FedEx, Boeing, Domino’s, and more
Visitors walk past a Boeing billboard during the Farnborough Air Show, in Farnborough, on July 18, 2022.
Justin Thales | AFP | Getty Images
Check out which companies are making the headlines in midday trading.
Boeing – The airline fell 6% after it reached a $200 million settlement for misleading investors after two of its planes were involved in fatal accidents.
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FedEx – Shares fell about 4% and hit a 52-week low after the delivery company announced plans to increase prices between 6.9% and 7.9%.
Costco — The wholesaler, which said it won’t raise membership prices this week, saw shares fall 4%. Costco released earnings that beat expectations and showed gains on an annual basis, but it also said it was seeing a rise in labor and shipping costs.
CalAmp – The software company is down 17% despite the previous rally. CalAmp reported smaller-than-expected losses in its second-quarter earnings, while also noting record revenue within the subscription and software categories.
Ally Financial — Shares of the financial services company fell 4% after Wells Fargo downgraded the stock to equal weight of overweight. Wall Street said it will be difficult for Ally to outperform as the price of used cars continues to fall and with consumers operating under inflation headwinds.
Qualcomm — Shares are down 3% despite JPMorgan saying the stock is overweight because of the opportunities the wireless car company presents.
fuboTV – Stocks jumped 3.4% after Wedbush upgraded its streaming service to outpace a neutral performance, saying fuboTV is in a “disguised entry point” for investors.
Domino’s Pizza – Domino’s Pizza is up 2.1% after BMO upgraded the stock to outperform, predicting a rebound in the fast food chain on the back of strong demand.
Coinbase – Coinbase shares fell 4% after JPMorgan cut its price target and confirmed the stock is neutral, citing concerns about weak levels of activity in cryptocurrency selling. Although the cryptocurrency exchange is diversifying its services and revenue streams, this business still accounts for the majority of its revenue, and trading activity tends to come to a halt when prices are low. Crypto assets were sold out along with the rest of the risky assets on Friday.
Advanced Micro Devices – Shares hit a new 52-week low for the semiconductor company, dropping 3.2%. The drop comes despite Morgan Stanley’s repeat of the stock amid what it sees as a broad based semi-final correction.
Marathon — Shares of the oil giant fell 11%, defying a positive report from Evercore ISI that saw the company enjoy strong free cash flow.
CNBC’s Yoon Lee, Tanya Machel, and Sarah Min contributed reporting