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Check out the companies making the biggest lunch moves:
lululemon – Lululemon shares fell 12% after the athletic apparel company reported a weaker-than-expected fourth-quarter outlook. In the third quarter, the company beat Wall Street expectations on both the top and bottom lines.
Beyond the flesh – Beyond Meat stock fell more than 8% after being downgraded by Argos to sell from hold. Company analysts pointed to declining demand amid weak economic conditions.
Broadcom – Broadcom gained 3.1% after forecasting upbeat earnings and reporting better-than-expected quarterly results after Thursday’s open. The chipmaker also raised its dividend by 12.2% and said it would resume stock buybacks.
Tesla – Tesla stock was up more than 4%, with some of the losses it suffered this week. Reuters reported on Friday that the electric vehicle maker will suspend assembly of the Model Y at its Shanghai plant between December 25 and January 1.
the caravan – Shares of Caruana rose 2% after creditors told The Wall Street Journal they don’t expect the online car seller to file for bankruptcy anytime soon. Those creditors join forces earlier this week amid reports that the company wants to restructure its debt. Carvana had seen success during the pandemic, but rising interest rates and weak car demand have hurt its performance.
Netflix – Netflix gained 5% after being named a “best view” for 2023 by Cowen and upgraded from equal weight to overweight by Wells Fargo. Cowen said it sees free cash flow growing next year, while Wells Fargo said content growth will offset customer churn.
RH – RH, formerly known as Recovery Hardware, grew 4.5% after reporting third-quarter earnings-per-share and revenue that beat expectations. However, the retailer also said it expects business trends to worsen.
Coinbase – Shares of the crypto-services company fell 2.6% to Coinbase’s lows after Mizuho said the price could drop another 30%. Crypto equities like Coinbase are under pressure along with cryptocurrency prices, as investors digest the macro picture and recent developments in FTX.
Document token – Shares of DocuSign jumped 16% after the electronic signature company posted impressive quarterly results. It reported better-than-expected billings, subscription renewals and additional sales to existing customers.
Costco – The wholesaler gained 1.6% after Cowen called the stock an “outperform view” ahead of 2023, noting the company’s focus on value could be a winning strategy as buyers look at price. They are very smart about it.
AmerisourceBergen – AmerisourceBergen fell 2.7% after Walgreens sold about $1 billion in shares of the drug distributor. Walgreens remains its largest shareholder, its stake now down from 20% to 17%.
to say – The Brazil-based mining company rose 3.5% after Morgan Stanley upgraded the stock to overweight from equal weight, citing a “cocktail” of positive catalysts such as price movement for iron ore and China’s Departure from covid-zero policy.
Bath and Body Works – Shares of Bath & Body Works rose 2.1% after activist investor Dan Loeb increased his stake in the retailer. Loeb said he may push for a board charge to improve governance issues at the company.
— CNBC’s Carmen Reinick, Alexander Herring, Tanya Mitchell and Christina Cheddar-Burke contributed reporting.