People walk near the entrance to Nike store, May 25, 2022 in Moscow, Russia.
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 socia 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
Stocks making the biggest moves midday: Nike, Rent-A-Center, Carnival Cruise
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