A Bed Bath & Beyond store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. Bed Bath & Beyond Inc. said it would shutter another 87 stores in addition to the 150 closures it announced in August. Photographer: Stephanie Keith/Bloomberg via Getty Images
Stephanie Keith | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Bed Bath & Beyond – Shares of the home goods retailer dropped 26.2% after the company once again warned it may need to file for bankruptcy as it proposed a $300 million stock offering. The beleaguered company also said the loans it secured last year were downsized.
EVgo – The EV charging network operator surged 22.1% after the company reported fourth-quarter revenue that beat Wall Street estimates, according to Refinitiv. EVgo also highlighted strong year-over-year growth in network throughput.
Netflix — The streaming giant gained 1.9% in midday trading after Wells Fargo said it thinks the stock could rise 20% from here. Wells noted that the company’s “paid sharing efforts” give the stock exceptional upside, and is also “a key part of the long-term NFLX bull case.”
Zebra Technologies — Shares climbed more than 4.4% after Zebra Technologies announced a change in leadership. The mobile computing firm said it appointed Joe White as new chief product and solutions officer. Separately, TD Cowen initiated coverage of the stock as outperform.
Fluence Energy — Shares jumped 14.7% on an upgrade to buy from neutral by Goldman Sachs. The firm said the electric services provider should benefit from the Inflation Reduction Act.
Philip Morris — Shares rose 2% following an upgrade to overweight from neutral for the tobacco company by JPMorgan. The firm said shares are currently at an attractive price, while noting the company should be able to win market share over time.
Juniper Networks — The cloud computing network provider added 2% on the back of an upgrade to outperform from in line by Evercore ISI. The firm said the company should exceed expectations in both the near and long term.
Crocs — Shares rose 4.9% after B. Riley initiated coverage of the stock as a buy, saying the shoe company is underappreciated.
Interpublic Group of Companies — The advertising agency gained 3.2% following an upgrade to buy from neutral by Bank of America. The firm said the company is well positioned for challenges and described it as a reliable agency holding company.
Waste Management — Shares traded up 2.9% after TD Cowen initiated the solid waste company at outperform, saying the company and competitors offer steady earnings and cash flow.
Charles Schwab – Shares of Charles Schwab slid 5% after Morgan Stanley downgraded the financial services giant, citing an extended earnings recovery timeline that makes the risk-reward balance for shares appear less compelling
Carnival — Shares were up 2.7% as the cruise line stock continued to rally. Shares are up more than 10% for the week and have surged 26% in 2023. Earlier this week, Susquehanna upgraded Carnival to positive from neutral.
Paycom Software — Shares advanced 3.7% after D.A. Davidson upgraded Paycom Software to buy from neutral. While the Wall Street firm said growth is slowing for the payroll provider, the firm’s analyst Robert Simmons expects that there is “limited downside risk to estimates outside of a severe recession.”
— CNBC’s Sarah Min, Tanaya Macheel, Yun Li and Brian Evans contributed reporting