Shoppers line up outside a Costco to buy supplies after the Hawaii Department of Health advised residents on Wednesday that they should stock up on a 14-day supply of food, water and other essentials for the potential risk of the new coronavirus in Honolulu, Hawaii, US, February 28, 2020.
Courtesy of Duane Tanouye via REUTERS
Check out the companies making headlines in the midday trade.
World Wrestling Entertainment — The wrestling entertainment stock surged 21% after WWE announced that founder Vince McMahon is returning to the board and that the company is exploring strategic moves. McMahon stepped down as chief executive last year following a sexual abuse investigation, but has remained a majority shareholder. The Wall Street Journal reported that McMahon is returning to pursue a potential sale of the business.
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R1 RCM — Shares in the health technology company rose more than 11% after the company raised its revenue outlook for 2023. The company also confirmed its full-year 2022 estimates.
Costco Wholesale — Shares of the big-box retailer rose more than 6% after reporting solid sales numbers for December. Costco had net sales of $23.8 billion in December 2022, up 7% year-over-year. Evercore ISI also added Costco to its “five five” list, saying it is a defensive stalwart.
First Solar — Shares of First Solar rose more than 4% after Wells Fargo upgraded it to overweight, saying Europe’s energy crisis and the U.S. inflation relief law will boost demand for solar energy.
Bed Bath & Beyond — Shares plunged 20% after the retailer warned it was out of cash and considering bankruptcy. That prompted KeyBanc to cut its price target by 95% to 10 cents from $2 a share.
Tesla — Shares in Tesla rose 0.9% after falling to their lowest level in about two years earlier in the day. Tesla lowered the prices of its Model 3 and Model Y cars in Asia.
Silvergate capital — Shares in the crypto-focused bank fell 13%, adding to its 42% loss from the previous day. JPMorgan downgraded SI to neutral from overweight, citing Silvergate’s worse-than-expected deposit outflow and questioning the company’s long-term profitability.
Greenbrier Companies — Shares fell more than 13% after the railroad maker’s latest quarterly earnings missed analyst estimates, although revenue beat expectations, according to consensus estimates on FactSet. CEO Lorie Tekorius said higher costs for outsourced parts and material shortages are hurting production margins.
Agilent technologies — The shares fell by more than 4 percent. Agilent said Thursday it will partner with Akoya Biosciences to develop solutions for tissue analysis. Shares of Akoya rose more than 5%.
MGM Resorts International — Shares rose more than 4% after Stifel upgraded the hospitality stock to buy from hold, saying it will benefit from a strong recovery in Las Vegas.
Voya Financial — The financial stock rose 4.4% after JPMorgan’s upgrade to overweight from neutral. The firm cited Voya’s lower-risk business, ability to generate capital and valuation as pluses.
Doximity — Shares fell more than 5% after Morgan Stanley downgraded the online network service for medical professionals to underweight from equal weight, saying there will be a further slowdown in growth in the healthcare digital ad space in the coming year, according to FactSet’s StreetAccount.
— CNBC’s Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.