An employee fixes Apple iPhones as a customer shop at an Apple Store.
mike reaping | Reuters
Take a look at the companies that make the headlines for midday trading.
Apple — Big Tech shares fell 5% after rare Bank of America downgrade. The bank downgraded shares of iPhone maker to neutral and lowered its target price to $160 a share from $185, citing macroeconomic challenges ahead.
car max — Shares of the used car dealer plunged 23.2% after posted second-quarter earnings below analysts’ expectations before the bell. The company’s earnings per share fell to $0.79, down 54% from a year ago.
PG&E — Shares of the utility fell about 1.8% after the company asked California regulators for permission to turn its non-nuclear generation assets into a separate subsidiary.
base of coins — Coinbase shares fall 8% after Wells Fargo started coverage of the crypto firm with an underweight rating and said a difficult economic environment could hurt the stock and profitability going forward.
Bed bath and beyond – Shares of the home goods retailer lost more than 8% on Thursday after the company reported a quarterly loss greater than projected and a 28% decline in sales in its most recent quarter. He also reported a strong drop in Buybuy Baby saleswhich has been a bright spot for Bed Bath, facing tough comparisons.
platoon — Peloton shares fell about 15% after the company announced it would sell its equipment in Dick’s Sporting Goodsa deal that marks your first brick and mortar association. Peloton has been struggling to expand its customer base and stem its losses as people return to life outside their homes, after its stock price soared in the pandemic.
Western Petroleum — Energy stocks rose 1.4%, bucking the broader market’s downward trend after Warren Buffett. Berkshire Hathaway added to their mass participation. the conglomerate added about 6 million shares of the oil giantworth about $350 million, as of Monday through Wednesday, paying up to $61.37 a share, according to a regulatory filing.
Resorts in Vail — Vail shares gained 2.6% after the resort operator reported fourth-quarter revenue that beat analyst estimates. The company said there has been strong demand for ski season passes, while full-year sales have rebounded beyond pre-pandemic levels.
helping ritual — Shares fell 27% after Rite Aid cut its full-year earnings guidance and posted a larger-than-expected loss for the quarter.
MillerKnoll — Shares of the officer furniture maker fell 12% after revenue missed analysts’ expectations in the latest quarter. MillerKnoll cited a difficult macroeconomic outlook and shared plans to improve earnings and cash flow in the near term.
duck horn wallet — Shares fell more than 10% a day after the wine company released 2023 guidance that was lighter than expected. Duckhorn anticipates fiscal 2023 adjusted earnings per share of 62 cents to 64 cents, compared with FactSet expectations of 67 cents per share. The firm also reported fiscal fourth quarter revenue that beat Wall Street estimates and earnings per share that were in line with expectations.
Enerpac Tool Group — Shares of the toolmaker gained more than 7% a day after Enerpac reported fiscal fourth-quarter earnings and revenue. CEO Paul Sternlieb said the company’s fiscal outlook for fiscal 2023 “reflects cautious optimism that our momentum will continue as we navigate the uncertain global macroeconomic environment.”
Worthington Industries — Shares of the industrial manufacturing company fell 9% after it missed earnings estimates for the fiscal first quarter.
— CNBC’s Tanaya Macheel, Alex Harring, Yun Li and Michelle Fox contributed to this report.
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