Vehicles drive past a Walmart store in Torrance, Calif. on Sunday, May 15, 2022.
Bing Guan | Bloomberg | Getty Images
Find out which companies are making headlines in the midday business.
Walmart, Home Depot – Retailer shares rose about 5% each after both companies reported better-than-expected earnings for the last quarter. This lifted other retail stocks, driving the market’s gains. Bath & Body Works jumped 6%. Target and Best Buy each added about 5%. Ross Stores, Lowe’s and TJX Companies climbed about 3% each.
Bed Bath & Beyond – Shares of the home retailer soared around 64%. At the high, shares rose more than 70% to hit an intraday high of $28.60 on Tuesday amid several trading stops due to volatility. The rally came as retail traders active on social media piled into the stock, encouraged by news that GameStop chairman Ryan Cohen has placed another bet on the struggling retailer.
Nu Holdings – Shares of the Warren Buffett-backed digital banking firm jumped more than 23% after the company reported quarterly revenue that rose 230% from a year earlier. Berkshire Hathaway owned $400 million of Nu Holdings stock at the end of the second quarter, unchanged from the prior quarter.
ZipRecruiter – Shares of ZipRecruiter fell 5% even though it posted better-than-expected second-quarter results. The company said it was seeing employers withdraw their job offers. It also expects labor market strength to weaken through the end of the year and has lowered its full-year earnings outlook to reflect the economic backdrop.
Zoom video – Shares of the video conferencing service fell about 5% after Citi downgraded the company, saying growing competition from Microsoft Teams could send the stock down 20%. The bank said Zoom had too many post-pandemic challenges on top of growing competition, including macro-related weakness hitting businesses and margin risk.
Snowflake – The cloud computing company’s shares fell 5% after UBS downgraded them to buy neutral amid growing macroeconomic and competitive pressures. UBS also cited a slowdown in client spending on cloud computing as well as growing competition.
ThredUp – The apparel resale platform operator rose more than 17% after the company reported better-than-expected quarterly revenue, along with a 29% increase in active shoppers.
Ally Financial – Shares of the home and auto lender jumped more than 3% after a regulatory filing showed Warren Buffett’s Berkshire Hathaway more than tripled its position in the company’s latest quarter. At the end of June, Berkshire held about 30 million shares of Ally, worth about $1 billion. The conglomerate initiated the bet in the first quarter.
Masimo – Shares of the medical technology developer jumped more than 6% after activist investor Politan Capital Management took a 9% stake in the company. Politan said he is dedicated to improving Masimo’s share price.
BHP Group – Shares in the Australian mining company rose more than 5% after BHP announced that its total profit for the financial year 2022 was $30.9 billion, compared to $11.3 billion the year former.
– CNBC’s Yun Li, Carmen Reinicke and Jesse Pound contributed reporting.