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

People stroll close to the entrance to Nike retailer, May 25, 2022 in Moscow, Russia.

Konstantin Zavrazhin | Getty Images News | Getty Images

Check out the firms making headlines in noon trading.

Nike — Nike shares dropped 12.8% after the sneaker big stated Thursday its stock was overstocked, up 44% in its newest quarter. As a end result it’ll supply extra reductions to filter the extra merchandise. Other retailers had been additionally dragged down, with Lululemon Athletica and Under Armour shedding nearly 6% and practically 5% respectively.

Rent-A-Center — Shares of Rent-A-Center slipped 21.6% after the firm slashed its current-quarter earnings steerage, saying that economic situations have weighed on shopper site visitors and fee patterns.

Carnival Cruise — Shares of Carnival Cruise plunged 23.3% after the firm forecast a loss for the fourth quarter, saying excessive gasoline costs and inflation will delay its return to profitability. Royal Caribbean and Norwegian Cruise Lines additionally slipped, falling 13% and 18%, respectively.

Micron — Shares of Micron rose 1.7% after the firm reported quarterly earnings that beat Wall Street expectations, regardless that gross sales fell. The chipmaker additionally gave a weaker-than-expected income outlook, saying gross sales are being hit by slowing shopper demand.

Charles River Laboratories — Charles River shares rose 3.6% after Jefferies upgraded the inventory to purchase from maintain, citing the firm’s potential in animal research.

Twitter — Shares of Twitter rose 2.6% after texts between its founder, Jack Dorsey, and Elon Musk had been launched in court docket filings. The Tesla CEO is embroiled in a authorized battle over his bid to purchase the social media firm.

Nucor — Shares of metal firm Nucor jumped 1.6% after it introduced plans to spend $425 million increasing a galvanized metal line at its South Carolina plant.

Amylyx Pharmaceuticals — Shares of the pharmaceutical firm dropped 6.8% regardless of the inventory rallying after hours Thursday on information of the Food and Drug Administration approving its controversial Lou Gehrig’s illness drug.

Generac — Shares of Generac gained 2.3% after Cowen initiated protection of the firm with a purchase ranking. The generator firm is a transparent business winner and has worth in its photo voltaic providing.

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

Source link