A security guard stands next to a Bed Bath & Beyond sign at the entrance of a New York City store.
Scott Mlyn | CNBC
Take a look at the companies that make headlines in the noon negotiation.
Bed Bath & Beyond: Retailer shares plunged about 21% after the company lost revenue estimates and posted a larger-than-expected loss in the last quarter. Bed Bath & Beyond also announced that it will replace CEO Mark Tritton.
Carnival: Cruise line operator shares fell more than 14% after Morgan Stanley cut its stock price by about half and said it could reach zero in the face of another shock of demand, given Carnival’s debt levels. The call dragged other cruise stocks down. Royal Caribbean and Norwegian Cruise Line Holdings fell more than 10%.
Upstart: Shares on the AI lending platform fell about 10% after Morgan Stanley downgraded shares to underweight by the same weight. The Wall Street company said rising interest rates and a troubled macroenvironment are hurting Upstart’s growth trajectory.
Bath & Body Works: Retailer shares fell nearly 8% after JPMorgan downgraded shares to neutral due to overweight. The company cut second-quarter and full-year earnings estimates for Bath & Body Works after lowering second-quarter average unit estimates by 4% year-over-year.
Teradyne: Shares of semiconductor testing company fell 6% after a downgrade to neutral purchase in Bank of America. The company said Teradyne’s exposure to Apple could affect short-term stocks, given the uncertainty over iPhone demand.
Tesla: Shares fell about 4% after a Wall Street Journal report said Tesla was closing its San Mateo, California office, and will lay off 200 workers. CNBC confirmed the report.
General Mills: Shares rose 5.7% after General Mills reported an increase in gains on the top and bottom lines. Still, the cereal company’s year-round profit estimates were weaker than expected, due to a shift from the consumer to cheaper brands.
O’Reilly Automotive: The auto parts company rose more than 1% after an upgrade to buy at DA Davidson’s neutral. The firm said O’Reilly is its “preferred way” of reproducing the auto parts theme compared to AutoZone and Advance Auto Parts. Auto parts companies, which typically sell non-discretionary products, are expected to withstand falls better than other retailers.
McDonald’s: Shares rose 1.5% after Atlantic Equities’ share of overweight. The company said the burger chain will hold up as consumer spending declines.
Goldman Sachs: Shares rose 1.3% after Bank of America upgraded Goldman Sachs to a buy from a neutral rating and said the bank will thrive even in an economic downturn.
– Yun Li, Tanaya Macheel and Samantha Subin of CNBC helped report