Shoppers exit a Bed Bath & Beyond Inc. store in New York, U.S.
Michael Nagle | Bloomberg | Getty Images
Check out the companies making headlines midday on Thursday:
Bed Bath & Beyond — Shares of Bed Bath & Beyond soared a whopping 24% after the retailer announced Mark Tritton would become its new president and CEO effective Nov. 4. Tritton will join Bed Bath & Beyond from Target, where he had led many recent store revamps.
Cisco Systems — Shares of Cisco slid nearly 2% after Goldman Sachs downgraded the technology giant to a neutral rating. The bank said the uncertainties around trade policy are poised to hurt the company’s bottom line. Goldman also lowered its 12-month price target on the stock to $48 from $56.
Apple — An analyst at Longbow upgraded Apple to buy from neutral amid increasing demand for the new iPhone models. “Given increased iPhone production to match better than forecast demand, particularly for the iPhone 11, we see AAPL beating FY4Q guidance,” the analyst said in a note. Apple shares rose more than 1%.
Morgan Stanley — The banking giant’s stock gained 2.1% after an analyst at Sandler O’Neill upgraded it to buy from hold as its valuation relative to other banks is “unwarranted.”
Delta Air Lines — Shares of Delta Air Lines dropped more than 3% after the airline said it expects its costs, excluding fuel, to rise as much as 5% in the fourth quarter. Delta’s earnings estimates for the next quarter also fell short of expectations. It forecast per-share earnings of $1.20 to $1.50, versus analysts’ estimate of $1.51 a share.
Kroger — Jefferies downgraded the supermarket chain to hold from buy, bringing Kroger shares down about 2%. “We’re checking out as confidence in KR’s [long-term] grocery strategy and management’s ability to effectively communicate wanes,” according to Jefferies.
PG&E — Shares of the embattled California utility plunged more than 20% after a judge opened the door to a bankruptcy plan that rivals one led by Elliott Management.
—CNBC’s Yun Li contributed to this report.