Big Lots, Best Buy, Nikola and Lucid

Big Lots, Best Buy, Nikola and Lucid

A customer walks out of a Big Lots store in Clifton, New Jersey.

Emile Wamsticker | Bloomberg | Getty Images

Check out which companies are making the headlines in midday trading.

Big Lots – Stocks jumped 7.8% after the discount retailer posted a smaller-than-expected loss for the last quarter. Revenue also beat expectations, and comparable-store sales fell 9.2% year over year, but it beat analysts’ expectations for a broader decline.

Best Buy – Best Buy shares gained 2.9% after the retailer reported results before the bell on Tuesday that beat Wall Street expectations in terms of top and bottom earnings.

First Solar – First Solar hit a 52-week high on Tuesday, with shares up 0.4%. Earlier today, the solar technology company announced that it will invest up to $1 billion in building a new solar panel manufacturing facility in the United States. Incentives from the Inflation Reduction Act, the company’s CEO said.

Lucid, Nikola — Shares of electric car maker Lucid and Nikola fell 6% and 9%, respectively, after the two companies moved this week to raise additional funds. Lucid said in a filing Monday that it plans to issue $8 billion in new shares over the next three years. Nicola said in a statement on Tuesday that he plans to issue up to $400 million in new shares at market prices.

Oil Companies – Oil stocks fell on Tuesday along with commodity prices. Marathon, Halliburton and Diamondback Energy oil prices are down about 5%. Chevron fell more than 3%. The sector led declines in the S&P 500 and Dow.

Baidu – Shares of the Chinese tech company fell 8% even though Baidu beat estimates in the second quarter. The company’s revenue fell year-over-year, even as it beat estimates. Baidu also announced that its subsidiary iQiyi is selling $500 million of convertible debt to investment firm PAG Asia.

Jack in the Box – Shares of the fast-food chain plunged 9% after the California legislature passed a bill that would create a statewide commission to regulate wages for workers in the industry. The commission will be allowed to raise the minimum wage to $22 an hour in 2023. Chipotle shares are also down about 2% in the news.

Bed Bath & Beyond — Shares of the retailer slipped 4.8% as investors await its turnaround plan, which is due to be released on Wednesday. What happens next for the stock depends on the update, according to Morgan Stanley.

CNBC’s Yoon Lee, Jesse Pound, Samantha Soobin, and Michelle Fox contributed reporting.

Leave a Comment

Your email address will not be published. Required fields are marked *