A customer leaves a Big Lots store in Clifton, New Jersey.
Emile Wamsteker | Bloomberg | Getty Images
Check out the companies that make headlines during afternoon trading.
Big Lots – Shares were up 7.8% after the discount store posted a smaller-than-expected loss for the recent quarter. Sales also exceeded expectations and comparable store sales were down 9.2% year-over-year, but beat analysts’ expectations of a broader decline.
Best Buy – Shares of Best Buy gained 2.9% after the pre-bell retailer reported results that beat Wall Street’s expectations at the top and bottom levels on Tuesday.
First Solar – First Solar hit its 52-week high on Tuesday, rising 0.4%. Earlier in the day, the solar technology company announced it will invest up to $1 billion in building a new solar panel manufacturing facility in the US. The main catalyst for the move, as well as an additional $185 million upgrade to existing facilities, was tax incentives from the Inflation Reduction Act, the CEO said.
Lucid, Nikola – Shares of electric vehicle manufacturers Lucid and Nikola fell 6% and 9% respectively, after both companies moved this week to raise additional cash. Lucid said in a filing Monday that it plans to issue $8 billion in new shares over the next three years. Nikola said in a filing Tuesday that it plans to issue up to $400 million in new shares at market prices.
Oil Companies – Shares of oil companies plunged Tuesday, along with the price of the commodity. Marathon Oil, Halliburton and Diamondback Energy were all down about 5%. Chevron fell more than 3%. The sector led declines on the S&P 500 and Dow.
Baidu – Shares of the Chinese tech company fell 8%, despite Baidu beating the top and bottom of estimates in the second quarter. The company’s sales fell year-over-year, even if it exceeded estimates. Baidu also announced that iQiyi, a subsidiary, is selling $500 million in convertible debt to investment firm PAG Asia.
Jack in the Box – Shares of the fast food chain fell 9% after California’s state legislature passed a bill that would form a statewide panel to regulate wages for industry workers. The panel would be allowed to raise the minimum wage to $22 an hour by 2023. Shares of Chipotle also fell about 2% on the news.
Bed Bath & Beyond – The retailer’s shares fell 4.8% as investors await the plan for a reversal, to be released Wednesday. What happens to the stock after that depends on the update, Morgan Stanley said.
— Yun Li, Jesse Pound, Samantha Subin and Michelle Fox of CNBC reported.