Bed Bath & Beyond, Tesla, Expedia and more

Shoppers enter a building housing a Bed Bath & Beyond Inc. store in New York.

Markus Kauzlarich | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Meme stocks – A group of so-called meme stocks soared Wednesday as retail investors jumped back into speculative trades. Bed Bath & Beyond surged 38% to start the trend in Wednesday morning trading. Shares of GameStop, the original star of the 2021 meme stock mania, are up about 5%. AMC Entertainment rose 15%.

Tesla — The EV maker is up more than 2% after it applied to the state of Texas to expand its Austin electric vehicle plant earlier this year. Separately, Goldman Sachs named Tesla a top stock for 2023.

Expedia — The travel company’s stock rose more than 4% after Oppenheimer upgraded it to outperform performer. The Wall Street company said it believes Expedia stock is pricing in macro headwinds.

Intuitive Surgery — The maker of robotic surgical systems saw its shares plummet nearly 5% after the company reported it only 369 placements of its da Vinci robot in the fourth quarter, down 4% from the same period in 2021. The company also issued a bearish sales forecast, which fell slightly short of expectations, according to FactSet.

pool corp – The swimming pool construction company rose 5% after Deutsche Bank upgraded it to buy from a hold rating, and said its share and earnings guidance are likely to surprise to the upside.

AbbVie – Shares of biopharmaceutical company AbbVie fell more than 1% after the CEO said at the JPMorgan Healthcare Conference that he expects the loss of exclusivity for Humira, its drug for arthritis and psoriasis, to hurt the company’s performance in the near term, according to a report by Bloomberg. For 2024, however, the company does not expect a decline.

alphabet — Alphabet shares rose more than 2% after the German competition authority announced it Order redesign the possibilities that Google offers users to object to the cross-service processing of user data.

Levi Strauss — Shares slipped about 3% after Citi downgraded the stock to neutral from a buy. Despite claiming the company has a strong brand and long-term prospects, the company said it will feel pressure in the short and medium term as denim trends deteriorate.

Great brothers — The homebuilder stock rose 3% after analysts at Bank of America upgraded it from a hold rating to a buy. The Wall Street firm said Toll Brothers’ valuation looks attractive at these levels.

– CNBC’s Michelle Fox, Yun Li, Samantha Subin, Carmen Reinicke and Alex Harring contributed coverage.

https://www.cnbc.com/2023/01/11/stocks-making-the-biggest-moves-midday-bed-bath-beyond-tesla-expedia-and-more.html Bed Bath & Beyond, Tesla, Expedia and more

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