Signage outside a Bed Bath & Beyond retail store on August 25, 2022 in New York.
Gabby Jones | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
apple — The tech giant rose more than 2 percent on Thursday. A report a day earlier said the company was canceling plans to use more of supplier Cirrus’ haptic touch technology. Ahead of the iPhone 15’s launch later this year, reports suggest the model will include a physical side button using Cirrus’ solid-state technology.
Bed bath and others — Stocks of the most popular meme fell 5.9%. Earlier this week, the company sold about 100 million shares to bookrunner B. Riley Securities.
Harley-Davidson — Shares of the motorcycle maker fell more than 3% after UBS said the first-quarter retail decline was likely to be worse than expected. The Wall Street firm expects U.S. retail sales could fall nearly 20%.
Novo Nordisk — The U.S.-listed shares of the Danish pharmaceutical company rose 2.1 percent after being upgraded to outperform from neutral by Credit Suisse. The Wall Street firm said growth in the drugs “significantly exceeded” its expectations.
alibaba — Shares of the Chinese e-commerce giant rose 2%, rebounding from a nearly 6% sell-off in the previous session. The stock has been volatile this week. The Financial Times reported on Wednesday that SoftBank had sold a majority of its stake in the company. Meanwhile, investors digested news that Alibaba would launch its own ChatGPT-like product.
steve madden — The shoe company rose 3.4% as Citigroup upgraded its rating to neutral from neutral. Wholesale trends for the company are improving, the bank said.
chili sauce — Shares rose 1% after Citigroup said it was optimistic about the restaurant chain’s earnings report later this month.
Netflix — Shares of the streaming platform rose 4.5%, tracking gains in other major tech-related stocks. However, Goldman Sachs reiterated its sell rating on the stock. Meanwhile, Wells Fargo said it was bullish on the streaming giant, saying paid account sharing in the U.S. could help boost its income statement.
tesla — The electric automaker rose 3% on Thursday. Investors are awaiting the company’s first-quarter earnings report next week. They will gain insight into whether Tesla plans to make more price cuts on major models such as the Model 3 and Model Y.
progress —Insurer shares fall 6% after Progressive reported lost Earnings per share were 26 cents in March, down from 38 cents a share a year earlier. Progressive said “adverse developments” in its personal and commercial vehicle products impacted results. The company did report positive net income for the first quarter.
— CNBC’s Alexander Haring, Michelle Fox, Yun Li and Jesse Pound contributed reporting
