Bed Bath & Beyond, Krispy Kreme, Target and more
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Check out the companies making the biggest moves at midday:
Target – The retailer’s shares fell more than 2% after its earnings far exceeded Wall Street expectations. The company said its quarterly profit fell nearly 90% from a year ago. However, Target reiterated its full-year guidance and said it was now positioned for a rebound.
Bed Bath & Beyond – Shares of the same stock jumped around 12% on Wednesday, continuing a torrid August for the struggling retailer. The stock has seen abnormally high trading volume and is the most popular topic on the WallStreetBets Reddit page.
Krispy Kreme – The donut chain fell 12% after posting quarterly results that included lower-than-expected profits and revenue. The company also said it has seen a significant deceleration in raw material costs in recent weeks.
Weber – Shares of the grill maker fell more than 7% after Citi downgraded Weber to sell from neutral. The company’s weak sales outlook and dwindling available cash mean Weber may need to raise additional capital, Citi said.
Teladoc Health – Teladoc shares fell nearly 9% after Guggenheim downgraded the company to sell from neutral. The company said Teladoc’s pace of growth is expected to slow in a challenging macroeconomic environment with a weakening consumer.
Sanofi – The French drugmaker hit a 52-week low as its U.S.-traded shares fell nearly 6%. Sanofi on Wednesday announced it was halting development of its breast cancer treatment, amcenestrant, after the trial showed no signs of the drug’s effectiveness.
AppLovin – Shares of the technology company fell more than 7% in midday trading. The company’s $20 billion bid for Unity was rejected by Unity’s board on Monday. Shares of Unity were also down almost 3%.
Take-Two Interactive – The software company’s shares fell nearly 3% after it was downgraded by Deutsche Bank to hold on to their buy. Analysts cite a balanced risk/reward outlook this year and a lack of significant near-term catalysts in the coming quarters. However, Deutsche Bank remains optimistic about Take-Two Interactive’s long-term growth prospects.
Analog Devices – Shares fell nearly 5% after CEO Vincent Roche said “economic uncertainty is starting to impact bookings” at the semiconductor company. Otherwise, Analog Devices reported a beat on the upper and lower lines of its second calendar quarter results. Other chip stocks including Nvidia, Applied Materials and Micron fell around 3% amid the news and Advanced Micro Devices lost nearly 2%.
Agilent Technologies – Shares of Agilent jumped more than 7% after the laboratory instrument maker posted better-than-expected earnings and revenue for its latest quarter, according to Refinitiv. The company also raised its forecast for the full year due to strong order flow.
Tech stocks – Shares of Amazon, Netflix, Alphabet and Meta Platforms fell around 2% after the 10-year Treasury yield rose sharply.