Costco, Bed Bath & Beyond, AMC, FedEx, and More Stocks Move Midday

‍Costco

Following the company's announcement that sales in March declined 1.1% year over year, the wholesaler's stock dropped 2%. The growth of comparable sales, on the other hand, was positive when excluding the impact of gasoline prices and foreign exchange rates, with overseas markets being the fastest-growing market for comparable sales.

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Bed Bath & Beyond

As the retailer attempts to stay out of bankruptcy, the stock has fallen 7% since it announced that it intended to split its shares.

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FedEx

In the wake of the company's announcement on Thursday morning that they would be implementing the DRIVE program, a $4 billion cost-cutting restructuring plan, shares of the parcel delivery company were up 1.8%. This news was welcomed by analysts covering the stock, as Raymond James upgraded the stock from market performance to outperform on Thursday morning.

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Richardson Electronics

As a result of the company's earnings beating expectations in its third fiscal quarter, shares of the electronics giant fell 14%, despite a smaller backlog than it had in the same quarter a year earlier, as well as better revenue than forecast.

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Constellation Brands

A report from Refinitiv on Thursday showed that the beverage company's profit per share came in at $1.98, higher by 16 cents than expectations. Revenue also met expectations at $2 billion, while EPS was 16 cents higher than expectations.

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Levi Strauss

According to Harmit Singh, the clothing maker's annual guidance reflects “a cautious view on the macro-environment.” Shares of the clothing maker lost 14.7%. Earnings per share for the company exceeded expectations, with $1.69 billion in revenue. As reported by Refinitiv, analysts expected revenue of $1.62 billion and earnings of 32 cents per share for the company.

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AMC Entertainment

Earlier in the week, shares of the entertainment company tumbled after a settlement with some shareholders led to a 20% gain in the meme stock. With this deal, the company will have the opportunity to raise more capital as well as convert preferred shares into common stock, which would allow the company to raise more money. The U.S. court refused AMC's request to convert its preferred shares faster.

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C3.ai

During the week, Kerrisdale Capital made allegations that AI company Singularity University had issues with its accounting. The company released a response to Kerrisdale Capital's allegations earlier this week.

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Fox

According to Argus Investment Management, the company's stock has been downgraded from a buy rating to a hold rating due to its concern regarding the ongoing litigation between the company and Dominion Voting Systems.

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Wells Fargo

It was reported that Wells Fargo is expected to benefit from the recent turmoil in the banking sector, as Raymond James upgraded the stock from outperform to strong buy after upgrading it from outperform.

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Fifth Third Bancorp

After KBW upgraded its stock to outperform, the stock of the regional bank grew two percent as a result of KBW's discounted valuation on 2024 earnings, despite expectations that the bank will have an average return on tangible common equity higher than peers. Other mid-size banks rose as well, including KeyCorp and Comerica Bank.

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XPO

According to BMO, XPO has a significant opportunity to be re-rated. The logistics firm gained 2.1% following the upgrade to outperform.

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Leslie’s, Pool

The share price of Leslie’s pool company soared 5.4%, while Pool climbed 1%, following Loop Capital's upgrade to buy from hold on both companies. It was reported that the firm's latest pool survey showed a better-than-expected outlook for 2023 and that the pullback in both stocks presents a great opportunity for buyers to make a profit.

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New Relic

After DA Davidson initiated coverage of the cloud computing company's stock with a buy rating, the stock rose 2.4% after the analyst noted that the company was catching up to its peers in terms of growth.

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Pinterest

A couple of analysts on Wall Street made bullish calls about the image-sharing platform, leading the stock to rise over 2%. In a recent report released by Raymond James, the company has initiated Pinterest as an outperform, saying that the company is expecting "steady user growth." Meanwhile, UBS has reiterated its buy rating for Pinterest ahead of its earnings season, stating that there is a possibility of a surprise on the upside.

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Lumentum

As a result of the company's revised revenue guidance for the third quarter, shares of the company fell 9.2%. The company explained that the network equipment manager who accounts for approximately 10% of last quarter's revenue will not take the shipments that were initially projected. Following the guidance cut, Craig-Hallum downgraded the stock from a buy rating to a hold rating, and Rosenblatt downgraded the stock to a neutral rating.

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Mosaic 

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It reported that earnings at Mosaic's fertilizer company are slowing faster than expected, leading JPMorgan to downgrade Mosaic to neutral from overweight.

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