Midday movers: Ross Stores, Applied Materials, Deere and more

Investing.com -- U.S. stocks are mixed on Friday, heading toward a down week as investors fretted over the potential for higher for longer interest rates.

Here are some of the biggest U.S. stock movers today:

• Ross Stores (NASDAQ:ROST) stock rose 6% after the discount retailer raised annual sales and profit forecasts after beating quarterly estimates, as customers shopped for its cheaper clothing.

• Applied Materials (NASDAQ:AMAT) stock rose 2.2% after the semiconductor equipment maker offered up a buoyant forecast as chip demand picks up and governments spend billions on subsidies.

• Deere (NYSE:DE) stock fell 4.8%, retreating after gains of over 13% year to date, despite the company reporting strong third-quarter profits and raising its annual net income outlook on strong demand for its large tractors, combines, and precision agriculture equipment.

• Estée Lauder (NYSE:EL) stock fell 2.9% after the beauty giant offered up disappointing annual profit and net sales forecasts that were under market expectations, as it faces a slower-than-anticipated recovery in China.

• XPeng (NYSE:XPEV) stock fell 5.1% after the Chinese electric vehicle maker forecast third-quarter revenue below expectations and reported a hit to margins following an inventory write down.

• WeWork (NYSE:WE) stock slumped 10.8% after the workspace provider said it will proceed with a one-for-forty reverse stock split of its outstanding class A and class C common stock, which was previously authorized by shareholders.

• Farfetch (NYSE:FTCH) stock fell 40.6% after the e-commerce company issued disappointing second-quarter earnings, resulting in KeyBanc downgrading its stance to ‘Sector weight’ from ‘Overweight’.

• Hawaiian Electric (NYSE:HE) stock rose 9.7%, bouncing after sharp losses earlier in the week with the power supplier stating it is seeking expert advice in the wake of the state’s devastating wildfires, but added that the goal was not to restructure the company.

-- Peter Nurse contributed to this report