Bed Bath & Beyond, Krispy Kreme, Target and more

Scott Olson | Getty Images

Check out the companies making the biggest moves in the afternoon:

Target — Retailer shares were down more than 2% after earnings far exceeded Wall Street’s expectations. The company said its quarterly profit fell nearly 90% from a year ago. However, Target reiterated its full-year forecast, saying it is now positioned for a recovery.

Bed Bath & Beyond – Shares of meme stock rose about 22% on Wednesday, continuing a torrid rally in August for the challenged retailer. The stock has seen an abnormally high trading volume and is the hottest topic on the Reddit page WallStreetBets.

Krispy Kreme – The donut chain fell 13% in the afternoon after it reported quarterly results with lower-than-expected earnings and sales. The company also said it has seen a significant slowdown in raw material costs in recent weeks.

Weber – The grillmaker’s shares fell more than 8% after Citi lowered Weber to sell from neutral. The company’s weak sales outlook and dwindling cash mean Weber may need to raise additional capital, Citi said.

Teladoc Health – Shares of Teladoc fell more than 6% after Guggenheim downgraded the company from neutral to sale. The company said Teladoc’s growth rate will slow in a challenging macroeconomic environment with a weakening consumer.

Sanofi – The French drugmaker hit a 52-week low after its US-traded shares fell about 7%. Sanofi announced Wednesday that it was halting development of its breast cancer treatment, amcenestrant, after the trial showed no signs the drug was effective.

AppLovin — Shares of the tech company fell more than 6% in afternoon trading. The company’s $20 billion bid for Unity was rejected by Unity’s board on Monday. Unity shares also fell nearly 3%.

Take-Two Interactive – Shares of the software company fell nearly 3% after being downgraded to buy into love by Deutsche Bank. Analysts this year cited a balanced risk-reward outlook and a lack of material near-term catalysts in the quarters ahead. However, Deutsche Bank remains positive about Take-Two Interactive’s long-term growth prospects.

Analog Devices – Shares fell more than 5% after CEO Vincent Roche said “economic uncertainty is beginning to affect bookings” at the semiconductor company. Otherwise, Analog Devices reported a hit on the top and bottom lines in its second quarter calendar results. Other chip stocks, including Nvidia, Advanced Micro Devices, Applied Materials and Micron, fell more than 3% on the news.

Agilent Technologies — Shares of Agilent rose more than 7% after the lab instrument maker posted better-than-expected earnings and sales for its most recent quarter, according to Refinitiv. The company also raised its full-year forecast due to strong order flow.

Tech stocks — Shares of Amazon, Netflix and Meta Platforms fell more than 2%, while Alphabet fell more than 1% after 10-year Treasury returns jumped sharply.

Add a Comment

Your email address will not be published.