Stocks making the biggest moves midday: Bath & Body Works, Carnival, GameStop and more

Take a look at the top companies making waves in today’s midday trading:

Bath & Body Works is taking a significant dive, with shares plunging 14% for their worst day since 2021. Despite exceeding Q1 earnings and revenue forecasts, their underwhelming Q2 guidance has left investors cold, with expected earnings falling behind FactSet estimates.

Carnival’s shares are sailing high, spiking 4.8% after the announcement of integrating P&O Cruises Australia into Carnival Cruise Line. This decision is another step in their strategic plan to expand their flagship brand.

GameStop, the infamous meme stock, has seen a 5% drop off, following a notable 21% rally on Monday. The upswing was initiated by ‘Roaring Kitty’ Keith Gill showing off a portfolio snapshot of five million shares and 120,000 call options, yet the stock closed well off its high after reports of possible trading platform ban.

Saia, the freight company, saw a 7.7% boost after revealing increased shipments per workday for April and May compared to last year. Other freight companies, Old Dominion Freight Line and XPO, followed suit with a respective 4% and 2% increase.

Maxeon Solar Technologies took a hit, sliding about 5% after Goldman Sachs downgraded the stock and cut the price target to $1. As the company undergoes debt restructuring and leans on its primary shareholder TZE for equity investment, existing shares are expected to dilute.

Energy stocks are feeling the pinch from oil prices decrease following OPEC+’s decision to reduce production cuts beginning in October 2024. Shares of BP, Exxon Mobil, and Diamondback Energy fell around 2%, while Chevron slipped by 1%.

Stanley Black & Decker’s stock dipped by 2.8% following a downgrade from Barclays due to overly optimistic earnings estimates and potential drawbacks from bloated inventories.

Flutter Entertainment’s shares picked up by 1.1% as Oppenheimer kicked off its coverage with an outperform rating, citing its superiority over competitors and leading U.S. parlay mix as potential growth drivers.

Boot Barn saw a nearly 3% increase after revealing that same-store sales had grown 1.4% in the first nine weeks of the fiscal first quarter. This comes in contrast to their earlier projection of a sales decline.

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Stocks making the biggest moves midday: Bath & Body Works, Carnival, GameStop and more

Editor Prism MarketView