Stocks making the biggest moves midday: Netflix, Lululemon, DocuSign and more
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Check out the companies making the biggest moves midday:
Beyond Meat — Beyond Meat’s stock dropped more than 8% after being downgraded by Argus to sell from hold. The firm’s analyst cited falling demand amid weaker economic conditions.
Broadcom — Broadcom gained 3.1% after giving an upbeat revenue forecast and reporting better-than-expected quarterly results after the bell Thursday. The chipmaker also increased its dividend by 12.2% and said it would resume stock buybacks.
Tesla — Tesla’s stock was up more than 4%, paring some of the losses it suffered this week. Reuters reported on Friday the electric-vehicle maker will suspend Model Y assembly at its Shanghai plant between Dec. 25 and Jan. 1. Inventory levels at the plant had risen sharply over the summer.
Carvana — Shares of Carvana rose 2% after lenders told The Wall Street Journal that they don’t anticipate the online car seller will file for bankruptcy soon. These debtholders are joining together amid reports earlier this week that the company is looking to restructure its debt, the paper said. Carvana had seen success during the pandemic, but rising interest rates and weaker car demand have hurt its performance.
Netflix — Netflix gained 5% after being named a “best idea” for 2023 by Cowen and being upgraded by Wells Fargo to overweight from equal weight. Cowen said it sees free-cash flow ramping up next year, while Wells Fargo said content growth would lessen customer churn.
RH — RH, formerly known as Restoration Hardware, rose 4.5% after reporting third-quarter earnings-per-share and revenue that beat expectations. However, the retailer also said it expected business trends to deteriorate.
Coinbase — Shares of the crypto services firm fell 2.6% after Mizuho downgraded Coinbase and said its price could fall another 30%. Crypto equities such as Coinbase have been under pressure with cryptocurrency prices, as investors digest the macro picture and the latest developments on FTX.
DocuSign — Shares of DocuSign jumped 16% after the electronic signature company posted upbeat quarterly results. It also reported better-than-expected billings, subscription renewals and additional sales to existing customers.
Costco — The wholesaler gained 1.6% after Cowen named the stock a “best idea” heading into 2023, noting the company’s focus on value could be a winning strategy as consumers get more price conscious.
AmerisourceBergen — AmerisourceBergen fell 2.7% after Walgreens sold about $1 billion shares of the drug distributor. Walgreens remains its largest shareholder, with its stake now down to 17% from 20%.
Vale — The Brazil-based mining company gained 3.5% after Morgan Stanley upgraded the stock to overweight from equal weight, citing a “cocktail” of positive catalysts such as price momentum for iron ore and China exiting its Covid-zero policy.
Bath & Body Works — Shares of Bath & Body Works gained rose 2.1% after activist investor Dan Loeb boosted his stake in the retailer. Loeb said he might push for board charge to improve governance issues at the company.
— CNBC’s Carmen Reinicke, Alexander Harring, Tanaya Macheel and Christina Cheddar-Berk contributed reporting.
