Check out the companies making the biggest moves in the afternoon:
Cisco Systems – Shares of the network equipment maker rose 5.8%. The company reported earnings that exceeded estimates after the bell on Wednesday. Cisco also provided a better-than-expected forecast for 2023.
Bed Bath & Beyond – The latest favorite meme stocks, which have surged in August, are down more than 20%. Investors appeared to be responding to activist investor Ryan Cohen’s request that he plans to sell his entire stake in the company.
Kohl’s — Shares of Kohl fell about 5% after the retailer lowered its financial forecast for the year, citing inflationary pressures on middle-income customers. The company expects net sales to fall 5% to 6% in fiscal 2022, from a previous range of flat to 1% higher. Kohl’s, however, exceeded analyst expectations for fiscal second quarter earnings and revenue.
BJ’s Wholesale – Shares of the club retailer rose more than 7% on Thursday after BJ’s reported better-than-expected second-quarter results. The company generated $1.06 in adjusted earnings per share on $5.01 billion in revenue. Analysts polled by FactSet were expecting 80 cents a share on revenue of $4.67 billion. The company’s comparable store sales grew 7.6% year over year, excluding gasoline. BJ’s was also upgraded by Bank of America to a buy of neutral.
Elanco Animal Health – Shares of Elanco lost more than 3% after the company was downgraded by Morgan Stanley. The company moved the stock to an equal weight of overweight, citing concerns about future earnings.
Verizon – Verizon shares fell 2.7% after MoffettNathanson downgraded to underperform and lowered its price target. Increased competition from AT&T and T-Mobile is weighing on Verizon and is likely to drag its stock down, analysts say.
Canadian Solar – The solar equipment and services company hit a new 52-week high, up nearly 18%, after it reported quarterly profits that beat expectations. Canadian Solar also raised its full-year revenue forecast, reporting solar module deliveries that were near the top end of its forecast.
Wolfspeed – Shares rose more than 27% after the semiconductor company beat expectations in its most recent earnings report. Gregg Lowe, CEO of Wolfspeed, said he remains “very encouraged about the industry’s prospects for future growth and the activity we see in our end markets.”
Walgreens Boots Alliance – Shares of Walgreens fell more than 5% in afternoon trading. The drugstore chain, along with CVS and Walmart, was ordered on Wednesday by a federal judge to jointly pay $650.6 million to two Ohio counties to address the damage caused by the opioid crisis. Walgreens also announced Wednesday that it had sold 11 million shares of Option Care Health common stock in an underwritten secondary offering.
Energy Stocks – Energy stocks were supported by the rise in oil prices, with Devon Energy shares rising more than 3%. Halliburton rose 4% and APA added more than 5%. Exxon Mobil and Occidental Petroleum both gained about 2%.
— Jesse Pound, Carmen Reinicke and Sarah Min of CNBC reported.