Vehicles pass a Walmart store in Torrance, California, on Sunday, May 15, 2022.
Bing Guan | Bloomberg | beautiful pictures
Check out the companies that hit the headlines in Tuesday’s midday trading.
Walmart – Walmart shares fell more than 7% after company cuts its quarterly and full-year outlook, says inflation is shifting consumer spending toward essentials and away from things like clothing and electronics. The news also dragged other retail stocks like Target, Kohl’s, Amazon and Costco lower.
Shopify – Shares fell 15.8% after the e-commerce company said it is laying off about 1,000 employees, or 10% of its workforce. Shopify cited a drop in online spending following the outbreak of the pandemic.
3M–3T rose 6.2% after the company posted quarterly earnings that beat Wall Street expectations. The company also announced on Tuesday that it will spin its healthcare business into its own publicly traded entity.
General Electric – General Electric surges more than 6% after the industrial giant posted a beat in quarterly earnings. The company’s quarterly profit and cash flow were higher after a rebound in the aviation sector boosted the company’s jet engine business.
Synthetic engine – Shares of the automaker fell 3.4% after The company reported second-quarter earnings that fell short of Wall Street estimates. GM was unable to ship nearly 100,000 vehicles at the end of the quarter due to parts shortages. GM also confirmed that it has secured the battery materials needed to build 1 million electric vehicles per year by 2025.
Coinbase – Coinbase shares fell 15% after Bloomberg News reported that the company is… face a poll from the Securities and Exchange Commission on the listing of digital currencies. The cryptocurrency’s drop may also have weighed on stocks, with the bitcoin price dropping more than 4%.
Paramount – Media companies fell 3.6% after Goldman Sachs Double downgrading Paramount for sale, citing growing macro winds. The bank has lowered its share price target to $20 a share.
Coca-Cola – Coca-Cola increased more than 1% after the beverage company posted quarterly results beat Wall Street’s expectations. The company also updated its full-year organic sales growth figure, saying it expects growth to be 12% or 13%, up from its previous guidance of 7% or 8%.
McDonald’s – McDonald’s increased 2.6% after The fast-food chain has released quarterly earnings estimates by top analysts, although sales may be lower than expected. Rising prices and value items boosted growth in the US, as inflation weighed on the quarter, according to the company.
Roku – Shares of the online video store fell 9.2% after Wolfe Research downgraded Roku to worse performance than its peers. The company said in a note to customers that inflation and new ad-supported subscription levels from Netflix and Disney could harm Roku.
Whirlpool The equipment maker’s stock traded 2% higher after the company reported earnings per share that beat analysts’ expectations. Whirlpool posted a profit of $5.97 per share, while analysts polled by Refinitiv expected earnings of $5.24 per share.
– CNBC’s Yun Li, Samantha Subin, Sarah Min, Jesse Pound, and Tanaya Macheel contributed reporting
