Bed Bath & Beyond, Tesla, Expedia and more
Shoppers enter a building that houses a Bed Bath & Beyond Inc. store. in New York.
Mark Kauzlarich | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Meme stocks – A group of so-called meme stocks soared on Wednesday as retail investors jumped back into speculative trading. Bed Bath & Beyond surged 38% to buck the trend in morning trading on Wednesday. Shares of GameStop, the original star of the 2021 meme-stock craze, rose about 5%. AMC Entertainment was up 15%.
Tesla — The EV maker gained more than 2% after filing with the state of Texas to expand its electric vehicle plant in Austin this year. Separately, Goldman Sachs named Tesla a top stock pick for 2023.
Expedia – Shares of the travel company gained more than 4% after Oppenheimer upgraded it to outperform. The Wall Street firm said it believes Expedia’s stock is mitigating macro headwinds.
Intuitive Surgical — The maker of robotic surgical systems saw shares fall nearly 5% after the company reported just 369 placements of its da Vinci robot in the fourth quarter, down 4% from the same period in 2021. It also issued low revenue guidance that slightly missed expectations, according to FactSet.
Pool Corp — The pool construction company added 5% after Deutsche Bank upgraded it to a rating from a hold rating, saying stock and earnings guidance should surprise by the end.
AbbVie — Shares of biopharmaceutical company AbbVie fell more than 1% after the CEO said at the JPMorgan Healthcare Conference that he expects the loss of the exclusivity of Humira, its arthritis and psoriasis drug, to affect the company’s performance in the near term. short, according to a report from Bloomberg. However, the company does not foresee a decline in 2024 earnings.
Alphabet – Shares in Alphabet rose more than 2% after Germany’s competition regulator said it plans to order a redesign of the options Google offers users to opt out of processing mutual user data.
Levi Strauss – Shares fell about 3% after Citi downgraded the stock to neutral from buy. Despite the company having a strong brand and long-term prospects, the firm said it would feel pressure in the short to medium term as jeans trends worsened.
Toll Brothers – Homebuilder shares gained 3% after an upgrade to a buy from a hold rating by analysts at Bank of America. The Wall Street firm said Toll Brothers’ valuation looks attractive at these levels.
— CNBC’s Michelle Fox, Yun Li, Samantha Subin, Carmen Reinicke and Alex Harring contributed reporting.