August 9, 2022

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Bed Bath & Beyond, Carnival, Upstart, and more

Bed Bath & Beyond, Carnival, Upstart, and more

A security guard stands next to the Bed Bath & Beyond sign at the entrance to a store site in New York City.

Scott Millian | CNBC

Check out which companies are making the headlines in midday trading.

bed bath behind – shares The retailer is down about 21% after the company missed revenue estimates and posted a larger-than-expected loss in the last quarter. Bed Bath & Beyond also announced that it will replace CEO Mark Triton.

carnival – Shares of the cruise operator fell more than 14% after Morgan Stanley Cut target price per share almost in half He can Likely to go to zero In the face of another demand shock, given Carnival’s debt levels. The call lowered stocks for other cruises. Royal Caribbean and Norwegian Cruise Line Holdings both fell more than 10%.

cocky Shares of the AI ‚Äč‚Äčlending platform are down nearly 10% after Morgan Stanley Stock rating reduced to underweight by equal weight. Wall Street said high interest rates and a disruptive macro environment were hurting Upstart’s growth trajectory.

Bath and body works The retailer’s stock fell about 8% after JPMorgan lowered its rating to neutral from overweight. The company cut its second-quarter and full-year earnings estimates for Bath & Body Works after cutting the average retail unit estimate for the second quarter by 4% year over year.

Tiradine – Shares of the semiconductor testing company fell 6% after the rating was downgraded to neutral from a purchase from Bank of America. The company said Teradyne’s exposure to Apple could weaken stocks in the near term, given the uncertainty over iPhone demand.

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Tesla – Shares down about 4% after a The Wall Street Journal report He said Tesla is closing its San Mateo, California office and laying off 200 workers. CNBC confirmed the report.

general mills The stock jumped 5.7 percent after General Mills reported higher and lower earnings. However, the grain company’s full-year earnings estimates were weaker than expected, due to a consumer shift to cheaper brands.

O’Reilly Motors The auto parts company traded more than 1% after upgrading to buy from DA Davidson neutrals. The company said O’Reilly is its “preferred way” to operate the auto parts theme compared to AutoZone and Advance Auto Parts. Auto parts companies, which typically sell non-optional products, are expected to weather downturns better than other retailers.

McDonald’s Stocks are up 1.5% after that Upgrade to Overweight by Atlantic Equities. The company said the hamburger chain will hold up as consumer spending slows.

Goldman Sachs Stocks rose 1.3% after that Bank of America upgrades Goldman Sachs to a buyout From a neutral rating, he said the bank will thrive even in the face of the economic slowdown.

CNBC’s Yoon Lee, Tanaya Machel and Samantha Soobin contributed reporting