A customer leaves a Big Lots store in Clifton, New Jersey.
Emile Wamsteker | Bloomberg | beautiful pictures
Check out the companies that make headlines in midday trading.
Big number Shares rose 7.8% after the discount retailer posted a smaller-than-expected loss in the recent quarter. Revenue also beat expectations and comparable store sales fell 9.2% year-over-year, but beat analysts’ expectations for a broader decline.
Best buy – Shares of Best Buy jumped 2.9% after the retailer reported results before the bell on Tuesday, beating Wall Street expectations for top and bottom returns.
The first solar energy – First Solar hit a 52-week high on Tuesday, with the stock up 0.4%. Earlier in the day, the solar technology company announced it would investment up to 1 billion dollars in building a new solar panel manufacturing facility in the US The key catalyst for this move, as well as an additional $185 million upgrade to existing facilities, are tax incentives from the Inflation Reduction Act, its CEO said.
Lucid, Nikola – Shares of electric vehicle makers Lucid and Nikola are down 6% and 9%, respectively, behind both companies this week. move to raise more cash. Lucid said in a filing Monday that it plans to issue $8 billion in new shares over the next three years. Nikola said in a filing Tuesday that it plans to issue up to $400 million in new shares at market value.
Oil Companies – Oil company shares fell on Tuesday, along with commodity prices. Marathon Oil, Halliburton and Diamondback Energy both slipped by about 5%. Chevron down more than 3%. The sector led the decline on the S&P 500 and Dow.
Baidu – Shares of the Chinese technology company fell 8% despite Baidu beating profit and loss estimates for the second quarter. The company’s revenue fell year-over-year, even exceeding estimates. Baidu also announced that iQiyi, a subsidiary, is selling $500 million worth of convertible debt to investment firm PAG Asia.
Jack in the box Shares of the fast-food chain fell 9% after the California state legislature passed a bill that would create a statewide panel to regulate wages for industry workers. The panel will be allowed to raise the minimum wage to $22 per hour by 2023. Chipotle shares also fell about 2% on the news.
Outdoor shower bed The retailer’s shares fell 4.8% as investors waited for a capital turnaround plan to be established. will be released on Wednesday. What happens next for stocks depends on the update, according to Morgan Stanley.
– CNBC’s Yun Li, Jesse Pound, Samantha Subin, and Michelle Fox contributed reporting.
