Stocks making the biggest moves mid-day: LULU, MU, CCL, CALM
A display of Canadian sportswear retailer Lululemon’s logo seen in one of their stores.
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Check out the companies making headlines on midday trading on Wednesday.
Lululemon – Shares of the sportswear company rose more than 13% after the firm reported strong holiday quarter earnings and revenue that beat Wall Street estimates. Lululemon also provided positive guidance for the new fiscal year.
Micron Technology — The semiconductor maker added 5.3% after management said it plans a larger-than-expected reduction in headcount. That helped investors overlook Micron’s misses on both the top and bottom lines, according to Refinitiv. The company reported a loss of $1.91 per share, larger than the loss of 86 cents per share expected. Revenue came in at $3.69 billion, slightly lower than the $3.71 billion expected.
Carnival — Shares rose 3.6% after being upgraded by Susquehanna to positive from neutral. The Wall Street firm said it sees EBITDA recovery for the cruise operator into 2024. The move comes a day after the stock rose 6.1% following an upgrade of Wells Fargo to equal weight from underweight.
UBS – US-listed shares of the European bank rose 4.2% after UBS announced that former CEO Sergio Ermotti would return to help the bank manage its acquisition of Credit Suisse. Ermotti previously helped to restructure UBS in the wake of the global financial crisis.
Emergent BioSolutions — Shares of Emergent BioSolutions rose 3.8% after the FDA approved over-the-counter sales of the company’s Narcan nasal spray, used to treat opioid overdoses.
Lucid — The electric car maker fell 2.5%, a day after an Insider report detailed news of about 1,300 planned layoffs at the company, which equates to about 18% of its workforce.
Cal-Maine Foods — The egg producer and distributor’s shares jumped more than 10% on the back of a stronger-than-expected third-quarter report for the company. Cal-Maine Foods’ year-over-year profit also rose more than 700%, thanks in part to an increase in egg prices.
Urban Outfitters, Burlington Stores, Foot Locker, Ross Stores — Shares of major retailers fell Wednesday after UBS downgraded the group to sell from neutral. UBS said it sees at least 23% downside to its price targets for each of the companies as a slowdown in consumer spending dampens the industry’s earnings outlook. Shares of Urban Outfitters and Burlington fell 2.7% and 4.5%, respectively. Ross Stores fell 0.9%, and Foot Locker was down 1.3%.
Bath & Body Works — The home care and fragrance retailer fell more than 2% after a UBS downgrade, saying it expects a recessionary environment to weigh on the stock this year and next. UBS said it sees many of the company’s products as discretionary and that consumers “will choose to spend less in a challenging macro environment” on them.
Dave & Buster’s — The restaurant and arcade operator’s stock rose 1.5% after the company’s fourth-quarter results beat expectations. Dave & Buster’s also announced a stock buyback program of up to $100 million.
Petco — Shares of the pet health and wellness company rose 5% after CEO and Chairman Ron Coughlin disclosed a purchase of 61,000 shares.
Newmark Group – Newmark Group shares rose 7% amid news that the FDIC hired the commercial real estate firm to sell Signature Bank’s approximately $60 billion worth of loans.
Energy stocks — Energy stocks rose as oil prices rose for a third day. Shares of Devon Energy and SLB were last up more than 1% each, along with Phillips 66, EOG Resources, Marathon Oil and ConocoPhillips.
— CNBC’s Alex Harring, Michelle Fox, Jesse Pound, Yun Li, Brian Evans, Tanaya Macheel and Pia Singh contributed reporting