Take a look at the companies making headlines in midday trading: Bath & Body Works — Shares of Bath & Body Works fell nearly 13% and are on track for their worst day since 2021. The retailer beat profit and revenue forecasts in the first quarter but delivered disappointing results in the second quarter. management. Bath & Body Works expects earnings to range from 31 cents to 36 cents per share, below the FactSet estimate of 38 cents per share. Carnival – Shares jumped about 5.8% after the cruise line announced it would merge P&O Cruises Australia with Carnival Cruise Line. The company said this is the latest in a series of strategic moves aimed at increasing the strength of its flagship brand. GameStop – Meme shares fell about 5.4% after rising 21% on Monday. This rally was sparked by GameStop champion Keith Gill, better known as “Roaring Kitty,” who shared a screenshot of his portfolio showing five million shares of common stock and 120,000 call option contracts. He appears to have maintained his position after Monday’s rally. GameStop closed well below its high on Monday after The Wall Street Journal reported that Gill’s brokerage firm E-Trade was discussing whether to ban him from the platform over concerns about potential market manipulation. Saia — Shares of the trucking company jumped 6.7% after it reported higher volumes of fewer truckloads delivered per business day in April and May compared with a year earlier. Shares of fellow freight companies Old Dominion Freight Line and XPO rose about 1.7% and 1%, respectively. Maxeon Solar Technologies – Goldman Sachs downgraded Maxeon Solar and cut its price target to $1 on Tuesday, sending the stock down more than 5.4%. Existing shares are likely to be diluted as the company undergoes a debt restructuring and relies on equity investments from its largest shareholder, TZE, to shore up its liquidity, Goldman said. Energy sector stocks. Falling oil prices weighed on energy stocks on Tuesday after OPEC+ announced plans to phase out output by 2.2 million barrels per day starting from October 2024 to September 2025. Shares of BP and Exxon Mobil fell about 2.3% and 1.6%, respectively. , while shares of Diamondback Energy and Chevron fell nearly 1%. Stanley Black & Decker – Industrials shares fell about 3.7% after Barclays downgraded the stock to equal weight from overweight. Analyst Julian Mitchell said the company’s earnings estimates look too stretched and said its sales and production numbers are likely to face some downward pressure from bloated inventories. Flutter Entertainment – Shares rose more than 1.3% after Oppenheimer founded the sports betting and gaming company with an outperform rating. Analyst Jed Kelly cited the company’s structural advantages over peers and its leadership position in the United States as catalysts. Boot Barn – Shares rose about 4.5% after the Western apparel company reported same-store sales rose 1.4% in the first nine weeks of its fiscal first quarter. Boot Barn had previously forecast a decline in same-store sales. — CNBC’s Samantha Subin, Michelle Fox, Yun Lee, Pia Singh and Lisa Khan contributed reporting.
