Stocks making the biggest moves midday: Bed Bath & Beyond, Krispy Kreme, Target and more
Check out the companies making the biggest moves midday:
Target — Shares of the retailer slid more than 2% after its earnings missed Wall Street expectations by a wide margin. The company said its quarterly profit fell almost 90% from a year ago. However, Target reiterated its full-year forecast and said it is now positioned for a rebound.
Bed Bath & Beyond — Shares of the meme stock jumped about 22% on Wednesday, continuing a torrid August rally for the challenged retailer. The stock has seen abnormally high trading volume and is the most popular topic on Reddit page WallStreetBets.
Krispy Kreme — The doughnut chain slid 13% midday after it reported quarterly results that included lower-than-expected profit and revenue. The company also said it has seen significant deceleration in commodity costs in recent weeks.
Weber — Shares of the grill maker dropped more than 8% after Citi downgraded Weber to sell from neutral. The company’s weak sales outlook and dwindling cash on hand means that Weber may have to raise additional capital, Citi said.
Teladoc Health — Shares of Teladoc slipped more than 6% after Guggenheim downgraded the company to sell from neutral. The firm said Teladoc’s pace of growth is set to slow in a challenging macroeconomic environment with a weakening consumer.
Sanofi — The French drugmaker hit a 52-week low after its U.S.-traded shares dropped about 7%. Sanofi announced Wednesday it discontinued the development of its breast cancer treatment, amcenestrant, after the trial showed no signs that the drug was effective.
AppLovin — Shares of the tech company dropped more than 6% in midday trading. The company’s $20 billion bid for Unity was rejected by Unity’s board on Monday. Unity shares were also down nearly 3%.
Take-Two Interactive — Shares of the software company fell almost 3% after being downgraded by Deutsche Bank to hold from buy. Analysts cited a balanced risk/reward outlook this year and a lack of material near-term catalysts over the next few quarters. However, Deutsche Bank remains constructive on Take-Two Interactive’s long-term growth outlook.
Analog Devices — Shares dropped more than 5% after CEO Vincent Roche said “economic uncertainty is beginning to impact bookings” at the semiconductor company. Otherwise, Analog Devices reported a beat on the top and bottom lines in its calendar second-quarter earnings. Other chip stocks, including Nvidia, Advanced Micro Devices, Applied Materials and Micron sank more about 3% amid the news.
Agilent Technologies — Shares of Agilent jumped more than 7% after the maker of lab instruments posted better-than-expected profit and revenue for its most recent quarter, according to Refinitiv. The company also raised its full-year forecast due to strong order flow.
Tech stocks — Shares of Amazon, Netflix and Meta Platforms dropped by more than 2%, while Alphabet fell more than 1% after the 10-year Treasury yield moved sharply higher.