People walk near the entrance to the Nike store, May 25, 2022 in Moscow, Russia.
Konstantin Zavrazhin | News from Getty Images | Getty Images
Check out the companies making headlines in midday trading.
Nike — Shares of Nike fell 12.8% after the sneaker giant said Thursday its inventories were overflowing, and rose 44% in the most recent quarter. As a result, there will be more discounts to clear out the surplus goods. Other retailers were also dragged down, with Lululemon Athletica and Under Armor down nearly 6% and nearly 5%, respectively.
Rent-A-Center – Shares of Rent-A-Center fell 21.6% after the company cut its earnings guidance for the current quarter and said economic conditions weighed on consumer traffic and payment patterns.
Carnival Cruise – Carnival Cruise shares plunged 23.3% after the company forecast a fourth-quarter loss as high fuel prices and inflation would delay a return to profitability. Royal Caribbean and Norwegian Cruise Lines were also down 13% and 18%, respectively.
Micron – Micron’s shares rose 1.7% after the company reported quarterly earnings that beat Wall Street’s expectations, even as sales declined. The chipmaker also issued a weaker-than-expected sales outlook, saying sales will be hurt by slowing consumer demand.
Charles River Laboratories – Shares in Charles River rose 3.6% after Jefferies upgraded the stock to “buy from hold,” citing the company’s potential in animal testing.
Twitter – Shares of Twitter rose 2.6% after texts between its founder Jack Dorsey and Elon Musk were published in court filings. The Tesla CEO is embroiled in a legal battle over his bid to buy the social media company.
Nucor – Steel company Nucor’s shares rose 1.6% after it announced plans to spend $425 million to expand a galvanized steel line at its South Carolina plant.
Amylyx Pharmaceuticals — Shares of the pharmaceutical company fell 6.8%, although the stock rose after hours Thursday following news of the Food and Drug Administration’s approval of its controversial drug for Lou Gehrig’s disease.
Generac – Shares of Generac gained 2.3% after Cowen opened coverage on the company with a buy rating. The generator company is a clear winner in the industry and has value in its solar offering.
– CNBC’s Alex Harring and Michelle Fox contributed coverage.