Movers: Apple, Bed Bath & Beyond, CarMax, Cintas, Occidental, Miller, Rite Aid, Vail, Worthington

Barry Adams
29 Sep, 2022
New York City

Apple Inc plunged 5.6% to $141.39 after Bank of America analyst downgraded the stock to "neutral" from "buy" on the expectations of weakening consumer demand. 

Bed Bath & Beyond Inc plunged 9.2% to $5.87 after the troubled retailer of home and kitchen goods reported a large quarterly loss. 

The retailer's gross margin plunged after the company marked down prices on several goods to clear inventories ahead of holiday season. 

Bassett Furniture Industries Inc declined 2.2% to $16.11 after the  company said revenue in the fiscal 2022 third quarter rose 12.5% to $118 million from $104.9 million a year ago. 

Net income in the quarter rose to $7.6 million from $3.01 million and diluted earnings per share increased to 82 cents from 31 cents a year ago. 

CarMax, Inc plunged 23.7% to $65.98 after the used-car retailer reported weaker-than-expected quarterly results. 

The auto retailer also said that rising rates and prices kept many buyers away in the final month of the latest quarter.

Cintas Corporation declined 1.7% to $387.86 after the company reported revenue in the fiscal first quarter 2023 ending in August 14.2% to $2.17 billion from $1.90 billion a year ago. 

Net income in the quarter increased to $351.7 million from $331.2 million and diluted earnings per share rose to $3.39 from $3.11 a year ago. 

The company also lifted its annual revenue expectations from a range of $8.47 billion to $8.58 billion to a range of $8.58 billion to $8.67 billion and diluted earnings per share from a range of $11.90 to $12.30 to a range of $12.30 to $12.65.

Jefferies Financial Group fell 1.3% to $29.34 after the financial services company reported better-than-expected quarterly profit despite the weak merger and acquisition related revenues. 

The increase in corporate banking services revenues helped to mitigate the weak merger revenues. 

Occidental Petroleum Corporation increased 0.7% to $61.88 and Warren Buffett-controlled Berkshire Hathaway bought nearly 6 million shares this week, according to a regulatory filing with the SEC. 

Miller Knoll Inc fell 12.7% to $17.35 after the furniture maker reported mixed quarterly results. 

The company also announced a plan to cut costs, lower inventories, reduce staff and improve cash flow. 

Rite Aid Corporation plunged 26.5% to $5.17 after the pharmacy chain lowered its adjusted earnings estimate for the full-year. 

Vail Resorts, Inc rose 2.4% to $214.66 after the ski resort operator reported smaller-than-expected quarterly loss and said that the customer demand has surpassed the pre-pandemic levels.   

Worthington Industries, Inc plunged 11.6% to $43.53 after the steel processor and maker of pressure vessels said it plans to separate two businesses in two publicly traded companies. 

The company reported revenue in the fiscal 2022 first quarter ending in August rose 27% to $1.4 billion from $1.1 billion a year ago.  

Net income in the quarter declined to $64.08 million from $132.4 million and diluted earnings per share fell to $1.30 from $2.55 a year ago.