Stocks making the biggest moves midday: Bed Bath & Beyond, Overstock, Papa John’s & more
Here are the companies making headlines in midday trading.
Overstock.com — The e-commerce stock jumped 10% after Wedbush added Overstock to its Best Ideas List. The investment firm said in a note to clients that it expected Overstock to report much higher sales for its third quarter than the Wall Street expected.
Bed Bath & Beyond — Shares of the retailer soared more than 30% after the retailer reported second quarter earnings that blew past analyst expectations. Bed Bath & Beyond earned 50 cents per share on an adjusted basis, well above of the 23 cent loss analysts predicted, according to Refinitiv. Revenue came in at $2.69 billion, compared to the expected $2.60 billion. The company reported its first same-store sales increase since 2016, and saw its online business surge more than 80% during the quarter.
Workday — Shares of the on‑demand financial management and human capital management software vendor rose more than 2% after Citi upgraded the stock to buy from neutral. The Wall Street firm said Workday has many paths to “sustain solid growth.”
Papa John’s International – Shares of Papa John’s gained 3% after KeyBanc initiated coverage on the pizza chain with a buy rating. The Wall Street firm said Papa John’s is “well positioned” to sustain its recent share gains with a new leadership team. The stock has risen more than 30% this year amid a strong growth in its digital business.
Amazon — The megacap tech stock rose 1.7% after Pivotal raised its price target to $4,500 per share from $3,925. The firm said in a note to clients that Wall Street undervalues Amazon’s advertising business.
Starbucks – Shares of the coffee company gained more than 1% after Starbucks said it is raising its quarterly dividend to 45 cents per share, up from 41 cents. “The Board’s decision to raise our quarterly dividend demonstrates confidence in the strength of our recovery and the robustness of our long-term growth model,” Starbucks CEO Kevin Johnson said in a statement.
Marathon Petroleum – Shares of the refiner slid more than 5% after the company said it is cutting approximately 12% of its workforce, or 2,050 employees. The company said it will take between a $125 million and $175 million charge as part of the restructuring.
DraftKings — The gaming stock rose 3.4% after Needham initiated coverage of the stock with a buy rating. The firm said in a note that DraftKings was one of the “leading beneficiaries” of the growing online gambling market.
— CNBC’s Maggie Fitzgerald, Yun Li, Pippa Stevens and Michael Bloom contributed to this story.
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