Stocks making the biggest moves midday: Big Lots, Best Buy, Nikola and Lucid
Check out the companies making headlines in midday trading.
Big Lots – Shares jumped 7.8% after the discount retailer posted a smaller-than-expected loss for the recent quarter. Revenue also beat expectations, and comparable store sales fell 9.2% year-over-year, but beat analysts’ expectations of a wider decline.
Best Buy – Shares of Best Buy gained 2.9% after the retailer reported results before the bell Tuesday that beat Wall Street’s expectations on the top and bottom lines.
First Solar – First Solar hit a 52-week high on Tuesday, with shares last up 0.4%. Earlier in the day, the solar technology company announced it will invest up to $1 billion in building a new solar panel manufacturing facility in the U.S. The key catalyst for the move, as well as an additional $185 million upgrade to existing facilities, was the tax incentives from the Inflation Reduction Act, its CEO said.
Lucid, Nikola – Shares of electric vehicle makers Lucid and Nikola slipped 6% and 9%, respectively, after both companies this week moved to raise additional cash. Lucid said in a Monday filing that it intends to issue $8 billion in new stock over the next three years. Nikola said in a filing Tuesday it plans to issue up to $400 million of new shares at market prices.
Oil companies – Oil company stocks tumbled Tuesday, alongside the price of the commodity. Marathon Oil, Halliburton and Diamondback Energy all slipped about 5%. Chevron fell more than 3%. The sector led declines on the S&P 500 and Dow.
Baidu – Shares of the Chinese technology company fell 8% despite Baidu beating estimates on the top and bottom lines in the second quarter. The company’s revenue was down year-over-year, even as it beat estimates. Baidu did also announce that iQiyi, a subsidiary, is selling $500 million of convertible debt to investment firm PAG Asia.
Jack in the Box – Shares of the fast-food chain dropped 9% after the California state legislature passed a bill that would form a statewide panel to regulate wages for workers in the industry. The panel would be allowed to raise the minimum wage up to $22 per hour in 2023. Shares of Chipotle also fell about 2% on the news.
Bed Bath & Beyond – Shares of the retailer slipped 4.8% as investors await its plan for a turnaround, which is set to be released Wednesday. What happens next for the stock depends on the update, according to Morgan Stanley.
— CNBC’s Yun Li, Jesse Pound, Samantha Subin and Michelle Fox contributed reporting.