An employee arranges Apple iPhones as a customer store at an Apple store.
Fresh Mike | Reuters
Take a look at the companies making headlines in midday trading.
Apple: The big tech stock fell 5% after a rare downgrade by Bank of America. The bank downgraded the iPhone maker’s stock to neutral and cut its price target to $160 a share from $185, citing the macroeconomic challenges it faces.
CarMax: Shares of the used-car dealer plunged 23.2% after posting 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: The utility’s shares fell about 1.8% after the company asked California regulators for permission to spin off its non-nuclear generation assets into a separate subsidiary.
Coinbase: Shares of Coinbase fell 8% after Wells Fargo initiated coverage of the cryptocurrency company with an underweight rating and said a tough economic environment could hurt the stock and profitability going forward.
Bed Bath & Beyond: Shares of the home retailer fell more than 8% on Thursday after the company reported a wider-than-expected quarterly loss and a 28% drop in sales in the most recent quarter. It also reported a sharp drop in sales of Buybuy Baby, which has been a bright spot for Bed Bath, compared to tough comparables.
Peloton – Shares of Peloton fell about 15% after the company announced it will sell its team to Dick’s Sporting Goods, a deal that marks its first physical partnership. Peloton has been struggling to expand its customer base and stem its losses as people return to life outside the home, after its share price soared during the pandemic.
Occidental Petroleum: The energy stock rose 1.4%, bucking the broader market’s downtrend after Warren Buffett’s Berkshire Hathaway added to its massive stake. The conglomerate added about 6 million shares of the oil giant, worth about $350 million, from Monday to Wednesday, paying as much as $61.37 per share, according to a regulatory filing.
Vail Resorts: Shares of Vail gained 2.6% after the resort operator reported fourth-quarter revenue that beat analysts’ estimates. The company said there has been strong demand for ski season passes, while year-round sales have rebounded beyond pre-pandemic levels.
Rite Aid: Shares fell 27% after Rite Aid cut its full-year earnings guidance and posted a wider-than-expected loss for the quarter.
MillerKnoll: Shares of the furniture maker fell 12% after revenue missed analysts’ expectations in the latest quarter. MillerKnoll cited a challenging macroeconomic outlook and shared plans to improve profits and cash flow in the near term.
Duckhorn Portfolio: Shares fell more than 10% a day after the wine company posted lighter-than-expected 2023 guidance. Duckhorn forecasts 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 matched expectations.
Enerpac Tools Group: Shares of the tool maker gained more than 7% on the day after Enerpac posted hits on fiscal fourth-quarter earnings and revenue. CEO Paul Sternlieb said the company’s fiscal 2023 outlook “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 missing fiscal first-quarter earnings.
– CNBC’s Tanaya Macheel, Alex Harring, Yun Li and Michelle Fox contributed reporting.
