Stocks making the biggest moves midday: Bed Bath & Beyond, Virgin Galactic, WideOpenWest and more
Check out the companies making headlines in midday trading.
WideOpenWest — The U.S. cable operator saw its stock price increase 12.3% after it announced it will sell five of its service areas in two separate deals for a combined $1.8 billion in an effort to lower its debt. The transactions are expected to close in the second half of the year.
Bed Bath & Beyond — Shares of the retailer jumped 12% after reporting better-than-expected sales results for its fiscal first quarter and raised its full-year outlook. Volume in the stock was abnormally high, suggesting that part of the rise might be due to a return of Reddit traders that helped to boost shares earlier this year.
Virgin Galactic — Shares dropped 5% after Bank of America double-downgraded the stock to underperform from buy. The firm said that Virgin Galactic's surging stock price has already priced in much of the eventual gains expected when the company launches space tourism. BofA also noted the space sector continues to carry risk and volatility.
MongoDB — Shares of the database platform company lost 4.4% after it said it would sell 2.5 million Class A common shares, seeking to raise $889 million. MongoDB said it plans to use the proceeds of the sale for general corporate purposes.
Advanced Micro Devices — The semiconductor company's stock is up 4.3% after Bank of America reiterated its buy rating on it, calling the stock "compelling" and "underappreciated."
Constellation Brands — Shares of the spirits and beer maker jumped nearly 3% after the company's quarterly report. Constellation Brands reported adjusted quarterly profit of $2.33 per share, matching Wall Street forecasts, according to Refinitiv. Its revenue came in slightly above estimates.
Las Vegas Sands — The casino and resort company's stock traded 2.33% higher after reports came out saying Covid-related restrictions between Hong Kong and Macau, where the company owns and operates five properties, will loosen in July. Travelers from Hong Kong to Macau are currently required to quarantine for 14 days upon arrival.
General Mills — The food producer saw shares rise 1.88% after it reported quarterly earnings of 91 cents per share, beating analysts' estimates by 6 cents. The company also reported $4.52 billion in revenue, on estimates of $2.02 billion.
— CNBC's Hannah Miao, Yun Li and Jesse Pound contributed reporting
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