Here’s a look at the companies making headlines in midday trading: Bath & Body Works — Bath & Body Works is down 14% on its worst day of 2021. Provided disappointing second-quarter guidance. Bath & Body Works is expected to earn between 31 cents and 36 cents per share, below the FactSet estimate of 38 cents per share. After Carnival Cruise Line announced that it will merge P&O Cruises Australia into Carnival Cruise Line, the company’s share price rose 4.8%. The company said it was the latest in a series of strategic moves aimed at increasing production capacity at its flagship brands. GameStop — Meme shares fell about 5% after rising 21% on Monday. The rally was sparked by GameStop champion Keith Gill, better known as Roaring Kitten, who shared a screenshot of his portfolio showing 5 million shares of common stock and 120,000 call option contracts. He appears to be holding his ground after Monday’s gains. GameStop closed off its highs on Monday after the Wall Street Journal reported that Gill’s brokerage, E-Trade, was discussing whether to ban him from the platform over concerns about potential market manipulation. Saia — Shares of Saia rose 7.7% after the trucking company reported an increase in less-than-truckload volume per business day in April and May compared with the same period last year. Shares of other freight companies Old Dominion Freight Line and XPO rose about 4% and 2%, respectively. Maxeon Solar Technologies — Goldman Sachs downgraded Maxeon Solar on Tuesday and lowered its price target to $1, sending shares down about 5%. Goldman Sachs said existing shares could be diluted as the company undergoes a debt restructuring and relies on equity investments from its largest shareholder, TZE, to shore up its liquidity. ENERGY – Energy stocks came under pressure on Tuesday as oil prices plunged after OPEC+ announced plans to phase out 2.2 million barrels per day of production cuts from October 2024 to September 2025. Shares of Exxon Mobil and Diamondback Energy fell about 2%, while Chevron shares fell more than 1%. Stanley Black & Decker — Industrial stocks fell 2.8% after Barclays downgraded the industrial stock to equal weight from overweight. Analyst Julian Mitchell believes the company’s profit expectations look too high and believes its sales and production numbers could face some downward pressure from bulging inventories. Flutter Entertainment — Shares of Flutter Entertainment rose more than 1.1% after Oppenheimer launched the sports betting company with an outperform rating. Analyst Jed Kelly cited the company’s structural advantage over peers and top-tier U.S. winning streak as catalysts. Boot Barn — Shares of Boot Barn rose nearly 3% after the Western apparel company reported same-store sales growth of 1.4% in the first nine weeks of its fiscal first quarter. Boot Barn had previously expected same-store sales to decline. —CNBC’s Samantha Subin, Michelle Fox, Yun Li, Pia Singh and Lisa Han contributed reporting.
