FedEx, Boeing, Domino’s and more
Visitors pass in front of a Boeing board during the Farnborough Airshow on July 18, 2022 in Farnborough.
Justin Tallis | AFP | Getty Images
Learn about the companies making headlines in mid-day trading.
Boeing – The aerospace company was down 6% after it reached a $200 million settlement on charges of misleading investors after two of its jetliners were involved in fatal crashes.
FedEx – Shares fell nearly 4% and hit a 52-week low after the delivery company announced plans to raise rates to between 6.9% and 7.9%.
Costco – The wholesaler, which said it would not raise subscription prices this week, saw shares fall 4%. Costco released earnings that beat expectations and showed a year-over-year profit, but also said it was experiencing higher labor and freight costs.
CalAmp – The software company fell 17% despite an earlier rally. CalAmp reported smaller than anticipated losses in its second-quarter earnings, while also taking into account record-setting revenues within the subscription and software categories.
Allied Financial – Shares of the financial services company fell 4% after Wells Fargo devalued the stock from overweight to equal weight. The Wall Street firm said it would be difficult for Ally to outperform as used vehicle prices continue to fall and work through the headwinds of consumer inflation.
Qualcomm — Shares fell 3% despite JPMorgan repeating the stock as overweight due to the wireless company’s automotive opportunities.
fuboTV – Shares jumped 3.4% after Wedbush upgraded the streaming service from neutral to outperform, saying fuboTV is at a “compelling entry point” for investors.
Domino’s Pizza — Domino’s Pizza advanced 2.1% after BMO upgraded the stock to outperform, predicting a rebound at the fast-food chain on the back of strong demand.
Coinbase – Shares of Coinbase fell 4% after JPMorgan revisited the stock as neutral, citing concerns about weak activity levels in the crypto sell-off and lowering its price target. Although the cryptocurrency exchange is diversifying its services and revenue stream, this business still accounts for most of its revenue, and trading activity stops when prices drop. The crypto asset sold out on Friday along with the rest of the riskier assets.
Shares of Advanced Micro Devices – Semiconductor Company fell 3.2 per cent to hit a 52-week low. The decline comes despite the stock being reiterated by Morgan Stanley, which sees it as a correction for the broad-based semis.
Marathon – Shares of the oil titan fell 11%, defying a positive report from Evercore ISI that saw the company see strong free cash flow.
— CNBC’s Yun Lee, Tanaya Machiel and Sarah Min contributed reporting