Apple, CarMax, Coinbase, Peloton and more

An employee arranges Apple iPhones as a customer store in an Apple store.

Fresh Mike | Reuters

Check out the companies making headlines in the dinner trade.

Apple — The major technology stock fell 5% after a rare downgrade from Bank of America. The bank downgraded the iPhone maker’s shares to neutral and cut its price target to $160 a share. stock from $185, citing macroeconomic challenges ahead.

CarMax — Shares of the used car retailer plunged 23.2% after it released second-quarter earnings below analysts’ expectations before the bell. The company’s earnings per stock fell to $0.79, down about 54% from a year ago.

PG&E — Shares in the utility fell about 1.8% after the company asked California regulators for permission to spin off its non-nuclear generating assets into a separate subsidiary.

Coinbase – Coinbase shares fell 8% after Wells Fargo initiated coverage of the cryptocurrency company with an underweight rating, saying a tough economic environment could hurt shares and profitability going forward.

Bed Bath & Beyond — Shares of the home retailer fell more than 8% Thursday after the company reported a wider-than-expected quarterly loss and a 28% drop in sales for its most recent quarter. It also reported a steep decline in sales for Buybuy Baby, which has been a bright spot for Bed Bath, against tough comparables.

Peloton — Shares of Peloton fell about 15% after the company announced it would sell its gear at Dick’s Sporting Goods, a deal that marks its first brick-and-mortar partnership. Peloton has struggled to expand its customer base and stem its losses as people return to life outside their homes after its share price surged amid the pandemic.

Occidental Petroleum — The energy stock jumped 1.4%, bucking the broader market’s downtrend after Warren Buffett’s Berkshire Hathaway added to its massive stake. The conglomerate added about 6 million shares of the oil giant, worth about $350 million, from Monday to Wednesday, paying as much as $61.37 per share, according to a regulatory filing.

Vail Resorts — Shares of Vail rose 2.6% after the resort operator reported fourth-quarter revenue that beat analyst estimates. The company said there has been strong demand for ski season passes, while full-year sales have surged past pre-pandemic levels.

Rite Aid — Shares fell 27% after Rite Aid lowered its full-year earnings guidance and posted a bigger-than-expected loss for the quarter.

MillerKnoll — Shares of the office furniture maker fell 12% after revenue missed analysts’ expectations in the latest quarter. MillerKnoll cited a difficult macroeconomic outlook and shared plans to improve profits and cash flow in the near term.

Duckhorn Portfolio — Shares fell more than 10% a day after the wine company issued lighter-than-expected 2023 guidance. Duckhorn expects that the financial year 2023 adjusted earnings per per share of 62 cents to 64 cents, compared with FactSet expectations of 67 cents per share. stock. The firm also reported fourth-quarter revenue that beat Wall Street estimates and earnings per share. share, which was in line with expectations.

Enerpac Tool Group — Shares of the toolmaker rose more than 7% on the day after Enerpac beat fourth-quarter earnings and revenue. CEO Paul Sternlieb said the company’s fiscal 2023 outlook “reflects cautious optimism that our momentum will continue as we navigate the uncertain global macroeconomic environment.”

Worthington Industries – Shares of the industrial manufacturing company fell 9% after it missed earnings estimates for the fiscal first quarter.

— CNBC’s Tanaya Macheel, Alex Harring, Yun Li and Michelle Fox contributed reporting.

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