Monday, March 27, 2023

Stocks making the biggest moves midday: Big Lots, Best Buy, Nikola and Lucid

A buyer exits a Big Lots retailer in Clifton, New Jersey.

Emile Wamsteker | Bloomberg | Getty Images

Check out the businesses making headlines in noon buying and selling.

Big Lots – Shares jumped 11.74% after the low cost retailer posted a smaller-than-expected loss for the latest quarter. Revenue additionally beat expectations, and comparable retailer gross sales fell 9.2% year-over-year, however beat analysts’ expectations of a wider decline.

Best Buy – Shares of Best Buy gained 1.61% after the retailer reported outcomes earlier than the bell Tuesday that beat Wall Street’s expectations on the highest and backside traces.

First Solar – First Solar hit a 52-week excessive on Tuesday, with shares up 0.51%. Earlier within the day, the photo voltaic expertise firm introduced it can invest up to $1 billion in constructing a brand new photo voltaic panel manufacturing facility within the U.S. The key catalyst for the transfer, in addition to an extra $185 million improve to current amenities, was the tax incentives from the Inflation Reduction Act, its CEO mentioned.

Lucid, Nikola – Shares of electrical car makers Lucid and Nikola slipped 6.31% and 9.38%, respectively, after each corporations this week moved to raise additional cash. Lucid mentioned in a Monday submitting that it intends to subject $8 billion in new inventory over the subsequent three years. Nikola mentioned in a submitting Tuesday it plans to subject as much as $400 million of recent shares at market costs.

Oil corporations – Oil firm shares tumbled Tuesday, alongside the value of the commodity. Marathon Oil, Halliburton and Diamondback Energy slipped 4.52%, 4.86% and three.73%, respectively. Chevron fell 2.44%. The sector led declines on the S&P 500 and Dow.

Baidu – Shares of the Chinese expertise firm fell 6.54% regardless of Baidu beating estimates on the highest and backside traces within the second quarter. The firm’s income was down year-over-year, even because it beat estimates. Baidu did additionally announce that iQiyi, a subsidiary, is promoting $500 million of convertible debt to funding agency PAG Asia.

Jack in the Box – Shares of the fast-food chain dropped 9.66% after the California state legislature handed a invoice that might type a statewide panel to manage wages for staff within the trade. The panel could be allowed to lift the minimal wage as much as $22 per hour in 2023. Shares of Chipotle additionally fell about 2% on the information.

Bed Bath & Beyond – Shares of the retailer slipped 9.29% as traders await its plan for a turnaround, which is about to be released Wednesday. What occurs subsequent for the inventory relies on the replace, according to Morgan Stanley.

— CNBC’s Yun Li, Jesse Pound, Samantha Subin and Michelle Fox contributed reporting.

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