% after Stifel upgraded the stock to buy from hold and raised its price target. Intel shares jumped 3.9% after a Bloomberg report citing congressional aides said the U.S. government is ready to invest $3.5 billion in the company to produce advanced chips for the military. Could build. — CNBC’s Samantha Subin contributed reporting
