A consumer shops in a Costco store in Miami on Sept. 28, 2021.
Joe Raedle | Getty Images
Check out the companies making headlines in midday trading.
Costco — The wholesale retailer’s shares dropped 2% after the company announced sales dipped 1.1% year over year in March. Meanwhile, comparable sales growth was positive when excluding changes in gasoline prices and foreign exchange rates, with the fastest growth coming from overseas markets.
Bed Bath & Beyond — The stock tumbled 7% after the retailer proposed a stock split as it attempts to avoid bankruptcy.
FedEx — Shares of the parcel delivery company were up 1.8% a day after the company announced its DRIVE program, a comprehensive $4 billion cost-cutting restructuring plan. Analysts covering the stock welcomed the news, with Raymond James upgrading shares to outperform from market perform Thursday morning.
Richardson Electronics — Shares tumbled 14% after the electronics company reported a smaller backlog in its third fiscal quarter than it did in the same quarter a year prior. However, the company’s earnings were better than expected.
Constellation Brands — The beverage company advanced 1% on the back of stronger-than-expected corporate earnings. Per-share earnings came in 16 cents ahead of expectations at $1.98, while revenue was in line at $2 billion, according to Refinitiv.
Levi Strauss — The clothing maker shares lost 14.7% after CFO Harmit Singh said the annual guidance reflects “a cautious outlook on the macro-environment.” The company beat expectations, reporting earnings of 34 cents per share on revenue of $1.69 billion. Analysts polled by Refinitiv anticipated earnings of 32 cents per share on a revenue of $1.62 billion.
AMC Entertainment — The meme stock gained 20%. Earlier in the week, shares tumbled after the entertainment company announced a settlement with some of its shareholders. The deal would allow the company to raise more capital and convert preferred shares into common…
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