Nike — Nike shares dropped 12.8% after the sneaker giant said Thursday its inventory was overstocked, up 44% in its latest quarter. As a result it will offer more discounts to clear out the excess merchandise. Other retailers were also dragged down, with Lululemon Athletica and Under Armour losing almost 6% and nearly 5% respectively.
Rent-A-Center — Shares of Rent-A-Center slipped 21.6% after the company slashed its current-quarter earnings guidance, saying that economic conditions have weighed on consumer traffic and payment patterns.
Carnival Cruise — Shares of Carnival Cruise plunged 23.3% after the company forecast a loss for the fourth quarter, saying high fuel prices and inflation will delay its return to profitability. Royal Caribbean and Norwegian Cruise Lines also slipped, falling 13% and 18%, respectively.
Micron — Shares of Micron rose 1.7% after the company reported quarterly earnings that beat Wall Street expectations, even though sales fell. The chipmaker also gave a weaker-than-expected revenue outlook, saying sales are being hit by slowing consumer demand.
Charles River Laboratories — Charles River shares rose 3.6% after Jefferies upgraded the stock to buy from hold, citing the company’s potential in animal studies.
Generac — Shares of Generac gained 2.3% after Cowen initiated coverage of the company with a buy rating. The generator company is a clear industry winner and has value in its solar offering.
