An employee organizes Apple iPhones as a customer shop in an Apple store.
Mike Segar | Reuters
Find out which companies are making headlines in the midday business.
Apple – The big tech stock fell 5% following a rare downgrade by Bank of America. The bank downgraded shares of the iPhone maker to neutral and lowered its price target to $160 per share from $185, citing macroeconomic challenges ahead.
CarMax – Shares of the used car dealer fell 23.2% after reporting second-quarter results that fell short of analysts’ expectations before the bell. The company’s earnings per share fell to $0.79, down about 54% from a year ago.
PG&E – Shares in the utility company fell about 1.8% after the company asked California regulators for permission to make its non-nuclear generating assets a separate subsidiary.
Coinbase – Coinbase shares fell 8% after Wells Fargo launched coverage of the cryptocurrency company with an underweight rating and said a tough economic environment could hurt stocks and profitability in the future. the future.
Bed Bath & Beyond – Shares of the home retailer shed more than 8% on Thursday after the company reported a bigger-than-expected quarterly loss and a 28% drop in sales for its latest quarter. He also reported a sharp drop in Buybuy Baby sales, which was a bright spot for Bed Bath, compared to tough comparisons.
Peloton – Shares of Peloton fell about 15% after the company announced it would sell its gear to Dick’s Sporting Goods, a deal that marks its first brick-and-mortar partnership. Peloton is struggling to expand its customer base and stem its losses as people return to live away from home, after its share price soared during the pandemic.
Occidental Petroleum – The energy stock jumped 1.4%, bucking the broader market’s downtrend after Warren Buffett’s Berkshire Hathaway added to its massive stake. The conglomerate added about 6 million shares of the oil giant, worth about $350 million, Monday through Wednesday, paying up to $61.37 per share, according to a regulatory filing.
Vail Resorts – Shares of Vail gained 2.6% after the resort operator reported fourth-quarter revenue that beat analysts’ estimates. The company said there was strong demand for ski season passes, while full-year sales rebounded beyond pre-pandemic levels.
Rite Aid – Shares fell 27% after Rite Aid cut its full-year profit forecast and posted a bigger-than-expected loss for the quarter.
MillerKnoll – Shares of the maker of furniture for officers fell 12% after earnings beat analysts’ expectations in the last quarter. MillerKnoll cited a tough macroeconomic outlook and shared plans to improve near-term earnings and cash flow.
Duckhorn Portfolio – Shares fell more than 10% a day after the wine company released a softer-than-expected 2023 outlook. Duckhorn expects adjusted earnings per share for fiscal year 2023 of 62 cents to 64 cents, compared to FactSet expectations of 67 cents per share. The company also reported fiscal fourth-quarter revenue above Wall Street estimates and earnings per share in line with expectations.
Enerpac Tool Group – Shares of the tool maker gained more than 7% on a daily basis after Enerpac posted beatings in fiscal fourth-quarter earnings and revenue. CEO Paul Sternlieb said the company’s outlook for fiscal year 2023 “reflects cautious optimism that our momentum will continue as we navigate the uncertain global macroeconomic environment.”
Worthington Industries – Shares of the industrial manufacturing company fell 9% after missing earnings estimates for the fiscal first quarter.
– CNBC’s Tanaya Macheel, Alex Harring, Yun Li and Michelle Fox contributed reporting.