A customer walks out of a Big Lots store in Clifton, New Jersey.
Emile Wamsteker | Bloomberg | Getty Images
Find out which companies are making headlines in the midday business.
Large lots – Shares jumped 7.8% after the discount retailer posted a lower-than-expected loss for the last quarter. Revenue also beat expectations and same-store sales fell 9.2% year-over-year, but beat analysts’ expectations of a broader decline.
best buy – Best Buy shares gained 2.9% after the retailer announced pre-bell earnings on Tuesday that beat Wall Street expectations on the top and bottom results.
First Solar – First Solar hit a 52-week high on Tuesday, with shares last up 0.4%. Earlier today, the solar technology company announced that it invest up to $1 billion in the construction of a new solar panel manufacturing plant in the United States. The main catalyst for that move, along with the additional $185 million upgrade to existing facilities, was the Cut Inflation Act tax incentives, its CEO said.
Lucid, Nicholas – Shares of electric vehicle makers Lucid and Nikola fell 6% and 9%, respectively, after the two companies this week moved to raise additional funds. Lucid said in a filing Monday that it plans to issue $8 billion in new stock over the next three years. Nikola said in a filing on Tuesday that he plans to issue up to $400 million in new shares at market prices.
Oil Companies – Oil company stocks fell on Tuesday, along with the price of the commodity. Marathon oil, Halliburton and Diamondback Energy all slipped about 5%. Chevron fell more than 3%. The sector led declines in the S&P 500 and the Dow Jones.
Baidu – Shares of the Chinese tech company fell 8% despite Baidu beating estimates on higher and lower results in the second quarter. The company’s revenue declined year over year, although it beat estimates. Baidu also announced that iQiyi, a subsidiary, was selling $500 million of convertible debt to investment firm PAG Asia.
jack in the box – The fast food chain’s shares fell 9% after the California state legislature passed a bill that would form a statewide panel to regulate workers’ wages. ‘industry. The panel would be allowed to raise the minimum wage to $22 an hour in 2023. Chipotle shares also fell about 2% on the news.
Bed bath and beyond – The retailer’s shares fell 4.8% as investors await its turnaround plan, which is set to be released on Wednesday. What happens next for the stock depends on the update, according to Morgan Stanley.
– CNBC’s Yun Li, Jesse Pound, Samantha Subin and Michelle Fox contributed reporting.