Check out the companies making headlines in midday trading.
Bed Bath & Beyond – Shares of the struggling retailer plunged 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 applied for an undisclosed amount of shares to be sold in the future.
Express — Express shares plunged more than 19% after reporting quarterly sales of $464.4 million, compared to StreetAccount’s estimate of $479.6 million. The apparel retailer, which also lowered its full-year guidance, cited challenging macroeconomic conditions.
Rocket Lab USA — Shares rose 8.2% after Cowen upgraded the company to outperform the market and said shares were up more than 50%. According to Cowen, Rocket Lab is a leader in the space launch market.
Snap – The social media company saw its shares rise 7% after announcing a restructuring plan that includes a 20% job cut and a new chief operating officer. The changes come after Snap reported disappointing second-quarter results and said it would not provide guidance for the current quarter.
LSB Industries – Shares in US nitrogen company LSB Industries rose 2.2% after UBS initiated coverage with a buy rating and a 30% upside price target. According to UBS, the company will benefit from record spreads between cheap US natural gas and expensive natural gas in Europe and Asia.
PayPal Holdings – PayPal shares rose 2.7% after Bank of America upgraded the stock to a “buy” from neutral and raised its price target for the payments company. The bank expects activist Elliott Management to push for more cost cuts at PayPal, which could boost profits going forward.
Seagate Technology Holdings – Shares of the data storage company fell more than 4% after Seagate lowered its revenue guidance for the current quarter. The company expects revenue for the quarter ended September 30 to be between $2.0 billion and $2.2 billion, down from $2.35 billion to $2.65 billion. The company cited weaker economic trends in parts of Asia.
CrowdStrike Holdings – Stock fell 6.3% even as the cybersecurity company reported beating quarterly earnings and revenue expectations and issued an upbeat guidance.
HP Inc. — Shares of the PC maker fell more than 5% after the company reported a drop in sales on a slowdown in electronics spending. HP’s quarterly earnings were in line with analyst estimates, according to Refinitiv.
Chewy – Shares of the pet products retailer fell 7.4% after it released a weak sales forecast for the current quarter. Chewy reported an increase in earnings last quarter, but revenue fell short of expectations. The company believes that rising inflation will reduce spending on pet product purchases.
PVH — Stocks fell 9% after the owner of clothing brands Tommy Hilfiger and Calvin Klein lowered its full-year outlook. At the same time, PVH said it is reducing its global office workforce by 10%.
Baxter International – Shares rose 2% after the healthcare company announced that its latest syringe infusion therapy was approved by the U.S. Food and Drug Administration.
– CNBC’s Yun Li, Tanaya Macheel, Jesse Pound, Carmen Reinicke, Samantha Subin and Michelle Fox Theobald contributed coverage.