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Check out the companies making the biggest moves at midday:
lululemon – Lululemon shares fell 12% after the sportswear company announced a weaker-than-expected outlook for the fourth quarter. In the third quarter, the company exceeded Wall Street expectations for revenue and earnings.
Beyond meat — Beyond Meat shares fell more than 8% after being downgraded by Argus to a pending sale. The company analyst cited lower demand amid weaker economic conditions.
Broadcom – Broadcom gained 3.1% after giving an upbeat revenue forecast and announcing better-than-expected quarterly results after Thursday’s bell. The chipmaker also raised its dividend by 12.2% and said it would resume share buybacks.
You’re here – Tesla’s stock rose more than 4%, paring some of the losses suffered this week. Reuters reported on Friday that the electric vehicle maker would suspend Model Y assembly at its Shanghai plant between Dec. 25 and Jan. 1. Factory inventory levels had risen sharply over the summer.
carvana – Carvana shares rose 2% after lenders told the Wall Street Journal they did not expect the online car seller to file for bankruptcy soon. These creditors are meeting amid reports earlier this week that the company is seeking to restructure its debt, according to the newspaper. Carvana had been successful during the pandemic, but rising interest rates and falling demand for cars hurt its performance.
netflix – Netflix gained 5% after being named “best idea” for 2023 by Cowen and upgraded by Wells Fargo to overweight at equal weight. Cowen said it expects free cash flow to increase next year, while Wells Fargo said content growth will reduce customer churn.
HR – RH, formerly known as Restoration Hardware, rose 4.5% after reporting third-quarter earnings per share and revenue that beat expectations. However, the retailer also said it expects business trends to deteriorate.
Coinbase – Shares of the crypto services company fell 2.6% after Mizuho downgraded Coinbase and said its price could fall another 30%. Crypto stocks such as Coinbase have been under pressure with cryptocurrency prices as investors digest the macro picture and the latest developments on FTX.
DocuSign — DocuSign shares jumped 16% after the e-signature company reported upbeat quarterly results. It also reported better-than-expected billings, subscription renewals and incremental sales to existing customers.
Costco – The wholesaler gained 1.6% after Cowen called the stock “best idea” for 2023, noting that the company’s focus on value could be a winning strategy as consumers become more price conscious.
AmerisourceBergen – AmerisourceBergen fell 2.7% after Walgreens sold about $1 billion of the drug distributor’s stock. Walgreens remains its largest shareholder, with its stake now down from 20% to 17%.
Valley – The Brazil-based mining company gained 3.5% after Morgan Stanley upgraded the stock to overweight it from equal weight, citing a “cocktail” of positive catalysts such as the price momentum of the iron ore and China’s exit from its Covid-zero policy.
Bath and body care – Shares of Bath & Body Works rose 2.1% after activist investor Dan Loeb increased his stake in the retailer. Loeb said he could push for the board to be tasked with improving corporate governance issues.
– CNBC’s Carmen Reinicke, Alexander Harring, Tanaya Macheel and Christina Cheddar-Berk contributed reporting.
