Stocks making the biggest moves midday: Bed Bath & Beyond, Express, Snap, Rocket Lab and more
Check out the companies making headlines in midday trading.
Bed Bath & Beyond — Shares of the beleaguered retailer tumbled 19.8% after it outlined a strategic plan that only confirmed investor fears that the company will struggle to turn around its business. Bed Bath also filed to sell an undisclosed amount of stock in the future.
Express — Express shares plunged more than 19% after reporting quarterly revenue of $464.4 million, compared to StreetAccount estimates of $479.6 million. The apparel retailer, wh aichlso cut its full-year guidance, cited challenging macroeconomic conditions.
Rocket Lab USA — Shares surged 8.2% after Cowen upgraded the company to outperform from market perform, saying that the shares have more than 50% upside. According to Cowen, Rocket Lab is the leader in the space launch market.
Snap — The social media company saw its shares rise 7% after it announced a restructuring plan that includes a 20% cut in its staff and a new chief operating officer. The changes come after Snap reported disappointing second-quarter earnings and said it would not provide guidance for its current quarter.
LSB Industries — Shares of U.S. nitrogen company LSB Industries gained 2.2% after UBS initiated coverage with a buy rating and a price target suggesting 30% upside. The company is set to benefit from the record spreads between low cost U.S. natural gas and high cost natural gas in Europe and Asia, according to UBS.
PayPal Holdings — PayPal shares advanced 2.7% after Bank of America upgraded the stock to a buy from neutral and hiked its price target on the payments firm. The bank said it expects activist Elliott Management to push for more cost cutting at PayPal, which could boost earnings going forward.
Seagate
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