Stocks making the biggest moves midday: Nike, Rent-A-Center, Carnival Cruise

Stock Market

In this article

People walk near the entrance to Nike store, May 25, 2022 in Moscow, Russia.
Konstantin Zavrazhin | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.

Nike — Nike shares dropped 12% after the sneaker giant said Thursday its inventory was overstocked, up 44% in its latest quarter. As a result it will offer more discounts to clear out the excess merchandise. Other retailers were also dragged down, with Lululemon Athletica and Under Armour losing almost 6% and nearly 5% respectively.

Rent-A-Center — Shares of Rent-A-Center slipped 20% after the company slashed its current-quarter earnings guidance, saying that economic conditions have weighed on consumer traffic and payment patterns.

Carnival Cruise — Shares of Carnival Cruise plunged nearly 20% after the company forecast a loss for the fourth quarter, saying high fuel prices and inflation will delay its return to profitability. Royal Caribbean and Norwegian Cruise Lines also slipped, falling 11% and 14%, respectively.

Micron — Shares of Micron rose 1.5% after the company reported quarterly earnings that beat Wall Street expectations, even though sales fell. The chipmaker also gave a weaker-than-expected revenue outlook, saying sales are being hit by slowing consumer demand.

Charles River Laboratories — Charles River shares rose 6% after Jefferies upgraded the stock to buy from hold, citing the company’s potential in animal studies.

Twitter — Shares of Twitter rose 1.5% after texts between its founder, Jack Dorsey, and Elon Musk were released 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 expanding a galvanized steel line at its South Carolina plant.

Amylyx Pharmaceuticals — Shares of the pharmaceutical company dropped 6.3% despite the stock rallying after hours Thursday on news of the Food and Drug Administration approving its controversial Lou Gehrig’s disease drug.

Generac — Shares of Generac gained 4.5% after Cowen initiated coverage of the company with a buy rating. The generator company is a clear industry winner and has value in its solar offering.

— CNBC’s Alex Harring and Michelle Fox contributed reporting.

Articles You May Like

As federal funds dwindle, New York transit stares down deficits
China rocked by protests as zero-Covid anger spreads
Commerce Bank to acquire muni firm L.J. Hart
Bitcoin Depot says SPAC merger will continue as planned after solid revenue growth
Is The Bay Area Housing Market Cooling Off?