© Reuters
By Liz Moyer
Investing.com — Stocks were falling on Thursday after stronger than expected labor data stoked fears that the Federal Reserve would keep interest rates elevated. Here are the midday movers for Jan. 5.
- Bed Bath & Beyond Inc (NASDAQ:) shares sank 23% after the home goods retailer said it was exploring a number of options for its future, including a possible bankruptcy filing, as it struggles to maintain sales, citing lower store traffic and reduced inventory.
- Stitch Fix (NASDAQ:) shares rose 4.2% after the online personal styling provider said it would cut 20% of its staff as it continues to work through post-pandemic growth challenges. Its CEO is departing, and founder and former CEO Katrina Lake will step in for six months or until a successor is named.
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Constellation Brands Inc (NYSE:) shares fell 8.4% after the beer and spirits giant said it expects comparable earnings per share for fiscal year 2023 to be in a range of $11 to $11.20, which is above consensus but lower than the $11.60 high point it projected a few months ago.
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Walgreens Boots Alliance Inc (NASDAQ:) stock fell 8.3% after the drug store chain because of strong sales of cold and flu remedies. It recorded a $3.7 billion loss for the recent quarter after an opioid litigation settlement.
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Amazon.com Inc (NASDAQ:) stock fell 1.7% after the e-commerce giant announced plans to lay off 18,000 workers in its corporate offices.
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