Midday Movers-Broadcom, Lululemon Athletica, Starbucks and More

2022.09.02 20:49

U.S. stocks lost steam and turned negative after Friday’s jobs report met expectations. Here are the midday movers for Sept. 2:

• Broadcom Inc (NASDAQ:AVGO) shares rose 2.4% after a positive earnings report and guidance, as the company sees business investment in chips continuing to drive demand.
• Lululemon Athletica Inc (NASDAQ:LULU) shares jumped 9% after the athleisure apparel maker reported strong earnings and guidance and confirmed affluent shoppers are continuing to spend despite inflation.
• Starbucks Corporation (NASDAQ:SBUX) shares fell 1.9% after the coffee chain named a CEO to succeed Howard Schultz. Laxman Narasimhan, from consumer products giant Reckitt, will take over the role in April.
• Peloton Interactive Inc (NASDAQ:PTON) stock fell 7% after UBS cut its price target to $8 from $13, keeping a sell rating.
• Exxon Mobil Corp (NYSE:XOM) shares rose 2% ahead of Monday’s meeting of OPEC members, as West Texas Intermediate drifted lower to around $87 a barrel.

Source