An exterior view of a Bed Bath & Beyond store on February 7, 2023 in Clifton, New Jersey.
Kena Betancur | Corbis News | Getty Images
Check out the companies making headlines in midday trading.
Bed Bath & Beyond – Shares continued to slide in Friday’s session, falling 22.8%. On Thursday, the company again warned that it may have to file for bankruptcy protection if its proposed $300 million stock offering fails. The retailer’s stock has lost nearly 40% of its stock value this week.
Digital World Acquisition – Shares in SPAC, linked to former President Donald Trump, rose 6.3%. On Thursday, a New York grand jury formally indicted Trump on allegations related to “hush money” payments made prior to his 2016 campaign.
Nikola – Nikola shares fell 11% after the electric truck maker announced plans for a $100 million two-share offering, priced 20% below Thursday’s close.
Virgin Orbit – The satellite launch services provider fell 32% after it said it would cease operations “for the foreseeable future” and cut about 90% of its workforce.
BlackBerry — BlackBerry rose 16% after the company expected lower earnings per share and a smaller Adjusted EBITDA loss than analysts polled by StreetAccount for the fourth quarter. However, the company’s revenue fell short of analysts’ expectations.
Regional Banks – Shares in the closely followed regional bank stocks rose, with the SPDR S&P Regional Banking ETF (KRE) gaining 0.8%. Metropolitan Bank topped the index with a 21.5% jump. PacWest and Popular were the second-best performers, each gaining more than 3%. Zions, on the other hand, was the group’s worst performer, down 1.6%.
Ventas – The real estate investment stock slipped 2.5% after announcing it would take on collateral backing a nearly half-billion-dollar loan.
Generac Holdings – The battery backup company fell 2.5% after Bank of America downgraded it to underperform from neutral. The company said Generac’s expectations for fiscal 2023 could be unachievable.
Alphabet – Google’s parent company rose 1.5% after Piper Sandler reiterated her overweight position in the stock. The company said the company has an undeniable market share but could see search revenue being hurt by artificial intelligence.
Restaurant Brands – Shares of Burger King’s parent company rose more than 2% after TD Cowen upgraded the stock to outperform the market. The Wall Street company said it was optimistic about Restaurant Brands’ new chairman and CEO and the company’s potential to transform the brand.
elf Beauty – The cosmetics company’s stock gained 5.2% to hit a 52-week high. Shares jumped after Morgan Stanley said Elf had nearly 20% upside potential. The analyst said the company has strong momentum for both short and long-term growth and reiterated an overweight stance on the stock.
Mercadolibre — Shares rose 4% after Morgan Stanley named the Latin American e-commerce company its top pick. The company said it sees multiple growth drivers going forward.
– CNBC’s Samantha Subin, Yun Li and Hakyung Kim contributed coverage