Market Insider

An exterior view of a Bed Bath & Beyond store on February 7, 2023 in Clifton, New Jersey.
Kena Betancur | Corbis News | Getty Images

Check out the companies making headlines in midday trading.

Bed Bath & Beyond — Shares continued to slide in Friday’s session with a 22.8% tumble. On Thursday, the company once again warned that it may need to file for bankruptcy protection if its proposed $300 million stock offering fails. The retailer’s stock has lost nearly 40% of its share value this week.

Digital World Acquisition — Shares of the SPAC linked to former President Donald Trump advanced 6.3%. On Thursday, a New York grand jury formally indicted Trump on charges related to “hush money” payments made before his 2016 campaign.

Nikola — Nikola shares sank 11% after the electric-truck maker announced plans for a $100 million secondary stock offering priced 20% below Thursday’s close.

Virgin Orbit — The satellite launch services provider dived 32% after announcing it will halt operations “for the foreseeable future” and eliminate about 90% of its workforce.

BlackBerry — BlackBerry popped 16% after the company posted a smaller per-share earnings and adjusted EBITDA loss than analysts polled by StreetAccount expected for the fourth quarter. The company’s revenue, however, missed analyst expectations.

Regional banks — Shares of closely followed regional bank stocks advanced, with the SPDR S&P Regional Banking ETF (KRE) up 0.8%. Metropolitan Bank led the index with a 21.5% jump. PacWest and Popular were the next best performers with gains of more than 3% each. Zions, on the other hand, was the worst performer of the group with a 1.6% loss.

Ventas — The real-estate investing stock slid 2.5% after announcing it would take ownership of collateral supporting a nearly half-billion dollar loan.

Generac Holdings — The battery backup company dropped 2.5% following a downgrade to underperform from neutral by Bank of America. The firm said Generac’s fiscal year 2023 expectations could be out of reach.

Alphabet — The Google parent gained 1.5% after Piper Sandler reiterated its overweight rating on the stock. The firm said the company has undeniable market share but could see search revenues impacted by artificial intelligence.

Restaurant Brands — Shares of the parent company of Burger King rallied more than 2% after TD Cowen upgraded the stock to outperform from market perform. The Wall Street firm said it’s bullish on Restaurant Brands’ new chairman and CEO and the company’s potential to turn around the brand.

elf Beauty — The cosmetic company’s stock gained 5.2%, reaching a 52-week high. Shares jumped after Morgan Stanley said elf has nearly 20% upside. The analyst said the company has strong momentum on both near- and long-term growth and reiterated his overweight rating on the stock.

Mercadolibre — Shares rose 4% after Morgan Stanley named the Latin American e-commerce company a top pick. The firm said it sees multiple growth drivers ahead.

— CNBC’s Samantha Subin, Yun Li and Hakyung Kim contributed reporting

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