Lululemon, Micron, Carnival, Foot Locker, And More Stocks Making Big Moves Midday

‍Lululemon 

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A strong holiday quarter result led to solid earnings and revenue growth in the company's fourth quarter, exceeding expectations on Wall Street. Lululemon also issued positive guidance for the company's upcoming fiscal year, which is reflected in its stock price today.

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Micron Technology

According to Refinitiv, investors were able to overlook Micron's misses on both the top and bottom lines because management said it was planning to reduce its headcount a lot more than previously anticipated. The semiconductor manufacturer gained 5.3% after management announced it was planning a much larger headcount reduction than previously planned. As a result of this, Micron lost $1.91 per share, exceeding the expectations of 86 cents per share. Revenue for the quarter was $3.69 billion, a slight fall from the $3.71 billion that was expected.

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Carnival 

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Upon upgrading Susquehanna shares from neutral to positive, they gained 3.6%. The Wall Street firm expects EBITDA to recover through 2024 for the cruise operator. Wells Fargo upgraded the stock a day earlier to equal weight from underweight, resulting in an increase of 6.1% in share price.

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UBS

In response to UBS' announcement that former CEO Sergio Ermotti will return to assist in the acquisition of Credit Suisse, UBS shares rose 4.2% on the New York Stock Exchange. During the global financial crisis, Ermotti helped restructure UBS.

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Emergent BioSolutions

The shares of Emergent BioSolutions Inc soared by 3.8% after the FDA approved over-the-counter sales of a nasal spray the company produces for treating opioid overdoses, Narcan nasal spray.

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Lucid

According to Insider, the company plans to lay off roughly 1,300 people, or roughly 18% of its workforce. Shares fell 2.5% the following day.

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Cal-Maine Foods

As the company's quarterly report for its fiscal third quarter showed a stronger-than-expected performance, the shares of the egg producer and distributor shot up more than 10% on the news. There has also been a 700% increase year-over-year in profits at Cal-Maine Foods as a result of a surge in egg prices over the past few months.

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Urban Outfitters, Burlington Stores, Foot Locker, Ross Stores

UBS downgraded major retailers from neutral to sell Wednesday. Despite a slowdown in consumer spending, UBS expects earnings to decline by at least 23% for each of the companies it targets. There was a 2.7% drop in Urban Outfitters shares and a 4.5% drop in Burlington shares. Foot Locker fell 1.3% and Ross Stores fell 0.9%.

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Bath & Body Works

As a result of a UBS downgrade, the home care and fragrances retailer's stock dropped more than 2% this year. In a challenging macroeconomic environment, UBS believes consumers will opt for less spending on many of UBS's products.

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Dave & Buster’s

A positive fourth-quarter earnings surprise boosted the stock of the restaurant and arcade operator by 1.5%. Several hundred million shares will also be repurchased by Dave & Buster.

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Petco

The shares of the company that specializes in pet health and wellness, Ron Coughlin, CEO, and Chairman, have gained 5% since the company reported the purchase of 61,000 shares.

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Newmark Group

In the wake of the news that the Federal Deposit Insurance Corporation hired the company to assist in the sale of around $60 billion worth of loans belonging to Signature Bank, the shares of Newmark Group rose by 7%.

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Energy stocks 

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For the third day in a row, energy stocks climbed on the back of higher oil prices. At the end of the day, Devon Energy's shares gained more than 1% each, along with Phillips 66's, EOG Resources' stocks, Marathon Oil's stocks, and ConocoPhillips' stocks.