Thursday, February 9, 2023

Stocks making the biggest moves midday: 3M, Paccar, Bed Bath & Beyond, AMD and more

A lady walks close to a Bed Bath & Beyond department on January 11, 2023 in New York City.

Leonardo Munoz | View Press | Corbis News | Getty Images

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

Lyft — The ride-sharing app’s inventory added 1.5% following an upgrade to overweight from sector weight by KeyBanc. The agency mentioned cost-saving methods corresponding to layoffs and stabilizing demand might assist the inventory.

Bed Bath & Beyond — The retail inventory jumped 13% as merchants continued to pile into the closely shorted title. Bed Bath & Beyond has warned of a possible bankruptcy and not too long ago beefed up its authorized workforce forward of a attainable filing. Shares of the meme-stock favourite are up 32% yr thus far.

Paccar — Shares of Paccar rose 7% after the truck producer reported fourth-quarter outcomes, posting a revenue of $2.64 per share and $8.13 billion in income. An growing variety of e-commerce deliveries have boosted demand for vans. The firm beat analysts’ expectations for per-share earnings, in response to StreetAccount.

Advanced Micro Devices — Shares slid 3.2% after Bernstein downgraded the semiconductor maker to market carry out from outperform. The agency mentioned the non-public laptop market and new components markets had been rising more and more unfavorable for the corporate.

3M — Shares of the economic conglomerate slid greater than 5% to hit a brand new 52-week low after the corporate mentioned it could cut 2,500 manufacturing jobs amid a requirement slowdown. 3M additionally reported decrease earnings excluding objects with a revenue of $2.28 per share in comparison with $2.45 per share a yr earlier.

Synchrony Financial — Shares of the monetary firm rose 4% on Tuesday, erasing a post-earnings drop for the inventory within the earlier buying and selling session. An analyst at JMP reiterated a market outperform score for Synchrony on Tuesday, saying in a word that the corporate seems extra resilient than its friends within the shopper lending house.

Union Pacific — Shares of the railroad inventory ticked 2.4% decrease after posting fourth-quarter earnings that fell wanting analysts’ expectations on each the highest and backside traces, in response to StreetAccount. Union Pacific reported earnings of $2.67 a share on $6.18 billion in income.

Lululemon — Shares of Lululemon slid 1.5% after Bernstein downgraded the attire firm to underperform from market-perform and slashed its worth goal to $290, a $50 lower. The agency cited slowing earnings progress as demand cools and shoppers turn out to be extra cautious.

Raytheon Technologies – Shares of the aerospace firm added 2% after Raytheon posted its fourth quarter. Raytheon posted adjusted earnings per share of $1.27, in contrast with analysts’ estimates of $1.24 per share, in response to Refinitiv. The firm posted $18.09 billion in income, falling wanting the Street’s expectations of $18.15 billion.

Zions Bancorp — The financial institution’s shares slumped 2% even after Zions posted fourth-quarter earnings per share that beat analysts’ expectations. The firm posted per-share earnings of $1.84, in comparison with the $1.64 anticipated by analysts polled by Refinitiv. In a statement, Harris Simmons, CEO of Zions, famous that the corporate has “continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months.”

CNBC’s Alex Harring, Jesse Pound, Yun Li, Carmen Reinicke, Michelle Fox Theobald, Samantha Subin and Darla Mercado contributed reporting.

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