Bed Bath & Beyond store in the Brooklyn borough of New York, US, on Monday, February 6, 2023. Bed Bath & Beyond Inc. said: It will close 87 more stores in addition to the 150 closures it announced in August. Photographer: Stephanie Keith/Bloomberg via Getty Images
Stephanie Keith | bloomberg | Getty Images
Check out which companies are making headlines in the midday trading.
Bed Bath & Beyond Shares of the home goods retailer fell nearly 16% after the company warned again that it might need to file for bankruptcy as it proposed a $300 million stock flotation. The beleaguered company also said that the loans it took out last year had been reduced in size.
UBS – US listed stocks rose 2%. This action comes a day after the bank announced the return of Sergio Ermotti as CEO to oversee the takeover of Credit Suisse.
EVgo — The electric vehicle charging network operator rose 21% after the company reported fourth-quarter revenue that beat Wall Street estimates, according to Refinitiv. EVgo also highlighted the strong year-over-year growth in network throughput.
Ford — The auto giant gained 1.4% after Morgan Stanley reiterated its overweight rating, saying the company should be able to show discipline in capital.
Netflix — The streaming giant gained 1.7% at midday after Wells Fargo said it thought the stock could rise 20% from here. Wells noted that the company’s “paid share efforts” are giving the stock an extraordinary upside, and are also “a key part of NFLX’s long-term bull case.”
Zebra Technologies Shares rose more than 2% after Zebra Technologies Announce a change of leadership. The mobile computing company said it has appointed Joe White as its new chief product and solutions officer. Separately, TD Cowen has started coverage of the stock as an outperformer.
Fluence Energy — Shares jumped 15% on upgrading its shares to buy from Goldman Sachs from neutral. The company said the electric service provider should take advantage of the inflation reduction law.
Philip Morris Shares rose 1.8% after an upgrade to overweight from neutral for the tobacco company by JPMorgan. The company said that share prices are attractive at the moment, while noting that the company should be able to win market share over time.
Juniper Networks – The cloud computing network provider added 1.3% on the back of the upgrade to outperform Evercore ISI. The company said the company should exceed expectations in the near and long term.
Crocs — Shares rose 3% after B. Riley initiated coverage of the stock as a Buy, saying the shoe company was underappreciated.
Interpublic Group of Companies – The advertising agency gained 3% after an upgrade to its purchase from neutral Bank of America. The company said the company was well positioned to face the challenges and described it as a reliable holding agency.
Waste Management Shares traded up 2% after TD Cowen started the solid waste company outperforming, saying the company and competitors are delivering steady dividends and cash flow.
Charles Schwab Shares of Charles Schwab fell 5% after Morgan Stanley downgraded the financial services giant, citing an extended dividend payback schedule that makes the stock’s risk-reward balance look less convincing.
Carnival — Shares rose 3% as the cruise line’s stock continued to rally. Shares are up more than 10% for the week and are up 26% in 2023. Earlier this week, Susquehanna raised Carnival to positive from neutral.
Paycom Program – Shares advanced 4% after DA Davidson upgraded Paycom’s program to buy from a neutral company. While the Wall Street firm said growth is slowing for the payroll provider, company analyst Robert Simmons expects there is “limited downside risk to estimates outside of a severe recession.”
— CNBC’s Sarah Min, Tanaya Machell, Yoon Lee and Brian Evans contributed to the report
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