Try the firms making headlines in noon buying and selling Tuesday.
Meta – Shares of Meta slid 9.37% as the total market fell Tuesday. The corporate’s wager on Reels is dealing with hurdles — Instagram customers are spending lower than one-tenth of the 197.8 million hours TikTok customers spend every day on the platform, The Wall Street Journal reported Monday. In the meantime, Morgan Stanley reiterated its obese ranking on the inventory Tuesday, saying traders ought to await extra data on declining person engagement traits throughout the subsequent earnings name.
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Rent the Runway – Rent the Runway plunged 38.74% after releasing disappointing second-quarter outcomes displaying slowed subscriber development. As well as, Credit score Suisse downgraded shares of the firm to impartial from outperform after the earnings report.
Oatly — Oatly sank 7.27% after Credit score Suisse downgraded the beverage firm to impartial from outperform and lower its worth goal, citing higher client threat in Europe and Asia.
Adobe – Shares of Adobe fell 7.06% after BMO downgraded the firm to market carry out from outperform. The agency additionally lowered income estimates for 2022 and 2023 on long-term issues about Adobe’s cloud product.
Dow Inc.— Dow slumped 6.01% after Jefferies downgraded the chemical firm to carry from purchase on demand dangers and extra provide.
Corteva – Shares of Corteva rose 0.87% after the agricultural science firm announced a $2 billion share repurchase plan.
SVB Monetary—Shares of SVB Monetary slipped 5.28% after the firm lower its third-quarter steering throughout a Barclays convention. It was additionally downgraded by a number of corporations, together with Oppenheimer and Piper Sandler.
Carvana – Shares of Carvana slipped 12.94% a day after the firm surged 15% on an improve from Piper Sandler. The agency stated that the firm is simply too low-cost to disregard in a Sunday notice.
Braze – Shares of the cloud computing firm plunged 19.27% although Braze reported earnings that beat Wall Road’s expectations. Nonetheless, analysts are frightened about the firm’s future gross sales. Cloud shares on the whole fell throughout the market rout.
Eastman Chemical — Eastman Chemical shares fell 11.34% after the firm lower its third-quarter earnings steering to about $2 per share. The corporate had beforehand issued steering for “solid growth compared to Q3 2021 adjusted EPS of $2.46.” The brand new steering can also be beneath a StreetAccount forecast of $2.60 per share.
— CNBC’s Michelle Fox contributed reporting
