An worker arranges Apple iPhones as customer shop at an Apple store.
Mike Segar | Reuters
Try the businesses making headlines in midday trading.
Apple — The massive technology stock shed 5% following a rare downgrade by Bank of America. The bank downgraded shares of the iPhone maker to neutral and cut its price goal to $160 a share from $185, citing macroeconomic challenges ahead.
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CarMax — The used auto dealer’s shares plummeted 23.2% after it released second-quarter earnings below analyst expectations before the bell. The corporate’s earnings per share dropped to $0.79, down about 54% from a yr ago.
PG&E — Shares of the utility company were down about 1.8% after the corporate asked California regulators for permission to make its non-nuclear generating assets a separate subsidiary.
Coinbase — Coinbase shares slid 8% after Wells Fargo initiated coverage of the cryptocurrency company with an underweight rating and said a tricky economic environment could hurt shares and profitability going forward.
Bed Bath & Beyond — Shares of the house retailer shed greater than 8% Thursday after the corporate reported a wider-than-projected quarterly loss and a 28% decline in sales for its most up-to-date quarter. It also reported a steep drop in sales for Buybuy Baby, which has been a vibrant spot for Bed Bath, against tough comparisons.
Peloton — Shares of Peloton tumbled about 15% after the corporate announced it’ll sell its equipment at Dick’s Sporting Goods, a deal that marks its first brick-and-mortar partnership. Peloton has been struggling to expand its customer base and stem its losses as people return to life outside their homes, after its share price ballooned within the pandemic.
Occidental Petroleum — The energy stock jumped 1.4%, bucking the downtrend within the broader market after Warren Buffett’s Berkshire Hathaway added to its massive stake. The conglomerate added about 6 million shares of the oil giant, price roughly $350 million, from Monday to Wednesday, paying as much as $61.37 per share, in accordance with a regulatory filing.
Vail Resorts — Shares of Vail gained 2.6% after the resort operator reported revenue for the fourth quarter that beat analyst estimates. The corporate said there was a robust demand for ski season passes, while full-year sales have rebounded past pre-pandemic levels.
Rite Aid — Shares slumped 27% after Rite Aid slashed its earnings guidance for the total yr and posted a wider-than-expected loss for the quarter.
MillerKnoll — Shares of the officer furniture maker dropped 12% after revenue missed analysts’ expectations within the recent quarter. MillerKnoll cited a difficult macroeconomic outlook and shared plans to enhance profits and money flow within the near-term.
Duckhorn Portfolio — Shares fell greater than 10% a day after after the wine company posted 2023 guidance that was lighter than expected. Duckhorn anticipates fiscal yr 2023 adjusted per-share earnings of 62 cents to 64 cents, in comparison with FactSet’s expectations of 67 cents per share. The firm also reported fiscal fourth-quarter revenue that beat Wall Street’s estimates, and per-share earnings that got here in keeping with expectations.
Enerpac Tool Group — The tool manufacturer’s shares gained greater than 7% a day after Enerpac posted beats on fiscal fourth-quarter earnings and revenue. CEO Paul Sternlieb said that the corporate’s fiscal 2023 outlook “reflects cautious optimism that our momentum will proceed while we navigate the uncertain global macroeconomic environment.”
Worthington Industries — Shares of the commercial manufacturing company tumbled 9% after it missed earnings estimates for the fiscal first quarter.
— CNBC’s Tanaya Macheel, Alex Harring, Yun Li and Michelle Fox contributed reporting.