A shopper walks past the Bed Bath and Beyond Inc. store
Andrew Harrer | Bloomberg | Getty Images
Check out the companies that make headlines in afternoon trading.
Shares of Big-Box retailer fell 23% after the company cut its revenue and earnings outlook amid a bed bath and beyond-supply chain challenge and inflation. Bed Bath and Beyond noted a steep drop-off in buyer traffic in August. The stock wiped out its jaw-dropping meme-stock rally in 2021, falling more than 4% year-over-year. Other retail stocks, including Gap, Newell Brands and Bath & Body Works, also declined.
Kohl-Kohl’s stock plunged more than 13% after Bank of America downgraded the stock from a buy to a lower rating, citing continued supply chain problems. The company has lowered its price target from $ 75 to 48 48 per share.
Carmax – Shares of used car retailers fell 11% after reporting disappointing quarterly earnings. According to Refinitive, Carmax earned $ 1.72 per share, with analysts expecting 90 1.90 per share. Sales of used cars in the same store rose 6.2%, down from the 7.3% forecast.
Virgin Galactic – Virgin Galactic shares rose more than 10% when the Federal Aviation Administration allowed the space travel company to relaunch the launch following an incident investigation during a July 11 flight. And did not notify the agency of the change as required.
Philip Morris International, Ultria – Shares of Philip Morris and Altria fell more than 5% and 6%, respectively, after the U.S. International Trade Commission ordered the two companies to stop selling and importing their Ecos tobacco products. The company has ruled that the Ecos product infringed on its patent due to a claim by rival RJ Reynolds. The case is going for administrative review.
Lordstown Motors – Electric truck maker shares jumped nearly 7% after Bloomberg reportedly moved closer to an undisclosed deal to sell its Ohio car plant to Taiwan’s Foxconn Technology. Lordstown bought the plant from General Motors two years ago.
McCormick – The spice maker’s quarterly earnings report fell 1.8% after McCormick’s shares fell short of Wall Street expectations. The company posted a consolidated quarterly earnings of c0 cents per share, which is slightly higher than expected, with earnings slightly higher. However, McCormick also cut his full-year earnings forecast due to inflation and logistics problems.
Paychex-Pay-Roll Service Company Paychex increased its share price by about 5% when it reported strong quarterly earnings and revenue after client employees began returning to office work. It has also boosted its business outlook for years.
NVIDIA, ELECTRONIC ARTS – Shares of Nvidia and Electronic Arts rose 1.2% and 3.9%, respectively, after companies announced they would place more video games on Electronic Arts’ Nvidia cloud gaming service.
Advanced Micro Devices – AMD’s shares rose 3% when the semiconductor company announced it would expand its collaboration with Google Cloud.
Starbucks – Atlantic Equities coffee chain stocks outperformed as Starbucks shares fell 1.2%. The agency said concerns over wage inflation and growth in China could affect Starbucks’ profits.
– CNBC’s Maggie Fitzgerald, Eun Lee and Tanaya Machil contributed to the report
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