Stock Market

Stocks making the biggest moves midday: Nike, Rent-A-Center, Carnival Cruise

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People walk near the entrance to Nike store, May 25, 2022 in Moscow, Russia.
Konstantin Zavrazhin | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.

Nike — Nike shares dropped 12.8% after the sneaker giant said Thursday its inventory was overstocked, up 44% in its latest quarter. As a result it will offer more discounts to clear out the excess merchandise. Other retailers were also dragged down, with Lululemon Athletica and Under Armour losing almost 6% and nearly 5% respectively.

Rent-A-Center — Shares of Rent-A-Center slipped 21.6% after the company slashed its current-quarter earnings guidance, saying that economic conditions have weighed on consumer traffic and payment patterns.

Carnival Cruise — Shares of Carnival Cruise plunged 23.3% after the company forecast a loss for the fourth quarter, saying high fuel prices and inflation will delay its return to profitability. Royal Caribbean and Norwegian Cruise Lines also slipped, falling 13% and 18%, respectively.

Micron — Shares of Micron rose 1.7% after the company reported quarterly earnings that beat Wall Street expectations, even though sales fell. The chipmaker also gave a weaker-than-expected revenue outlook, saying sales are being hit by slowing consumer demand.

Charles River Laboratories — Charles River shares rose 3.6% after Jefferies upgraded the stock to buy from hold, citing the company’s potential in animal studies.

Twitter — Shares of Twitter rose 2.6% after texts between its founder, Jack Dorsey, and Elon Musk were released in court filings. The Tesla CEO is embroiled in a legal battle over his bid to buy the social media company.

Nucor — Shares of steel company Nucor jumped 1.6% after it announced plans to spend $425 million expanding a galvanized steel line at its South Carolina plant.

Amylyx Pharmaceuticals — Shares of the pharmaceutical company dropped 6.8% despite the stock rallying after hours Thursday on news of the Food and Drug Administration approving its controversial Lou Gehrig’s disease drug.

Generac — Shares of Generac gained 2.3% after Cowen initiated coverage of the company with a buy rating. The generator company is a clear industry winner and has value in its solar offering.

— CNBC’s Alex Harring and Michelle Fox contributed reporting.

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