Find out which companies are making headlines in the midday business.
Bed Bath & Beyond – Shares in the beleaguered retailer fell 19.8% after it presented a strategic plan that only confirmed investor fears that the company will struggle to turn around its business. Bed Bath has also filed a request to sell an undisclosed amount of shares in the future.
Express – Shares of Express fell more than 19% after reporting quarterly revenue of $464.4 million, versus StreetAccount estimates of $479.6 million. The clothing retailer, which also cut its full-year forecast, cited tough macroeconomic conditions.
Rocket Lab USA – Shares jumped 8.2% after Cowen upgraded the company to outperform market performance, saying the shares are more than 50% up. According to Cowen, Rocket Lab is the market leader in space launches.
Snap – The social media company saw its shares rise 7% after announcing a restructuring plan that includes a 20% cut in staff and a new chief executive. The changes come after Snap reported disappointing second quarter results and said it would not provide guidance for its current quarter.
LSB Industries – Shares of US nitrogen company LSB Industries gained 2.2% after UBS issued a hedge with a buy rating and a price target suggesting a 30% upside. According to UBS, the company should benefit from record spreads between low-cost US natural gas and high-cost natural gas in Europe and Asia.
PayPal Holdings – Shares of PayPal rose 2.7% after Bank of America upgraded the stock to a neutral long and raised its price target on the payments company. The bank said it expects activist Elliott Management to push for more cost-cutting at PayPal, which could boost revenue in the future.
Seagate Technology Holdings – Shares of the data storage company fell more than 4% after Seagate cut its revenue forecast for the current quarter. The company said it expects revenue for the quarter ending Sept. 30 to be in a range of $2.0 billion to $2.2 billion, down from a range of 2 .35 billion to $2.65 billion. The company cited weaker economic trends in parts of Asia.
CrowdStrike Holdings – The stock fell 6.3% despite the cybersecurity company reporting a quarterly earnings and revenue expectation beat, as well as issuing an upbeat forecast.
HP Inc. – Shares of the PC maker fell more than 5% after the company reported a revenue loss amid slowing electronics spending. HP’s quarterly earnings match analysts’ estimates, according to Refinitiv.
Chewy – Shares of the pet products retailer fell 7.4% after posting a weak revenue forecast for the current quarter. Chewy reported a beaten profit in its latest quarter, but its revenue fell short of expectations. The company expects rising inflation to reduce spending on pet products.
PVH — The stock fell 9% after the owner of clothing brands Tommy Hilfiger and Calvin Klein cut its full-year outlook. At the same time, PVH said it was reducing its global office workforce by 10%.
Baxter International – Shares rose 2% after the healthcare company said its latest syringe infusion therapy had been cleared by the US Food and Drug Administration.
– CNBC’s Yun Li, Tanaya Macheel, Jesse Pound, Carmen Reinicke, Samantha Subin and Michelle Fox Theobald contributed reporting.