Cisco, BJ’s Wholesale, Bed Bath & Beyond, Kohl’s and more

Check out the companies making the biggest moves at midday:

Cisco Systems — Shares of the networking equipment maker jumped 5.8%. The company declared income after Wednesday’s bell that beat estimates. Cisco also provided better than expected forecasts for 2023.

Bed bath and beyond – The latest favorite meme stock, which surged in August, fell more than 20%. Investors appeared to be reacting to activist investor Ryan Cohen’s record that he intends to sell its entire stake in the company.

Kohls — Kohl’s shares fell about 5% after the retailer reduced its financial forecasts for the year, citing inflationary pressures on middle-income customers. The company expects fiscal 2022 net sales to fall 5% to 6%, down from an earlier flat range of 1%. However, Kohl’s beat analysts’ expectations for fiscal second-quarter earnings and revenue.

Wholesale BJ’s – Shares of the club retailer jumped more than 7% on Thursday after BJ’s reported better-than-expected second-quarter results. The company generated $1.06 in adjusted earnings per share on $5.01 billion in revenue. Analysts polled by FactSet had expected 80 cents a share on $4.67 billion in revenue. The company’s comparable sales increased 7.6% year over year, excluding gasoline. BJ’s was too upgraded by Bank of America to a neutral purchase.

Elanco Animal Health – Elanco shares lost more than 3% after the company has been demoted by Morgan Stanley. The company moved the stock to an equal weight to overweight citing concerns about future earnings.

Verizon – Verizon shares fell 2.7% after MoffettNathanson downgraded he underperformed and reduced his price target. Increased competition from AT&T and T-Mobile is weighing on Verizon and will likely drive the stock lower, analysts said.

Canadian Solar — The solar equipment and services company hit a new 52-week high, up nearly 18%, after reporting quarterly earnings that beat expectations. Canadian Solar also raised its full-year revenue forecast and reported solar module shipments that were at the high end of its forecast.

Wolfspeed – Shares jumped more than 27% after the semiconductor company beat expectations in its latest earnings report. Wolfspeed CEO Gregg Lowe said he remains “very encouraged by the prospects for future industry growth and the activity we are seeing in our end markets.”

Walgreens Boot Alliance – Shares of Walgreens fell more than 5% in midday trading. The pharmacy chain, as well as SVC and walmartwas sentenced Wednesday by a federal judge to pay a total of $650.6 million in two Ohio counties to address the damage caused by the opioid crisis. Walgreens also announced Wednesday that it has sold 11 million shares of Option Care Health common stock in a secured secondary offering.

Energy stocks — Energy stocks were boosted by the rise Oil priceswith shares of Devon Energy up more than 3%. Halliburton jumped 4%, and PAA added more than 5%. Exxon Mobil and western oil and both gained about 2%.

—CNBC’s Jesse Pound, Carmen Reinicke and Sarah Min contributed reporting.

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