Vehicles pass a Walmart store in Torrance, California, on Sunday, May 15, 2022.
Bing Guan | Bloomberg | beautiful pictures
Check out the companies that make headlines in midday trading.
Walmart, Home Depot – Retailers’ shares rose about 5% after that both companies Report better than expected income for the most recent quarter. That lifted other retail stocks, leading the market’s rally. Body hygiene increased by 6%. Target and Best buy each add about 5%. Ross Store, Lowe’s and Company TJX increase about 3% each.
Outdoor shower bed – Shares of the home retailer jumped about 64%. At its peak, the stock rallied more than 70% to hit an intraday high of $28.60 on Tuesday amid many trading pauses due to volatility. The rally has arrived as social media-active retail merchants pile into stockwas encouraged by the news that GameStop president Ryan Cohen had placed another bet on the struggling retailer.
Nu Holdings – Shares of the Warren Buffet-backed digital banking company jumped more than 23% after the company reported a 230% increase in quarterly revenue from a year earlier. Berkshire Hathaway owned $400 million of Nu Holdings stock at the end of the second quarter, unchanged from the previous quarter.
ZipRecruiter – ZipRecruiter’s stock fell 5% even though it posted better-than-expected second-quarter results. The company says it’s noticed recruiters are pulling back job postings. It also expects labor market strength to weaken later in the year and lower its full-year revenue outlook to reflect the economic backdrop.
Zoom video – Shares of video conferencing service fell about 5% after Citi downgrading the companysays increasing competition from Microsoft Teams could push the stock down 20%. The bank said Zoom had too many post-pandemic challenges plus increased competition, including macro-related weakness impacting businesses and margin risks.
Snowflakes – Shares of cloud computing company drop 5% after UBS downgrade them to neutral from buying in the context of increasing macro and competitive pressure. UBS also cited a decline in customer spending on cloud computing as well as increased competition.
ThredUp Apparel resale platform operator jumped more than 17% after the company reported better-than-expected quarterly revenue, as well as a 29% increase in active buyers.
Ally Financial – Shares of the home and auto loan company rose more than 3% after a regulatory filing showed Warren Buffett’s Berkshire Hathaway more than tripled its position in the company’s last quarter. Berkshire held about 30 million shares of Ally, worth about $1 billion, at the end of June. The group started betting in the first quarter.
Masimo – Shares of the medical technology developer rose more than 6% after activist investor Politan Capital Management took a 9% stake in the company. Politan said it is dedicated to improving Masimo’s share price.
BHP Group – Shares of the Australian mining company jumped more than 5% after BHP reported that the company’s total profit for fiscal year 2022 was $30.9 billion, compared with $11.3 billion the year before. .
– CNBC’s Yun Li, Carmen Reinicke and Jesse Pound contributed reporting.
