Global Courant 2023-04-13 21:44:12
Signage outside a Bed Bath & Beyond store in New York, August 25, 2022.
Gabby Jones| Bloomberg | Getty Images
Check out the companies making headlines during midday trading.
Apple — The tech giant climbed more than 2% on Thursday. A day earlier, a report said the company is abandoning plans to more heavily include haptic touch technology from supplier Cirrus. Prior to the launch of the iPhone 15 later this year, reports circulated that the model would include a physical side button using Cirrus’ solid-state technology.
Bed bath & beyond — Favorite meme stocks fell 5.9%. Earlier this week, the company sold about 100 million shares to bookrunner B. Riley Securities.
Harley Davidson — The motorcycle maker’s inventory fell more than 3% after UBS said a drop in retail sales in the first quarter could be worse than expected. The Wall Street firm expects retail sales in the US to fall by nearly 20%.
Novo Nordisk — US-listed shares of the Danish pharmaceutical company rose 2.1% after being upgraded from neutral to outperforming by Credit Suisse. The Wall Street firm said drug growth “performed significantly” than expected.
alibaba — Shares of the Chinese e-commerce giant were up 2%, after selling off nearly 6% in the previous session. The stock was volatile this week. A report from the Financial Times revealed on Wednesday that SoftBank has sold a majority of its stake in the company. Meanwhile, investors digested the news that Alibaba is about to roll out its own ChatGPT-style product.
Steve Madden — The shoe business was up 3.4% thanks to an upgrade from neutral by Citi to by. The bank said the company is seeing improved wholesale trends.
Chipotle — Shares rose 1% after Citi said later this month it was optimistic about the restaurant chain’s earnings report.
Netflix — Shares of the streaming platform were up 4.5%, after other big technology-related names moved higher. However, Goldman Sachs reiterated its sell rating for the stock. Meanwhile, Wells Fargo said it was bullish on the streaming giant, saying that sharing paid accounts in the US could help improve its profit and loss.
Tesla — The electric vehicle maker added 3% on Thursday. Investors look ahead to the company’s first-quarter results next week. They’ll see if Tesla plans more price cuts on key models like the Model 3 and Model Y.
Progressive — Shares of the insurance company fell 6% after Progressive reported a loss of 26 cents per share for March, up from a gain of 38 cents per share in the same period last year. Progressive said it had “adverse developments” in its personal and commercial auto products that weighed on results. The company did report a positive net result for the first quarter.
– CNBC’s Alexander Harring, Michelle Fox, Yun Li and Jesse Pound contributed to the reporting
(TagsToTranslate)Alibaba Group Holding Ltd
