Visitors walk past a Boeing board during the Farnborough Airshow in Farnborough on July 18, 2022.
Justin Tallis | AFP | Getty Images
Find out which companies are making headlines in the midday business.
Costco — The wholesaler, which said it would not raise subscription prices this week, saw its shares fall 4.3%. Costco released income which beat expectations and showed year-over-year gains, but also said labor and transportation costs were higher.
CalAmp — The software company fell 16.8% despite an earlier rally. CalAmp reported smaller-than-expected losses in its second-quarter results, while also noting record revenue in the subscription and software categories.
Allied Financial – Shares of the financial services company fell 2.7% after Wells Fargo downgraded the stock to equal weight from overweight. The Wall Street firm said it would be hard for Ally to outperform as the price of used vehicles continues to fall and the consumer faces the headwind of inflation.
Coinbase – Coinbase shares fell 1.7% after JPMorgan lowered its price target and reiterated the stock as neutral, citing concerns about low levels of activity in crypto selling. Although the cryptocurrency exchange has diversified its services and revenue streams, this business still accounts for the majority of its revenue, and trading activity tends to stagnate when prices are low. The crypto assets were sold off along with the rest of the risky assets on Friday.
Advanced micro-systems – Shares hit a new 52-week low for the semiconductor company, down 2.2%. The fall comes despite Morgan Stanley reiterating stock amid what he sees as a correction of the ongoing wide-base semis.
– CNBC’s Yun Li, Tanaya Macheel and Sarah Min contributed reporting
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