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Midday movers: Tesla, Beyond Meat rise; Urban Outfitters, Bumble fall

Published 02/28/2024, 09:00 PM
Updated 02/29/2024, 12:12 AM
© Reuters
(Updated - February 28, 2024 11:08 AM EST) -- Main U.S. indexes retreated Wednesday amid caution ahead of the release of key inflation data on Thursday.

Here are some of the biggest U.S. stock movers today:

Tesla (NASDAQ:TSLA) stock rose 2% after Chief Executive Elon Musk said the electric vehicle manufacturer had completed production design on a long-planned update to its Roadster electric sportscar, adding that it was likely to ship starting next year.

TJX (NYSE:TJX) stock rose 0.9% after the retailer topped market expectations for fourth-quarter sales on Wednesday as shoppers flocked to its TJ Maxx chain in search of holiday deals.

Beyond Meat (NASDAQ:BYND) stock soared over 45% after the faux meat producer after reporting better-than-expected quarterly earnings and also forecasting stronger margins, betting on price hikes and steep cost cuts to turn around its battered margins.

Urban Outfitters (NASDAQ:URBN) stock fell 14% after the clothing and accessories retailer disappointed with its fourth-quarter numbers, with dwindling sales forcing a rethink about some of its stores.

Bumble (BMBL) stock dropped 10% after its downbeat quarterly revenue forecast underscored the need for a revamp of the dating-app experience to attract newer generations seeking companionship.

eBay (NASDAQ:EBAY) stock rose 8% after the e-commerce group reported better-than-expected earnings guidance and fourth-quarter results despite facing a "challenging" macroeconomic environment.

Ambarella (NASDAQ:AMBA) stock fell 1.5% after the semiconductor company underscored the potential growth from its automotive and IoT sectors driven by its AI strategy in its results.

Advance Auto Parts (NYSE:AAP) stock rose 5% despite the company swinging to a loss in the fourth quarter as sales declined, boosted by bullish guidance for 2024.

Lemonade (LMND) stock slumped 26% after the insurer warned that it would spend more on growth this year, which would hurt its bottom line.

Boston Beer (NYSE:SAM) stock fell 17% after the brewer said its loss widened and revenue declined in the fourth quarter amid significantly lower shipment volumes, adding that CEO Dave Burwick will retire at the start of April.

UnitedHealth Group (NYSE:UNH) declined 5% following a WSJ report that said the U.S. Justice Department has launched an antitrust investigation into the company.

Coupang (CPNG) climbed 7% after the South Korean e-commerce company's results beat estimates on the top and bottom line.

Additional reporting by Louis Juricic

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