Check out the companies making headlines in midday trading.
Apple — The big technology stock shed nearly 5% following a rare downgrade by Bank of America. The bank downgraded shares of the iPhone maker to neutral and cut its price target to $160 a share from $185, citing macroeconomic challenges ahead.
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CarMax — The used auto dealer’s shares plummeted 24.6% after it released second-quarter earnings below analyst expectations before the bell. The company’s earnings per share dropped to $0.79, down about 54% from a year ago.
PG&E — Shares of the utility company were down about 2.7% after the company asked California regulators for permission to make its non-nuclear generating assets a separate subsidiary.
Coinbase — Coinbase shares slid 8% after Wells Fargo initiated coverage of the cryptocurrency company with an underweight rating and said a tough economic environment could hurt shares and profitability going forward.
Bed Bath & Beyond — Shares of the home retailer shed more than 4% Thursday after the company reported a wider-than-projected quarterly loss and a 28% decline in sales for its most recent quarter. It also reported a steep drop in sales for Buybuy Baby, which has been a bright spot for Bed Bath, against tough comparisons.
Peloton — Shares of Peloton tumbled about 14.4% after the company announced it will sell its equipment at Dick’s Sporting Goods, a deal that marks its first brick-and-mortar partnership. Peloton has been struggling to expand its customer base and stem its losses as people return to life outside their homes, after its share price ballooned in the pandemic.
Occidental Petroleum — The energy stock jumped 1.1%, bucking the downtrend in the broader market after Warren Buffett’s Berkshire Hathaway added to its massive stake. The conglomerate added about 6 million shares of the oil giant, worth approximately $350 million, from Monday to Wednesday, paying as much as $61.37 per share, according to a regulatory filing.
Vail Resorts — Shares of Vail gained about 1.6% after the resort operator reported revenue for the fourth quarter that beat analyst estimates. The company said there has been a strong demand for ski season passes, while full-year sales have rebounded past pre-pandemic levels.
Rite Aid — Shares slumped 28% after Rite Aid slashed its earnings guidance for the full year and posted a wider-than-expected loss for the quarter.
MillerKnoll — Shares of the officer furniture maker dropped about 14.7% after revenue missed analysts’ expectations in the recent quarter. MillerKnoll cited a difficult macroeconomic outlook and shared plans to improve profits and cash flow in the near-term.
Duckhorn Portfolio — Shares fell nearly 7% a day after the wine company posted 2023 guidance that was lighter than expected. Duckhorn anticipates fiscal year 2023 adjusted per-share earnings of 62 cents to 64 cents, compared to FactSet’s expectations of 67 cents per share. The firm also reported fiscal fourth-quarter revenue that beat Wall Street’s estimates and per-share earnings that came in line with expectations.
Enerpac Tool Group — The tool manufacturer’s shares gained 7% a day after Enerpac posted beats on fiscal fourth-quarter earnings and revenue. CEO Paul Sternlieb said that the company’s fiscal 2023 outlook “reflects cautious optimism that our momentum will continue while we navigate the uncertain global macroeconomic environment.”
Worthington Industries — Shares of the industrial manufacturing company tumbled 12.4% after it missed earnings estimates for the fiscal first quarter.
— CNBC’s Tanaya Macheel, Alex Harring, Yun Li and Michelle Fox contributed reporting.