A view of a Canadian athletic apparel retailer Lululemon logo seen at one of their stores.
Alex Tai | LightRocket | Getty Images
Check out the companies making headlines in midday trading Wednesday.
Lululemon – Shares of the athleticwear company soared more than 13% after the firm reported strong holiday-quarter earnings and revenue that beat Wall Street estimates. Lululemon also issued upbeat guidance for its new fiscal year.
Micron Technology — The semiconductor manufacturer added 5.3% after management said it was planning a bigger headcount reduction than previously expected. That helped investors overlook Micron’s misses on both the top and bottom lines, according to Refinitiv. The company reported a loss of $1.91 per share, larger than the loss of 86 cents per share anticipated. Revenue came in at $3.69 billion, slightly lower than the $3.71 billion expected.
Carnival — Shares gained 3.6% after being upgraded by Susquehanna to positive from neutral. The Wall Street firm said it sees EBITDA recovery for the cruise operator into 2024. The move comes a day after the stock gained 6.1% following an upgrade by Wells Fargo to equal weight from underweight.
UBS — U.S.-listed shares of the European bank rose 4.2% after UBS announced that former CEO Sergio Ermotti would return to help the bank manage the acquisition of Credit Suisse. Ermotti previously helped restructure UBS in the aftermath of the global financial crisis.
Emergent BioSolutions — Shares of Emergent BioSolutions added 3.8% after the FDA approved over-the-counter sales of the company’s Narcan nasal spray, used to treat opioid overdoses.
Lucid — The electric vehicle maker declined 2.5%, a day after a report from Insider detailed news of roughly 1,300 planned layoffs at the company, which equates to roughly 18% of its workforce.
Cal-Maine Foods — The egg producer and distributor’s stock jumped more than 10% on the back of a stronger-than-expected report for the company’s fiscal third quarter. Cal-Maine Foods’ year-over-year profit also jumped more than 700% thanks in part to a surge in egg prices.
Urban Outfitters, Burlington Stores, Foot Locker, Ross Stores — Shares of major retailers declined Wednesday after UBS downgraded the group to sell from neutral. UBS said it sees at least 23% downside to its price targets for each of the companies as a slowdown in consumer spending curbs the industry’s earnings prospects. Shares of Urban Outfitters and Burlington were down about 2.7% and 4.5%, respectively. Ross Stores slid 0.9%, and Foot Locker was down 1.3%.
Bath & Body Works — The home care and fragrances retailer fell more than 2% after a UBS downgrade, saying it expects a recessionary environment to weigh on the stock this year and next. UBS said it sees many of the company’s products as discretionary and that consumers “will choose to spend less in a challenging macro environment” on them.
Dave & Buster’s — The restaurant and arcade operator’s stock rose 1.5% after the company’s fourth-quarter results beat expectations. Dave & Buster’s also announced an up to $100 million share repurchase program.
Petco — Shares of the pet health and wellness company gained 5% after CEO & Chairman Ron Coughlin disclosed a 61,000 share purchase.
Newmark Group — Newmark Group’s stock gained 7% amid news that the FDIC hired the commercial real estate services firm to sell roughly $60 billion worth of Signature Bank’s loans.
Energy stocks — Energy stocks rose as oil prices gained for a third day. Shares of Devon Energy and SLB were last up more than 1% each, along with Phillips 66, EOG Resources, Marathon Oil and ConocoPhillips.
— CNBC’s Alex Harring, Michelle Fox, Jesse Pound, Yun Li, Brian Evans, Tanaya Macheel and Pia Singh contributed reporting
Image and article originally from www.cnbc.com. Read the original article here.