Vehicles drive past a Walmart store in Torrance, Calif., on Sunday, May 15, 2022.
Bing Guan | Bloomberg | Getty Images
Check out the companies making headlines in Tuesday’s midday trading.
Walmart – Shares of Walmart fell more than 7% after the company cut its quarterly and annual outlook, saying inflation is shifting consumer spending toward essentials and away from things like clothing and electronics. The news also sent other retail stocks down including Target, Kohl’s, Amazon and Costco.
Shopify: Shares fell 15.8% after the e-commerce company said it was laying off about 1,000 employees, or about 10% of its workforce. Shopify cited a pullback in online spending after a pandemic boom.
3M–3M rose 6.2% after the company posted quarterly earnings that beat Wall Street expectations. The company also announced Tuesday that it will spin off its healthcare business into its own publicly traded entity.
General Electric: General Electric rose more than 6% after the industrial giant reported a rise in quarterly earnings. The company’s quarterly profit and cash flow were higher after an aviation recovery boosted its jet engine business.
General Motors: Shares of the automaker fell 3.4% after the company reported second-quarter earnings that missed 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 a year by 2025.
Coinbase: Shares of Coinbase fell 15% after Bloomberg News reported that the company is facing an investigation by the Securities and Exchange Commission into its digital currency listings. A fall in crypto may also have weighed on stocks, with the price of bitcoin falling more than 4%.
Paramount: The media company fell 3.6% after Goldman Sachs downgraded Paramount to sell, citing growing headwinds. The bank cut its price target on the stock to $20 per share.
Coca-Cola – Coca-Cola gained more than 1% after the beverage company posted quarterly results that beat Wall Street expectations. The company also updated its full-year organic revenue growth figures, saying it expects growth to be 12% to 13%, up from previous guidance of 7% to 8%.
McDonald’s: McDonald’s advanced 2.6% after the fast-food chain posted quarterly earnings that beat analysts’ estimates, although revenue may have fallen short of expectations. Higher prices and value items drove growth in the US, the company said, as inflation weighed on the quarter.
Roku: Shares of the streaming video stock sank 9.2% after Wolfe Research downgraded Roku to underperform peers. The company said in a note to clients that inflation and new ad-supported subscription tiers from Netflix and Disney could hurt Roku.
Whirlpool: Shares of the appliance maker traded up more than 2% after the company reported earnings per share that beat analysts’ expectations. Whirlpool earned $5.97 a share, while analysts polled by Refinitiv were expecting earnings of $5.24 a share.
– CNBC’s Yun Li, Samantha Subin, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting