Kroger is opening automated warehouses around the country to build a larger and more profitable online grocery business.
Check out the companies making headlines in midday trading Friday.
Robinhood – Shares of the trading app dropped more than 7% after Goldman Sacks downgraded the stock to sell from neutral. The Wall Street firm cited softening retail engagement levels, continued weakness in account growth and a limited path to near-term profitability for its updated outlook.
WD-40 – The lubricant maker reported quarterly results that beat analyst expectations, sending the stock up nearly 9%. WD-40 reported a profit of $ 1.41 per share, easily beating a Refinitiv consensus estimate of $ 1.01 per share.
EPAM Systems – Shares for the software company surged 12.5% after EPAM Systems said it would terminate its operations in Russia. Stifel analysts said in a late Thursday note that they interpreted the decision as “positive as it removes the most visible overhang.”
Kroger – Shares for the grocery chain jumped nearly 3% after Bank of America upgraded Kroger’s stock to buy from neutral. The firm believes Kroger can pass on the cost of rising food prices to customers.
Target – Shares jumped 2.5% in midday trading. Target on Thursday was named a top pick in retail by Barclays, which said the stock is undervalued given its fundamental strength.
UPS – UPS shares dipped about 0.8% after Bank of America downgraded the stock, citing “deteriorating demand.” The bank downgraded eight other transport companies it worries will take a hit from falling prices and slowing demand.
HP – Shares for the computer maker declined nearly 3% after UBS downgraded the stock to neutral from buy. UBS believes high valuations and weak consumer sentiment will limit upside for HP. The call comes after Warren Buffett’s Berkshire Hathaway purchased a major stake in the company this week.
– CNBC’s Yun Li and Samantha Subin contributed reporting