Bing Guan | Bloomberg | Getty Images
Check out the companies making the headlines at midday Tuesday.
Walmart — Walmart shares fell more than 7% after the company cut its quarterly and full-year forecasts, saying inflation is shifting consumer spending toward necessities and away from things like clothing and electronics. The news also dragged down other retail stocks such as Target, Kohl’s, Amazon and Costco.
Shopify – Shares fell 15.8% after the e-commerce company said it was laying off about 1,000 employees, or roughly 10% of its workforce. Shopify noted a drop in online spending after the pandemic.
It jumped three to three months by 6.2% after the company reported quarterly earnings that beat Wall Street expectations. The company also announced Tuesday that it will separate its healthcare business into its publicly traded private entity.
General Electric General Electric stock surged more than 6% after the industrial giant posted a quarterly profit outperformance. The company’s quarterly earnings and cash flow were higher after the recovery in the aviation sector boosted the jet engine business.
General Motors — The automaker’s stock fell 3.4% after the company reported second-quarter earnings that missed Wall Street estimates. GM was unable to ship nearly 100,000 vehicles by the end of the quarter due to a lack of parts. GM also confirmed that it has secured the battery materials needed to build 1 million electric vehicles annually by 2025.
Coinbase Coinbase shares fell 15% after Bloomberg News reported that the company is facing an investigation from the Securities and Exchange Commission over its cryptocurrency listing. The cryptocurrency’s decline may also affect the stock, as the price of Bitcoin is down more than 4%.
Paramount — The media company fell 3.6% after Goldman Sachs cut the credit rating of Paramount for sale, citing growing macroeconomic headwinds. The bank lowered its target price for the stock to $20 per share.
Coca-Cola Coca-Cola gained more than 1% after the beverage company reported quarterly results that beat Wall Street expectations. The company also updated its full-year organic revenue growth numbers, saying it expects growth of 12% or 13%, up from previous guidance of 7% or 8%.
McDonald’s – McDonald’s advanced 2.6% after the fast-food chain reported quarterly profit that beat analysts’ estimates, although revenue could be lower than expected. Price increases and value elements drove growth in the US, according to the company, as inflation affected the quarter.
Roku – Video streaming stocks fell 9.2% after Wolfe Research downgraded Roku to underperforming compared to peer performance. The company said in a note to customers that inflation and new ad-supported subscription levels from Netflix and Disney could hurt Roku.
Whirlpool — The hardware maker’s shares traded up more than 2% after the company reported earnings per share that beat analysts’ expectations. Whirlpool Inc. reported earnings of $5.97 per share, while analysts in a Refinitiv survey had expected earnings of $5.24 per share.
– CNBC’s Yoon Lee, Samantha Soobin, Sarah Min, Jesse Pound, and Tanaya Machel contributed to the report.