Movers: Bed Bath & Beyond, Carnival Cruise, General Mills, McCormick, Pinterest, Disney

Barry Adams
29 Jun, 2022
New York City

The S&P 500 index fell 0.3% to 3,811.27 and the Nasdaq Composite index eased 0.4% to 11,136.27. 

Futures of crude oil gained 80 cents to $112.60 a barrel and natural gas rose 0.5 cent to $6.62 a unit. 

The yield on 10-year Treasury notes inched lower to 3.106%. 

Bed Bath & Beyond plunged 21% to $5.16 after the retailer reported sharply lower than expected revenues and earnings and the company also said its chief executive has departed. 

Net sales in the first quarter ending in May declined 25.0% to $1.46 billion and net loss surged to $358 million from $51 million a year ago. 

Loss per share rose to $4.49 from 48 cents a year ago. 

Comparable sales across all channels and banners plunged 27% from a year ago. 

Carnival dropped 13.9% to $8.90 after the cruise line operator's price target was cut in half by Morgan Stanley. 

The broker also said that the stock could drop to zero in the event of another demand shock. 

General Mills, Inc increased 5.7% to $74.28 after the food products maker reported net sales in the fourth quarter rose 8% to $4.9 billion and net income surged 97% to $822.8 million. 

For the full-year sales increased 5.0% to $19.0 billion and net income surged 17% to $2.7 billion or $4.46 a share from $2.4 billion or $3.81 a share. 

The company guided full-year 2023 organic sales to rise between 4% and 5% and adjusted operating profit in constant currency between down 2% to plus 1% from the base of $3.2 billion reported in fiscal 2022. 

McCormick & Company declined 1.5% to $85.56 after the spice maker reported weaker than expected quarterly results and lowered its full-year outlook. 

Sales in the second quarter ending in May declined 1% to $1.54 billion and net income fell to $118.5 million from $183.7 million.

Earnings per share declined to 44 cents from 68 cents a year ago.  

The company left its full-year 2022 sales estimate to increase between 3% and 5% and but lowered its constant currency estimate to rise between 4% to 6% compared to the previous estimate to rise between 5% and 7%. 

Pinterest Inc declined 1.3% to $19.45 and co-founder Ben Silbermann stepped down as chief executive and will assume the newly created position of executive chairman. 

Walt Disney declined 0.5% to $95.48 after the company extended the contract of chief executive Bob Chapek.