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Express, Snap, Rocket Lab and more


Take a look at the businesses making headlines in midday trading.

Bed Bath & Beyond — Shares of the beleaguered retailer tumbled 21.3% after it outlined a strategic plan that only confirmed investor fears that the corporate will struggle to show around its business. Bed Bath also filed to sell an undisclosed amount of stock in the long run.

Express — Express shares plunged 20.8% after the corporate reported quarterly revenue of $464.4 million, in comparison with StreetAccount estimates of $479.6 million. The apparel retailer, which also cut its full-year guidance, cited difficult macroeconomic conditions.

Rocket Lab USA — Shares surged 7.2% after Cowen upgraded the corporate to outperform from market perform, saying that the shares have greater than 50% upside. In line with Cowen, Rocket Lab is the leader within the space launch market.

Snap — The social media company saw its shares rise 8.7% after it announced a restructuring plan that features a 20% cut in its staff and a latest chief operating officer. The changes come after Snap reported disappointing second-quarter earnings and said it might not provide guidance for its current quarter.

LSB Industries — Shares of U.S. nitrogen company LSB Industries gained 3.3% after UBS initiated coverage with a buy rating and a price goal suggesting 30% upside. The corporate is ready to learn from the record spreads between low-cost U.S. natural gas and high-cost natural gas in Europe and Asia, in accordance with UBS.

PayPal Holdings — PayPal shares advanced 1.8% after Bank of America upgraded the stock to a buy from neutral and hiked its price goal on the payments firm. The bank said it expects activist Elliott Management to push for more cost-cutting at PayPal, which could boost earnings going forward.

Seagate Technology Holdings — Shares of the info storage company slid 3.5% after Seagate cut its revenue guidance for the present quarter. The corporate said it expects revenue for the quarter ending Sept. 30 to be in a spread of $2.0 billion to $2.2 billion, down from a spread of $2.35 billion to $2.65 billion. The corporate cited weaker economic trends in parts of Asia.

CrowdStrike Holdings — The stock dropped 5.5% despite the cybersecurity firm reporting a beat on quarterly profit and revenue expectations, in addition to issuing an upbeat forecast.

HP Inc. — Shares of the PC maker dropped 7.7% after the corporate reported a revenue miss amid a slowdown in spending on electronics. HP’s quarterly earnings matched analysts’ estimates, in accordance with Refinitiv.

Chewy — Shares of the pets products retailer slid 8.2% after it issued weak current-quarter revenue guidance. Chewy reported a profit beat in its most up-to-date quarter, but its revenue fell wanting expectations. The corporate expects rising inflation will dent spending on pet products purchases.

PVH — The stock declined 10.5% after the owner of Tommy Hilfiger and Calvin Klein apparel brands cut its full-year outlook. At the identical time, PVH said it’s reducing its global office workforce by 10%.

Baxter International — Shares climbed 1.7% after the health care company said its latest syringe infusion therapy was cleared by the U.S. Food and Drug Administration.

— CNBC’s Yun Li, Tanaya Macheel, Jesse Pound, Carmen Reinicke, Samantha Subin and Michelle Fox Theobald contributed reporting.

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