Finance

Stocks making the biggest moves midday: World Wrestling Entertainment, Bed Bath & Beyond, Costco and more

Shoppers line up outside a Costco to buy supplies after the Hawaii Department of Health on Wednesday advised residents they should stock up on a 14-day supply of food, water and other necessities for the potential risks of novel coronavirus in Honolulu, Hawaii, U.S. February 28, 2020.
Courtesy of Duane Tanouye via REUTERS

Check out the companies making headlines in midday trading.

World Wrestling Entertainment The wrestling entertainment stock surged nearly 17% after WWE announced that founder Vince McMahon is returning to its board of directors and that the company is exploring strategic moves. McMahon stepped down as CEO last year after an investigation into sexual misconduct, but has remained majority shareholder. The Wall Street Journal reported that McMahon is returning to pursue a potential sale of the business.

R1 RCM — Shares of the health-care technology firm soared 10.2% after the company raised its revenue outlook for 2023. The company also reaffirmed its projection for full-year 2022.

Costco Wholesale — Shares of the big-box retailer jumped about 7.3% after it reported solid sales numbers for December. Costco posted net sales of $23.8 billion in December 2022, marking an increase of 7% year-over-year. Evercore ISI also added Costco to its “fab five” list, saying it’s a defensive stalwart.

First Solar — Shares of First Solar rose 7.8% after Wells Fargo upgraded it to overweight, saying Europe’s energy crisis and the Inflation Reduction Act in the U.S. will boost demand for solar energy.

Bed Bath & Beyond — Shares plunged about 22.5% after the retailer warned it was running out of cash and was considering bankruptcy. That prompted KeyBanc to cut its price target by 95% to 10 cents from $2 per share.

Tesla — Shares of Tesla rose by nearly 2.5% after falling to their lowest level in roughly two years earlier in the day. Tesla lowered prices for its Model 3 and Model Y vehicles in Asia.

Silvergate Capital Shares of the crypto-focused bank fell 2.6%, adding to its 42% loss from the previous day. JPMorgan downgraded SI to neutral from overweight, citing Silvergate’s worse-than-expected deposit outflows and called into question the company’s long-term profitability.

Greenbrier Companies — Shares fell 17.9% after the rail care maker’s latest quarterly earnings missed analyst estimates, though revenue beat expectations, according to consensus estimates on FactSet. CEO Lorie Tekorius said higher costs for outsourced parts and materials shortages hurt manufacturing margins.

Agilent Technologies — Shares dropped 2.9%. Agilent said Thursday it will partner with Akoya Biosciences to develop solutions for tissue analysis. Shares of Akoya rose 9.5%.

MGM Resorts International — Shares rose 5.8% after Stifel upgraded the hospitality stock to buy from hold, saying it will benefit from a strong recovery in Las Vegas.

Voya Financial — The financial stock gained 4.7% following JPMorgan’s upgrade to overweight from neutral. The firm cited Voya’s lower-risk business, ability to generate capital and valuation as pluses.

Doximity — Shares dropped 4.7% after Morgan Stanley downgraded the online networking service for medical professionals to underweight from equal weight, saying there will be a further slowdown in growth in the health care digital ad space in the year ahead, according to FactSet’s StreetAccount.

— CNBC’s Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.

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