Midday Movers: Bed Bath & Beyond, Chewy, Snap and More

2022.08.31 21:34

By Liz Moyer

Investing.com — U.S. stocks were down for a fourth-straight day on Wednesday ahead of Friday’s jobs report. Here are the midday movers for Aug. 31:

• Bed Bath & Beyond Inc (NASDAQ:BBBY) shares tumbled 22% after its strategic plan was outlined, including plans to cut 20% of its jobs and close 150 stores.
• Chewy Inc (NYSE:CHWY) stock fell 9% after it offered weak guidance for the quarter underway and said inflation would likely cut into consumer spending on pet products.
• Snap Inc (NYSE:SNAP) shares rose 8.7% after the social media company confirmed plans to cut 20% of its workers and shut down several projects amid a downturn in digital advertising.
• PVH Corp (NYSE:PVH) shares fell 9% after the owner of Calvin Klein also announced plans to cut workers and offered a muted outlook amid economic challenges.
• Moderna Inc (NASDAQ:MRNA) and Pfizer Inc (NYSE:PFE) shares both slid after the FDA gave approval for their Omicron updated booster shots. Moderna shares fell 2.5% and Pfizer was down 1.2%. The shots should roll out once the CDC offers its own approval.

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