Stocks making the biggest moves midday: Rent the Runway, Meta, Oatly, Adobe & more
Check out the companies making headlines in midday trading Tuesday.
Meta – Shares of Meta slid 9.37% as the overall market fell Tuesday. The company’s bet on Reels is facing hurdles — Instagram users are spending less than one-tenth of the 197.8 million hours TikTok users spend each day on the platform, The Wall Street Journal reported Monday. Meanwhile, Morgan Stanley reiterated its overweight rating on the stock Tuesday, saying investors should wait for more information on declining user engagement trends during the next earnings call.
Rent the Runway – Rent the Runway plunged 38.74% after releasing disappointing second-quarter results showing slowed subscriber growth. In addition, Credit Suisse downgraded shares of the company to neutral from outperform after the earnings report.
Oatly — Oatly sank 7.27% after Credit Suisse downgraded the beverage company to neutral from outperform and cut its price target, citing greater consumer risk in Europe and Asia.
Adobe – Shares of Adobe fell 7.06% after BMO downgraded the company to market perform from outperform. The firm also lowered revenue estimates for 2022 and 2023 on long-term concerns about Adobe’s cloud product.
Dow Inc.— Dow slumped 6.01% after Jefferies downgraded the chemical company to hold from buy on demand risks and excess supply.
Corteva – Shares of Corteva rose 0.87% after the agricultural science company announced a $2 billion share repurchase plan.
SVB Financial—Shares of SVB Financial slipped 5.28% after the company cut its third-quarter guidance during a Barclays conference. It was also downgraded by multiple firms, including Oppenheimer and Piper Sandler.
Carvana – Shares of Carvana slipped 12.94% a day after the company surged 15% on an upgrade from Piper Sandler. The firm said that the company is too cheap to ignore in a Sunday note.
Braze – Shares of the cloud computing company plunged 19.27% even though Braze reported earnings that beat Wall Street’s expectations. Still, analysts are worried about the company’s future sales. Cloud stocks in general fell during the market rout.
Eastman Chemical — Eastman Chemical shares fell 11.34% after the company cut its third-quarter earnings guidance to about $2 per share. The company had previously issued guidance for “solid growth compared to Q3 2021 adjusted EPS of $2.46.” The new guidance is also below a StreetAccount forecast of $2.60 per share.
— CNBC’s Michelle Fox contributed reporting
