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Check out the companies making headlines in Tuesday’s midday trading.
Meta: Shares of Meta fell 9.37% as the global market fell on Tuesday. The company’s bid for Reels faces obstacles: Instagram users spend less than a tenth of the 197.8 million hours that TikTok users spend each day on the platform, The Wall Street Journal. Meanwhile, Morgan Stanley reiterated its overweight rating on the stock on Tuesday, saying investors should expect more information on declining user engagement trends during the next earnings call.
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Rent the Runway: Rent the Runway plunged 38.74% after posting disappointing second-quarter results that showed slowing subscriber growth. Additionally, Credit Suisse downgraded the company’s stock to neutral from outperform following the earnings report.
Oatly: Oatly sank 7.27% after Credit Suisse downgraded the beverage company to neutral and cut its price target, citing increased risk to consumers in Europe and Asia.
Adobe: Adobe shares fell 7.06% after BMO downgraded the company to market outperform. The company also cut revenue estimates for 2022 and 2023 due to long-term concerns about Adobe’s cloud product.
Dow Inc.: The Dow fell 6.01% after Jefferies downgraded the chemical company to avoid risks of oversupply and demand buying.
Corteva – Shares of Corteva rose 0.87% after the agricultural sciences company announced a $2 billion share buyback plan.
SVB Financial: Shares of SVB Financial fell 5.28% after the company cut its third-quarter guidance during a Barclays conference call. It was also downgraded by several firms, including Oppenheimer and Piper Sandler.
Carvana: Shares of Carvana fell 12.94% on the day after the company jumped 15% on an upgrade from Piper Sandler. The company said the company is too cheap to ignore in a note on Sunday.
Braze: Shares of the cloud computing company fell 19.27% even as Braze reported earnings that beat Wall Street expectations. Still, analysts are worried about the company’s future sales. Cloud stocks generally fell during the market decline.
Eastman Chemical: Shares of Eastman Chemical fell 11.34% after the company cut its third-quarter earnings guidance to about $2 a share. The company had previously issued guidance for “solid growth compared to Q3 2021 adjusted EPS of $2.46.” The new guidance is also below a StreetAccount forecast of $2.60 per share.
– CNBC’s Michelle Fox contributed reporting
