Stocks making the biggest moves midday: Big Lots, Best Buy, Nikola and Lucid
Check out the companies making headlines in midday trading.
Big Lots – Shares jumped 7.8% after the discount retailer posting a smaller-than-expected loss for the recent quarter. Revenue also beat expectations and comparable store sales fell 9.2% year over year, but beat analysts’ expectations of a wider decline.
Best Buy – Shares of Best Buy gained 2.9% after the retailer reported results before the bell Tuesday that beat Wall Street’s expectations on the top and bottom lines.
First Solar – First Solar hit a 52-week high on Tuesday, with shares last up 0.4%. Earlier in the day, the solar technology company announced it will invest up to $1 billion in building a new solar panel manufacturing facility in the U.S. The key catalyst for the move, as well as an additional $185 million upgrade to existing facilities, were the tax incentives from the Inflation Reduction Act, its CEO said.
Lucid, Nikola – Shares of electric vehicle makers Lucid and Nikola slipped 6% and 9% respectively after both companies this week moved to raise additional cash. Lucid said in a Monday filing that it intends to issue $8 billion in new stock over the next three years. Nikola said in a filing Tuesday it plans to issue up to $400 million of new shares at market prices.
Oil companies – Oil company stocks tumbled Tuesday, alongside the price of the commodity. Marathon Oil, Halliburton and Diamondback Energy all slipped about 5%. Chevron fell more than 3%. The sector led declines on the S&P 500 and Dow.
Baidu – Shares of the Chinese technology company fell 8% despite Baidu beating estimates on the top and bottom lines in the second quarter. The company’s revenue was down year over year, even as it beat estimates. Baidu did also announce that iQiyi, a subsidiary, is selling $500 million of convertible debt to investment firm PAG Asia.
Jack in the Box – Shares of the fast-food chain dropped 9% after the California state legislature passed a bill that would form a statewide panel to regulate wages for workers in the industry. The panel would be allowed to raise the minimum wage up to $22 per hour in 2023. Shares of Chipotle also fell about 2% on the news.
Bed Bath & Beyond – Shares of the retailer slipped 4.8% as investors await its plan for a turnaround, set to be released Wednesday. What happens next for the stock depends on the update, according to Morgan Stanley.
— CNBC’s Yun Li, Jesse Pound, Samantha Subin and Michelle Fox contributed reporting