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Netflix, Lululemon, DocuSign and more

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Take a look at the businesses making the largest moves midday:

Lululemon — Shares of Lululemon fell 12.85% after the athletic apparel company gave a weaker-than-expected fourth-quarter outlook. Within the third quarter, the corporate beat Wall Street’s expectations on the highest and bottom lines.

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Beyond Meat — Beyond Meat’s stock dropped 7.93% after being downgraded by Argus to sell from hold. The firm’s analyst cited falling demand amid weaker economic conditions.

Broadcom — Broadcom gained 2.57% after giving an upbeat revenue forecast and reporting better-than-expected quarterly results after the bell Thursday. The chipmaker also increased its dividend by 12.2% and said it will resume stock buybacks.

Tesla — Tesla’s stock rose 3.23%, paring a few of the losses it suffered this week. Reuters reported on Friday the electric-vehicle maker will suspend Model Y assembly at its Shanghai plant between Dec. 25 and Jan. 1. Inventory levels on the plant had risen sharply over the summer.

Carvana — Shares of Carvana rose 1.81% after lenders told The Wall Street Journal that they do not anticipate the net automotive seller will file for bankruptcy soon. These debtholders are joining together amid reports earlier this week that the corporate is trying to restructure its debt, the paper said. Carvana had seen success in the course of the pandemic, but rising rates of interest and weaker automotive demand have hurt its performance.

Netflix — Netflix gained 3.14% after being named a “best idea” for 2023 by Cowen and being upgraded by Wells Fargo to chubby from equal weight. Cowen said it sees free-cash flow ramping up next 12 months, while Wells Fargo said content growth would lessen customer churn.

RH — RH, formerly often called Restoration Hardware, rose 3.04% after reporting third-quarter earnings-per-share and revenue that beat expectations. Nevertheless, the retailer also said it expected business trends to deteriorate.

Coinbase — Shares of the crypto services firm fell 6% after Mizuho downgraded Coinbase and said its price could fall one other 30%. Crypto equities equivalent to Coinbase have been under pressure with cryptocurrency prices, as investors digest the macro picture and the most recent developments on FTX.

DocuSign — Shares of DocuSign jumped 12.37% after the electronic signature company posted upbeat quarterly results. It also reported better-than-expected billings, subscription renewals and extra sales to existing customers.

Costco — The wholesaler gained 0.33% after Cowen named the stock a “best idea” heading into 2023, noting the corporate’s deal with value may very well be a winning strategy as consumers get more price conscious.

AmerisourceBergen — AmerisourceBergen fell 3.01% after Walgreens sold about $1 billion shares of the drug distributor. Walgreens stays its largest shareholder, with its stake now all the way down to 17% from 20%.

Vale — The Brazil-based mining company gained 3.1% after Morgan Stanley upgraded the stock to chubby from equal weight, citing a “cocktail” of positive catalysts equivalent to price momentum for iron ore and China exiting its Covid-zero policy.

Bath & Body Works — Shares of Bath & Body Works gained 0.38% after activist investor Dan Loeb boosted his stake within the retailer. Loeb said he might push for board charge to enhance governance issues at the corporate.

— CNBC’s Carmen Reinicke, Alexander Harring, Tanaya Macheel and Christina Cheddar-Berk contributed reporting.

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