Costco Shares of the wholesale retailer fell 2% after it revealed that March sales were down 1.1% year over year. When gas costs and exchange rates aren’t included, comparable sales growth was positive, with international markets seeing the fastest growth.
Beyond Bed Bath & Beyond After the store announced a stock split as part of its effort to stay out of bankruptcy, the shares fell 7%.
Shares of FedEx, a corporation that delivers packages, were up 1.8% a day after the company revealed its $4 billion cost-cutting reorganization program called DRIVE. The announcement was well received by stock analysts, and on Thursday morning, Raymond James upgraded shares from market performance to outperform.
Shares of electronics maker Richardson Electronics fell 14% after it revealed a lower backlog in its third fiscal quarter than it did in the same period a year earlier. The company’s results, however, exceeded expectations.
Conglomeration Brands The beverage company increased 1% as a result of corporate results that were greater than anticipated. Refinitiv reports that sales of $2 billion were in line with forecasts while per-share earnings of $1.98 exceeded estimates by 16 cents.
Clothing manufacturer Levi Strauss saw a 14.7% decline in shares after CFO Harmit Singh stated that the annual projection reflected “a cautious outlook on the macro-environment.” By posting earnings of 34 cents per share on $1.69 billion in revenue, the corporation exceeded expectations. Refinitiv’s poll of analysts predicted $1.62 billion in revenue and 32 cents per share in earnings.
AMC Entertainment: The stock of this meme increased by 20%. After the entertainment company reached a deal with some of its shareholders earlier in the week, shares fell sharply. By signing the agreement, the business would be able to increase its capital and convert preferred shares into common stock. However, AMC’s plea for a speedier conversion of the shares was denied by a U.S. court.
C3.ai — The AI business increased by 11.6%. The business responded to accusations made by Kerrisdale Capital earlier in the week that the business had accounting problems.
Fox – The media company’s stock dropped by around 1%. The stock was downgraded by Argus from buy to hold, citing concern over the ongoing legal dispute with Dominion Voting Systems.
– Wells Fargo The banking behemoth increased by 3% after Raymond James raised the stock’s recommendation from outperform to strong buy and noted that it anticipates Wells Fargo will profit from the recent instability in the banking industry.
Fifth Third Bancorp: Despite predictions of a higher-than-average return on average tangible common equity, the regional bank’s shares increased by 2% after KBW upgraded it to outperform owing to a discounted value on 2024 earnings. KeyCorp and Comerica were among the other mid-size banks to increase.
XPO – XPO increased 2.1% after BMO upgraded it to outperform. The corporation claimed that the logistics company has a sizable chance of re-rating.
Leslie’s at the Pool — Leslie’s pool firm shares surged 5.4%, while Pool shares increased by 1%, following Loop Capital’s upgrade of both names to buy from hold. The company claimed that its most recent pool survey showed a better-than-expected picture for 2023 and that the recent decline in both stocks presents a strong opportunity to buy.
Binance’s license is revoked by an Australian authority at the exchange’s own request.
New Relic — Shares jumped 2.4% after DA Davidson initiated coverage of the firm with a buy rating, citing the cloud computing company is closing the gap with peers.
Pinterest: Following two bullish analyst comments on Wall Street, shares of the photo-sharing website increased by more than 2%. On Thursday, Raymond James started rating Pinterest as outperforming, noting that it had “steady user growth.” Prior to earnings season, UBS restated its buy rating on Pinterest and noted that there might be an upside surprise.
Shares of Lumentum dropped 9.2% after the firm revised its revenue forecast for the third quarter, citing a network equipment manager responsible for around 10% of sales in the previous quarter who refused to accept shipments they had anticipated needing. Following the lowered forecast, Rosenblatt lowered its rating from buy to neutral and Craig-Hallum downgraded the company from buy to hold.
Anti-Alpha, Delta, and Omicron mAb therapy lowers the chance of hospitalization and death.
Shares of Mosaic fell more than 4% after JPMorgan lowered its price target on the stock and downgraded Mosaic from overweight to neutral. The Wall Street Business claimed that the fertilizer company’s earnings are slowing more quickly than anticipated.
