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3M, Paccar, Bed Bath & Beyond, AMD Among Stocks Making Biggest Moves Midday

The retail stock Bed Bath & Beyond jumped 13% as traders continued to pile into the heavily-shorted name.

January 24, 2023
2 minutes
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Lyft's stock rose 1.5% after KeyBanc upgraded it to overweight from sector weight. The firm said that cost-saving measures like layoffs and stabilizing demand could help the stock.

The retail stock Bed Bath & Beyond jumped 13% as traders continued to pile into the heavily-shorted name. Bed Bath & Beyond has warned of a potential bankruptcy and recently beefed up its legal team ahead of a possible filing. Shares of the meme-stock favorite are up 32% year to date.

Paccar's stock rose 7% after the company reported fourth-quarter results, posting a profit of $2.64 per share and $8.13 billion in revenue. An increasing number of e-commerce deliveries have boosted demand for trucks, and Paccar beat analysts' expectations for per-share earnings, according to StreetAccount.

Advanced Micro Devices' shares slid 3.2% after Bernstein downgraded the semiconductor maker to market perform from outperform. The firm said the personal computer market and new parts markets were growing increasingly unfavorable for the company.

3M shares slid more than 5% to hit a new 52-week low after the company said it would cut 2,500 manufacturing jobs amid a demand slowdown. 3M also reported lower earnings excluding items, with a profit of $2.28 per share compared to $2.45 per share a year earlier.

Synchrony Financial's stock rose 4% on Tuesday, erasing a post-earnings drop from the previous trading session. An analyst at JMP reiterated a market outperform rating for Synchrony on Tuesday, saying in a note that the company appears more resilient than its peers in the consumer lending space.

Union Pacific's stock fell 2.4% after the company reported fourth-quarter earnings that missed analysts' expectations on both the top and bottom lines, according to StreetAccount. Union Pacific reported earnings of $2.67 a share on $6.18 billion in revenue.

Lululemon's shares fell 1.5% after the company was downgraded by Bernstein to "underperform" from "market-perform," and its price target was slashed to $290. The firm cited slowing earnings growth as demand cools and consumers become more cautious.

Raytheon Technologies shares rose 2% after the company reported its fourth-quarter results. Raytheon posted adjusted earnings per share of $1.27, compared with analysts’ estimates of $1.24 per share, according to Refinitiv. However, the company’s revenue of $18.09 billion fell short of the Street’s expectations of $18.15 billion.

Zions Bancorp's shares slumped 2% even after the company posted fourth-quarter earnings per share that beat analysts' expectations. Zions posted per-share earnings of $1.84, compared to the $1.64 anticipated by analysts polled by Refinitiv. In a statement, Harris Simmons, CEO of Zions, noted that the company has "continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months."

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Adan Harris
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Eric Ng
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John Liu
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Bryan Curtis
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Adan Harris
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