DWAC, BBBY, NKLA, and more

An exterior view of the Bed Bath & Beyond store on February 7, 2023 in Clifton, New Jersey.

Kenna Betancourt | Corbis News | Getty Images

Check out which companies are making headlines in the midday trading.

Bed Bath & Beyond – Shares extended their decline in the Friday session with a 22.8% decline. On Thursday, the company again warned that it may need to file for bankruptcy protection if its proposed $300 million stock offering fails. The retailer’s stock has lost nearly 40% of its share value this week.

Taking over the digital world SPAC shares linked to former President Donald Trump rose 6.3%. On Thursday, a New York grand jury formally indicted Trump on charges related to “hush-up” payments made prior to his 2016 campaign.

Nikola — Shares of Nikola fell 11% after the electric truck maker announced plans to offer $100 million in secondary shares at a price 20% below Thursday’s close.

Virgin Orbit – The satellite launch services provider fell 32% after announcing it would cease operations “for the foreseeable future” and cut about 90% of its workforce.

BlackBerry – BlackBerry rebounded 16% after the company reported lower earnings per share and adjusted loss in adjusted EBITDA than analysts polled by StreetAccount had forecast for the fourth quarter. However, the company’s revenue missed analysts’ expectations.

Regional Banks Closely watched regional bank stocks rose, with the SPDR S&P Regional Banking Index (KRE) up 0.8%. Metropolitan Bank led the index, up 21.5%. PacWest and Popular were the second best performers with gains of over 3% each. On the other hand, Xeon was the worst performer in the group with a loss of 1.6%.

See also  GlobalFoundries Hires New Staff as Demand for Semiconductor Chips Soars

Ventas – The real estate investment stock fell 2.5% after announcing it would Taking ownership of collateral Loan support of nearly half a billion dollars.

Generac Holdings — The battery backup company fell 2.5% after being cut below neutral by Bank of America. The company said that Generac’s forecast for fiscal year 2023 may be a long way off.

Alphabet — Google parent gained 1.5% after Piper Sandler reiterated the stock’s overweight rating. The company has undeniable market share, but it could see search revenue affected by AI, the company said.

Restaurant Brands Shares of Burger King’s parent company rose more than 2% after TD Cowen upgraded the stock to outperform the market. The Wall Street firm said it is optimistic about Restaurant Brands’ new chairman and CEO and the company’s ability to turn around the brand.

elf Beauty – The cosmetics company’s stock rose 5.2%, reaching a 52-week high. Shares jumped after Morgan Stanley said Elf had a nearly 20% rally. The analyst said the company has strong momentum for both near- and long-term growth and reiterated his assessment of the stock being overweight.

Mercadolibre – Shares rose 4% after Morgan Stanley named the Latin American e-commerce firm as a top pick. The company said it expects several growth drivers in the future.

— CNBC’s Samantha Soobin, Yoon Lee, and Hakyung Kim contributed to reporting

Leave a Reply

Your email address will not be published. Required fields are marked *