Cisco, BJ’s Wholesale, Bed Bath & Beyond, Kohl’s and more
Check out the companies making the biggest moves in the middle of the day:
Cisco Systems — Shares of the networking equipment maker rose 5.8%. The company reported earnings after hours Wednesday that beat estimates. Cisco also gave a better-than-expected forecast for 2023.
Bed Bath & Beyond — The latest favored meme stock, which has rallied in August, fell over 20%. Investors appeared to be reacting to activist investor Ryan Cohen̵[ads1]7;s claim that he intends to sell his entire stake in the company.
Kohl’s – Kohl’s shares fell about 5% after the retailer cut its financial forecast for the year, citing inflationary pressures on middle-income customers. The company expects net sales in fiscal year 2022 to fall by 5% to 6%, down from a previous level of flat to up 1%. However, Kohl’s beat analysts’ expectations for fiscal profit and revenue in the second quarter.
BJ’s Wholesale — Shares of the club retailer rose more than 7% on Thursday after BJ’s reported better-than-expected second-quarter results. The company generated $1.06 in adjusted earnings per share on $5.01 billion in revenue. Analysts surveyed by FactSet expected 80 cents a share on $4.67 billion in revenue. The company’s comparable sales were up 7.6% year-over-year, excluding gasoline. BJ’s was also upgraded by Bank of America to a buy from neutral.
Elanco Animal Health – Elanco shares fell more than 3% after the company was downgraded by Morgan Stanley. The firm moved the stock to equal weight from overweight citing concerns about future earnings.
Verizon — Verizon shares fell 2.7% after MoffettNathanson downgraded it to underperform and cut its price target. Increased competition from AT&T and T-Mobile is weighing on Verizon and is likely to drag shares down, analysts said.
Canadian Solar — The solar equipment and services company hit a new 52-week high, up nearly 18%, after reporting quarterly profit that beat expectations. Canadian Solar also raised its full-year revenue forecast and reported solar module shipments that were on the high end of its forecast.
Wolfspeed — Shares rose more than 27% after the semiconductor company beat expectations in its latest earnings report. Wolfspeed CEO Gregg Lowe said he remains “very encouraged by the industry’s outlook for future growth and the activity we are seeing across our end markets.”
Walgreens Boots Alliance — Shares of Walgreens fell more than 5% in midday trading. The drugstore chain, along with CVS and Walmart, was ordered by a federal judge on Wednesday to pay a combined $650.6 million to two Ohio counties to address damages caused by the opioid crisis. Walgreens also announced Wednesday that it had sold 11 million shares of Option Care Health’s common stock in an underwritten secondary offering.
Energy stocks – Energy stocks were boosted by the rise in oil prices, with shares in Devon Energy rising more than 3%. Halliburton jumped 4%, and APA gained more than 5%. Exxon Mobil and Occidental Petroleum, and both rose around 2%.
– CNBC’s Jesse Pound, Carmen Reinicke and Sarah Min contributed reporting.
