A customer walks down an aisle of a BJ’s Wholesale Club Inc. store in Falls Church, Virginia, USA
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Check out the companies making the biggest moves at noon:
Cisco Systems – Shares of the network equipment maker rose 5.8%. The company reported earnings that beat estimates after the bell on Wednesday. Cisco also provided a better-than-expected guidance for 2023.
Bed Bath & Beyond – The latest popular meme stock to surge in August is down over 20%. Investors appeared to be reacting to activist investor Ryan Cohen’s announcement that he intended to sell his entire stake in the company.
Kohl’s – Kohl’s shares fell about 5% after the retailer cut its financial forecast for the year, citing inflationary pressures on middle-income customers. The company expects fiscal 2022 net sales to decline by 5% to 6%, down from a prior range of flat to 1%. However, Kohl’s beat analysts’ expectations for second-quarter earnings and sales.
BJ’s Wholesale – Shares of the club retailer rose more than 7% on Thursday after BJ’s reported better-than-expected second-quarter results. The company generated adjusted earnings per share of $1.06 on sales of $5.01 billion. Analysts polled by FactSet were expecting 80 cents a share on sales of $4.67 billion. The company’s comparable sales rose 7.6% year over year, excluding gasoline. BJ’s was also upgraded to a buy from neutral by Bank of America.
Elanco Animal Health – Elanco shares fell more than 3% after the company was downgraded by Morgan Stanley. The company moved the stock from overweight to equal weight, citing concerns about future earnings.
Verizon – Verizon’s shares fell 2.7% after MoffettNathanson downgraded the company to underperforming and lowered its price target. Increasing competition from AT&T and T-Mobile is weighing on Verizon and is likely to drag shares lower, analysts said.
Canadian Solar – The solar equipment and services company hit a fresh 52-week high, up nearly 18% after reporting quarterly earnings that beat expectations. Canadian Solar also raised its full-year sales guidance and reported solar module shipments that were at the high end of its guidance.
Wolfspeed – Shares soared more than 27% after the semiconductor company beat expectations in its latest earnings report. Wolfspeed CEO Gregg Lowe said he was “very encouraged by the industry’s prospects for future growth and the activity we are seeing in our end markets.”
Walgreens Boots Alliance — Shares of Walgreens fell more than 5% in midday trade. The drugstore chain, along with CVS and Walmart, were ordered by a federal judge on Wednesday to pay a combined $650.6 million to two Ohio counties to repair damage caused by the opioid crisis. Walgreens also announced Wednesday that it has sold 11 million shares of Option Care Health common stock in an underwritten secondary offering.
Energy Stocks – Energy stocks were boosted by the rise in oil prices, with Devon Energy shares up more than 3%. Halliburton was up 4% and APA was up more than 5%. Exxon Mobil and Occidental Petroleum both up about 2%.
— CNBC’s Jesse Pound, Carmen Reinicke and Sarah Min contributed coverage.