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 12.8% 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.
related investing news
Rent-A-Center — Shares of Rent-A-Center slipped 21.6% 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 23.3% 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 13% and 18%, respectively.
Micron — Shares of Micron rose 1.7% 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 3.6% after Jefferies upgraded the stock to buy from hold, citing the company’s potential in animal studies.
Twitter — Shares of Twitter rose 2.6% 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 1.6% 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 6.8% 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 2.3% 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.
Denial of responsibility! galaxyconcerns is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.