An exterior view of a Bed Bath & Beyond store on February 7, 2023 in Clifton, New Jersey.
Kena Betancur | Corbis News | fake images
Take a look at the companies making the midday trading headlines.
Bed Bath & Beyond – Shares continued to fall in Friday’s session down 22.8%. On Thursday, the company warned once again that it may need to file for bankruptcy protection if its proposed $300 million stock offering fails. The retailer’s shares have lost almost 40% of their share value this week.
Digital World Acquisition: SPAC shares linked to former President Donald Trump advanced 6.3%. On Thursday, a New York grand jury indicted Trump on charges related to “hush money” payments made before his 2016 campaign.
Nikola: Nikola shares plunged 11% after the electric truck maker announced plans for a $100 million secondary stock offering at a price 20% below Thursday’s close.
Virgin Orbit: The satellite launch service provider plunged 32% after announcing it would halt operations “for the foreseeable future” and cut around 90% of its workforce.
BlackBerry: BlackBerry jumped 16% after the company posted lower earnings per share and adjusted EBITDA loss than analysts polled by StreetAccount expected for the fourth quarter. However, the company’s revenue fell short of analysts’ expectations.
Regional Banks: Shares in closely watched regional banks rose, with the SPDR S&P Regional Banking ETF (KRE) rising 0.8%. Metropolitan Bank led the index with a 21.5% jump. PacWest and Popular were the next best performers with gains of more than 3% each. Zions, on the other hand, had the worst performance of the bunch with a loss of 1.6%.
Sales — The real estate investment stock fell 2.5% after announcing that it take possession of the guarantee supporting a loan of nearly half a billion dollars.
Generac Holdings – The battery backup company fell 2.5% following a downgrade from Bank of America to below neutral performance. The firm said Generac’s expectations for fiscal 2023 could be out of reach.
Alphabet: Google’s parent company gained 1.5% after Piper Sandler reiterated her overweight rating on the stock. The firm said the company has undeniable market share, but could see search revenue hit by artificial intelligence.
Restaurant Brands: Shares of Burger King’s parent company rose more than 2% after TD Cowen upgraded the stock to outperform the market. The Wall Street firm said it is optimistic about Restaurant Brands’ new president and chief executive officer and the company’s potential to rebrand.
elf Beauty: Shares of the cosmetics company rose 5.2%, hitting a 52-week high. Stocks rose after Morgan Stanley said elf has nearly 20% upside potential. The analyst said the company has strong momentum in both short-term and long-term growth and reiterated his overweight rating on the stock.
Mercadolibre: Shares rose 4% after Morgan Stanley named the Latin American e-commerce company one of its top picks. The firm said it sees multiple growth drivers going forward.
— CNBC’s Samantha Subin, Yun Li and Hakyung Kim contributed reporting
