Check out the companies making headlines in midday trading.
Micron Technology – Shares of the chipmaker fell about 6% after the company released disappointing financial guidance for the fourth quarter and said weaker consumer demand will hurt smartphone sales. The warning dragged other chip stocks lower, which were among the biggest detractors in the S&P 500. Western Digital and On Semiconductor each lost more than 5%. Nvidia, Qualcomm and Advanced Micro Devices were all down more than 3%.
Kohl’s — Shares in the retailer plummeted 21% after Kohl’s confirmed a CNBC report that it had halted talks with the franchise group and said the retail environment had deteriorated since the bidding began. Kohl’s also lowered its outlook for the current quarter.
Meta Platforms – Meta Platforms shares fell 2.8% after it was revealed the company was cutting its engineering hiring plans to prepare for a potential downturn. According to a Reuters record, CEO Mark Zuckerberg said “one of the worst downturns we’ve seen in recent history” is imminent.
FedEx — FedEx shares fell 3.8% after Berenberg downgraded transportation stock and lowered its price target, citing rising inflationary pressures ahead.
Intel — Semiconductor stocks were down on Friday, with Intel’s shares falling more than 3%. Intel is delaying plans to start building chip factories in Ohio this month as it awaits passage of legislation by Congress that will give a boost to the US semiconductor industry.
Coupang – Coupang rose 11.7% after Credit Suisse upgraded the South Korean e-commerce company’s shares to “outperform” from “neutral.”
– CNBC’s Tanaya Macheel and Sarah Min contributed coverage