People walk near the entrance of the Nike store on May 25, 2022 in Moscow, Russia.
Konstantin Zavrazhin | Getty Images News | Getty Images
Take a look at the companies making headlines in midday trading.
Nike – Shares of Nike fell 12% after the sneaker giant said Thursday that its inventory was overstocked, down 44% in its latest quarter. As a result, you will offer more discounts to eliminate excess merchandise. Other retailers were also dragged down, with Lululemon Athletica and Under Armor losing nearly 6% and nearly 5% respectively.
Rent-A-Center: Shares of Rent-A-Center fell 20% after the company cut its current-quarter earnings guidance, saying economic conditions weighed on consumer traffic and payment patterns .
Carnival Cruise: Shares of Carnival Cruise fell nearly 20% after the company forecast a fourth-quarter loss, saying high fuel prices and inflation will delay its return to profitability. Royal Caribbean and Norwegian Cruise Lines also fell, down 11% and 14%, respectively.
Micron: Shares of Micron rose 1.5% after the company reported quarterly earnings that beat Wall Street expectations, even as sales fell. The chip maker also gave a weaker-than-expected earnings outlook, saying sales are being hit by slowing consumer demand.
Charles River Laboratories: Shares of Charles River rose 6% after Jefferies upgraded the stock to buy from hold, citing the company’s potential in animal studies.
Twitter: Shares of Twitter rose 1.5% after text messages between its founder Jack Dorsey and Elon Musk were released in court records. Tesla’s CEO is embroiled in a legal battle over his bid to buy the social media company.
Nucor – Shares of steel company Nucor rose 2.7% after announcing plans to spend $425 million on expanding a galvanized steel line at its South Carolina plant .
Amylyx Pharmaceuticals: The drug company’s shares fell 6.3% despite an after-hours rally Thursday on news the Food and Drug Administration approved its controversial drug for Lou Gehrig’s disease .
Generac: Shares of Generac gained 4.5% after Cowen initiated coverage of the company with a buy rating. The generator company is a clear winner in the sector and has value in its solar offering.
– CNBC’s Alex Harring and Michelle Fox contributed reporting.