Check out the companies making headlines midday Friday:
Broadcom — Broadcom shares dropped more than 6% after the chipmaker reported weaker-than-forecast quarterly revenue and cut its full-year outlook. The company cited a “broad-based ” slowdown in demand as well as a crackdown on Huawei by the U.S. Broadcom’s decline pressured other chip stocks, including Skyworks Solutions, Xilinx and Micron Technology.
Chewy — PetSmart’s online business Chewy surged more than 50% on its first day of trading on the New York Stock Exchange. The online pet product retailer’s IPO was priced at $22 on Thursday night and the stock opened at $36 a share. Like the recent IPOs of Uber, Lyft and Beyond Meat, Chewy is not yet profitable.
BJ’s Restaurants — Shares of BJ’s Restaurants rose 4.3% after an analyst at Oppenheimer upgraded the California-based chain to outperform from perform. The analyst cited a strong same-store sales trend and a low valuation relative to the restaurant chain’s peers as reasons for the upgrade.
Norbord — Shares of Norbord, which manufactures wood-based panels, jumped 6% after BMO Capital Markets upgraded the company to outperform from market perform when a competitor put one of its plants on indefinite hold. BMO said this will improve the balance of supply and demand as well as prices. The bank also cited consolidation within the industry and improved performance in Europe.
Bluegreen Vacations — Shares of timeshare developer Bluegreen Vacations skyrocketed more than 36% after a settlement with Bass Pro. Bluegreen Vacations said it will continue its marketing partnership with Bass Pro retail stores and expand into 75 Cabela’s retail stores.
Comcast — Telecommunications giant Comcast’s stock climbed 1.7% after Rosenblatt Securities initiated it with a buy rating, citing “a compelling risk reward” based on potential for Comcast to gain greater market share and increase profits.
Facebook — Shares of the social media giant ticked 1.8% higher after the company received backing from more than a dozen companies for a new cryptocurrency. RBC Capital Markets has high expectations for Facebook’s cryptocurrency announcement and said it believes the company has a “crypto opportunity. ”
Barnes & Noble — Barnes & Noble shares fell nearly 3% after a group of investors said the proposed deal from Elliot Management undervalues the company and that the bookseller should look for other offers.
Blue Apron — Shares of meal kit provider Blue Apron fell more than 10% after the company announced a 1-for-15 reverse stocks split, a method to boost the stock price and provide more liquidity to the stock that trades below $1. Blue Apron shares are down more than 80% over the last year.
