Stock Market

In this article

A mascot of TripAdvisor is seen at its display at a trade fair.
Axel Schmidt | Reuters

Check out the companies making headlines in midday trading.

Carvana — Shares of the online car dealership fell 42.9% after Carvana’s largest creditors signed an agreement to negotiate together with the company. Bankruptcy concerns around Carvana have grown since the company reported disappointing third-quarter results last month. The pact between the creditors was first reported by Bloomberg.

MongoDB — The database platform surged 23.2% following the company’s quarterly results. Mongo posted better-than-expected revenue for the most recent quarter and issued upbeat fourth-quarter revenue guidance, according to Refinitiv.

State Street Shares of the asset manager jumped 8.2% after the company announced a new buyback plan. The company said it now intends to buy back up to of $1.5 billion of its common stock in the fourth quarter of 2022, $500 million more than the amount announced previously.

Online travel — Online travel stocks dropped after Wolfe Research downgraded the sector to market underweight from market weight, citing trouble ahead on the likelihood of a recession. The firm named a worse outlook for names such as Booking HoldingsAirbnbTripAdvisor and Expedia. Shares of TripAdvisor were down 6.4%, Expedia fell 6.3%. Booking Holdings fell 4.2%, and Airbnb shed 1.7%.

Stitch Fix — Shares gained 0.5%, bouncing back from an earlier dip during pre-market trading. On Tuesday, the company posted quarterly results that fell short of analysts’ expectations, according to FactSet. Stitch Fix also trimmed its full-year forecast.

Toll Brothers — Shares of the luxury homebuilder rose 7.8% after the company reported quarterly results. Toll Brothers posted home sales revenue that was better than Wall Street expectations, according to Refinitiv.

Dave & Buster’s Entertainment Dave and Buster’s stock shed 7.4% despite the company posting solid quarterly revenue on Tuesday. The entertainment company also provided an update on the fourth quarter, noting that through the first five weeks of the period, pro forma combined walk-in comparable store sales declined 2.4% versus the comparable period in 2021. However, those sales have increased 15.7% over the same period in 2019.

SolarEdge Technologies — The solar stock gained nearly 4% after Bank of America upgraded it to a buy from neutral. The firm said the stock could gain more than 20% as its outlook improved.

Campbell Soup — Shares rose 6% after Campbell Soup topped forecasts on the top and bottom lines in its latest earnings report. The food producer cited “inflation-driven pricing, brand strength and continued supply recovery” for its recent results.

Chinese tech stocks — Shares of U.S. listed China stocks declined even as Beijing announced it will lift some Covid restrictions. JD.com declined 3.2%, and Baidu fell 2.3%.

Airlines — Airline stocks fell as a group during midday trading. Shares of Southwest Airlines declined 4.7%, while American Airlines slid 5.4%. Shares of Delta Air Lines, Alaska Air Group and United Airlines each slipped more than 4%.

Lowe’s Companies — Shares added more than 2% after Lowe’s affirmed its full-year guidance, and announced a new $15 billion share repurchase program. The home improvement retailer is hosting its annual analyst and investor conference on Wednesday.

— CNBC’s Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting