U.S. stocks closed lower with the Dow Jones dropping around 280 points on Wednesday. Here is the list of some big stocks moving lower in the previous session.
- Daktronics, Inc. DAKT dropped 22.1% to close at $3.20 after the company reported worse-than-expected Q1 EPS and reported a 6.3% year-over-year drop in orders.
- Bed Bath & Beyond Inc. BBBY shares fell 21.3% to close at $9.53 after the company issued Q2 sales guidance below analyst estimates and guided a Q2 comparable sales decline of approximately 26%. The company also announced cost optimization plans, which include job cuts and a discontinuation of three of its nine labels. Additionally, the company filed for a stock shelf offering.
- Ambarella, Inc. AMBA dropped 19.7% to close at $67.88 after the company reported Q2 earnings results and issued guidance. Summit Insights Group downgraded the stock from Buy to Hold.
- Big Lots, Inc. BIG dipped 14.6% to settle at $20.57. Big Lots recently reported better-than-expected Q2 EPS and sales results.
- JOANN Inc. JOAN dropped 10.7% to close at $7.10 after B of A Securities downgraded the stock from Neutral to Underperform.
- PVH Corp PVH shares tumbled 10.5% to settle at $56.25 as the company reported a decline in Q2 earnings, announced job cuts and issued weak outlook. The company said it now sees revenue dropping this year, versus a prior forecast projection for a gain. PVH also announced the resignation of Trish Donnelly, CEO of PVH Americas & Calvin Klein Global.
- TAL Education Group TAL declined 8.4% to settle at $5.78.
- Chewy, Inc. CHWY dropped 8.2% to close at $34.33 after the company reported worse-than-expected Q2 sales results.
- HP Inc. HPQ fell 7.7% to close at $28.71 after the company reported weaker-than-expected sales results for its third quarter and lowered its full-year earnings guidance.
- Grab Holdings Limited GRAB fell 6.9% to close at $2.85.
- IHS Holding Limited IHS declined 6.5% to settle at $6.48.
- Novavax, Inc. NVAX fell 6.2% to close at $33.04 in possible reaction to competitor Moderna receiving FDA authorization for emergency use of its Omicron-targeting COVID-19 booster. Pfizer and BioNTech were also granted Emergency Use Authorization for their BA.4/BA.5-adapted Bivalent COVID-19 booster.
- Best Buy Co., Inc. BBY declined 5.6% to settle at $70.69. Morgan Stanley maintained Best Buy with an Equal-Weight and lowered the price target from $82 to $80.
- Best Buy recently reported better-than-expected Q2 EPS and sales results.
- The Gap, Inc. GPS dropped 5.5% to settle at $9.14. Cowen & Co maintained Gap with a Market Perform and lowered the price target from $12 to $10.
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