A woman walks near a Bed Bath & Beyond branch on January 11, 2023 in New York City.
Leonardo Munoz | View Press | Corbis News | Getty Images
Check out the companies making headlines in midday trading Tuesday.
Lyft — The ride-sharing app’s stock lost 0.7% following an upgrade to overweight from sector weight by KeyBanc. The firm said cost-saving strategies such as layoffs and stabilizing demand could help the stock.
Bed Bath & Beyond — The retail stock gained 15.3% as traders continued to pile into the heavily shorted name. Bed Bath & Beyond has warned of a potential bankruptcy and recently beefed up its legal team ahead of a possible filing. Shares of the meme-stock favorite are up 32% year to date.
Paccar — Shares of Paccar rose 8.6% after the truck manufacturer reported fourth-quarter results, posting a profit of $2.64 per share and $8.13 billion in revenue. An increasing number of e-commerce deliveries have boosted demand for trucks. The company beat analysts’ expectations for per-share earnings, according to StreetAccount.
Advanced Micro Devices — Shares slid 2.4% after Bernstein downgraded the semiconductor maker to market perform from outperform. The firm said the personal computer market and new parts markets were growing increasingly unfavorable for the company.
3M — Shares of the industrial conglomerate lost 6.2% to hit a new 52-week low after the company said it would cut 2,500 manufacturing jobs amid a demand slowdown. 3M also reported lower earnings excluding items with a profit of $2.28 per share compared to $2.45 per share a year earlier.
Synchrony Financial — Shares of the financial company rose 2.3% on Tuesday, erasing a post-earnings drop for the stock in the previous trading session. An analyst at JMP reiterated a market outperform rating for Synchrony on Tuesday, saying in a note that the company appears more resilient than its peers in the consumer lending space.
Union Pacific — Shares of the railroad stock ticked 3.3% lower after posting fourth-quarter earnings that fell short of analysts’ expectations on both the top and bottom lines, according to StreetAccount. Union Pacific reported earnings of $2.67 a share on $6.18 billion in revenue.
Lululemon — Shares of Lululemon slid 1.5% after Bernstein downgraded the apparel company to underperform from market-perform and slashed its price target to $290, a $50 cut. The firm cited slowing earnings growth as demand cools and consumers become more cautious.
Raytheon Technologies – Shares of the aerospace company added 3.4% after Raytheon posted its fourth quarter. Raytheon posted adjusted earnings per share of $1.27, compared with analysts’ estimates of $1.24 per share, according to Refinitiv. The company posted $18.09 billion in revenue, falling short of the Street’s expectations of $18.15 billion.
Zions Bancorp — The bank’s shares slumped 1.7% even after Zions posted fourth-quarter earnings per share that beat analysts’ expectations. The company posted per-share earnings of $1.84, compared to the $1.64 anticipated by analysts polled by Refinitiv. In a statement, Harris Simmons, CEO of Zions, noted that the company has “continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months.”
— CNBC’s Alex Harring, Jesse Pound, Yun Li, Carmen Reinicke, Michelle Fox Theobald, Samantha Subin and Darla Mercado contributed reporting.
(With inputs from CNBC)
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