A woman walks near a branch of Bed Bath & Beyond on January 11, 2023 in New York City.
Leonard Munoz | See Press | Corbis News | Getty Images
Check out the companies making headlines on Tuesday at noon.
Lyft — Stock in the ride-hailing app rose 1.5% following an upgrade to overweight to sector weight by KeyBanc. The company said cost-cutting strategies such as layoffs and stabilizing demand could help the stock.
Bed bath and beyond – Retail stock jumped 13% as traders continued to pile into the heavily shorted name. Bed Bath & Beyond has warned of potential bankruptcy and recently bolstered its legal team ahead of a possible lawsuit. Shares of the meme favorite are up 32% year-to-date.
Paccar — Paccar shares rose 7% after the truck maker reported fourth-quarter results, posting earnings of $2.64 per share and $8.13 billion in revenue. A growing number of e-commerce deliveries has boosted demand for trucks. The company beat analysts’ expectations for earnings per share, according to StreetAccount.
Advanced micro-systems – Shares slid 3.2% after Bernstein downgraded the semiconductor maker to market performance from outperformance. The company said the personal computer market and markets for new parts were becoming increasingly unfavorable to the company.
3M – Shares in the industrial conglomerate fell more than 5% to a new 52-week low after the company announced it would cut 2,500 manufacturing jobs amid weaker demand. 3M also posted lower earnings excluding items with earnings of $2.28 per share from $2.45 per share a year earlier.
Synchrony Financial – Shares of the financial company rose 4% on Tuesday, erasing a post-earnings decline in the stock in the previous trading session. A JMP analyst on Tuesday reiterated a market outperformance rating for Synchrony, saying in a note that the company appears more resilient than its consumer lending peers.
Union Pacific – Shares of railroad stocks fell 2.4% after posting fourth-quarter earnings that fell short of analysts’ expectations on both the top and bottom, according to StreetAccount. Union Pacific reported earnings of $2.67 per share on $6.18 billion in revenue.
lululemon – Lululemon shares fell 1.5% after Bernstein downgraded the clothing company for underperforming the market and cut its price target to $290, a reduction of $50. The company cited slowing earnings growth as demand cools and consumers become more cautious.
Raytheon Technologies – Shares of the aerospace company rose 2% after Raytheon reported its fourth quarter. Raytheon posted adjusted earnings per share of $1.27, versus analyst estimates of $1.24 per share, according to Refinitiv. The company reported revenue of $18.09 billion, below Street expectations of $18.15 billion.
Zions Bancorp — Shares of the bank fell 2% even after Zions reported fourth-quarter earnings per share that beat analysts’ expectations. The company posted earnings per share of $1.84, versus $1.64 expected by analysts polled by Refinitiv. In a statement, Harris Simmons, CEO of Zions, noted that the company “has continued to build its loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment. In the coming months”.
— CNBC Alex Harring, Jesse Pound, Yun Li, Carmen Reinicke, Michelle Fox Theobald, Samantha Subin and Darla Mercado contributed reporting.