People walk near the entrance to the Nike store on May 25, 2022 in Moscow, Russia.
Konstantin Zavrazhin | Getty Images News | Getty Images
Find out which companies are making headlines in the midday business.
Nike – Shares of Nike fell 12% after the sneaker giant said Thursday its inventory was overstocked, up 44% in its most recent quarter. As a result, it will offer more discounts to eliminate excess goods. Other retailers were also dragged lower, with Lululemon Athletica and Under Armor losing nearly 6% and nearly 5% respectively.
Rent-A-Center – Shares of Rent-A-Center fell 20% after the company cut its profit forecast for the current quarter, saying economic conditions weighed on consumer traffic and habits of payment.
Carnival Cruise – Carnival Cruise shares fell nearly 20% after the company forecast a fourth-quarter loss, saying high fuel prices and inflation would delay its return to profitability. Royal Caribbean and Norwegian Cruise Lines also fell, dropping 11% and 14% respectively.
Micron – Shares of Micron rose 1.5% after the company reported quarterly results that beat Wall Street expectations, even as sales fell. The chipmaker also gave a weaker-than-expected revenue outlook, saying sales are hurt by slowing consumer demand.
Charles River Laboratories – Shares of Charles River rose 6% after Jefferies upgraded the stock to buy on hold, citing the company’s potential in animal studies.
Twitter – Twitter’s shares rose 1.5% after texts between its founder, Jack Dorsey, and Elon Musk were published in court filings. The Tesla CEO is embroiled in a legal battle over his bid to buy the social media company.
Nucor – Shares of steel company Nucor jumped 2.7% after it announced plans to spend $425 million to expand a galvanized steel line at its South Carolina plant.
Amylyx Pharmaceuticals – Shares of the pharmaceutical company fell 6.3% despite the shares rallying after hours on Thursday after the Food and Drug Administration announced approval of its controversial Lou’s disease drug Gehrig.
Generac – Shares of Generac gained 4.5% after Cowen initiated coverage of the company with a buy rating. The generator company is a clear winner in the industry and has value in its solar offering.
– CNBC’s Alex Harring and Michelle Fox contributed reporting.