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Bed Bath & Beyond, Fate, WWE, Greenbrier, and More Stock Market Movers Today -- Barrons.com

Barron's · 01/06/2023 16:16
By Joe Woelfel and Emily Dattilo

Stocks traded sharply higher Friday after the U.S. jobs report for December topped expectations, but there were some signs of weakening in the labor market.

These stocks made moves Friday:

Bed Bath & Beyond (ticker: BBBY) is preparing to file for bankruptcy within weeks, The Wall Street Journal reported, citing people with knowledge of the matter.

The struggling retailer warned Thursday there was "substantial doubt about the company's ability to continue." It issued preliminary fiscal third-quarter sales of $1.26 billion, down 33% from a year earlier.

The stock fell nearly 30% on Thursday. On Friday, it was down another 22% to $1.33.

Fate Therapeutics (FATE) sank 61% after the stem-cell company ended a collaboration with Janssen Biotech and said it was cutting its work force. Analysts on Wall Street downgraded the stock.

World Wrestling Entertainment (WWE) jumped 17% after a new filing revealed Vince McMahon, the majority owner and former chief executive of the company, will be added to the company's board, effective immediately, and WWE said it was exploring "strategic alternatives." McMahon retired last summer amid a misconduct probe.

Greenbrier (GBX) shares sank 18% after the maker of freight rail cars and marine barges posted a significant first-quarter earnings miss.

Silvergate Capital (SI) dropped 2.8% Friday -- after plunging nearly 43% on Thursday -- following the crypto bank's disclosures that deposits dropped by $8.1 billion in the fourth quarter. Analysts at J.P. Morgan downgraded Silvergate to Neutral from Overweight with a price target of $14, down from $30.

"There is no way to sugar coat that what the company released as the preliminary results were far worse than we expected and with near- as well as longer-term implications to the business," analysts led by Steven Alexopoulos at J.P. Morgan wrote in a note on Friday.

Costco (COST) gained 7.3% after the warehouse retailer said net sales in December jumped 7% to $23.8 billion, while same-store sales rose 5.5%.

Sunrun (RUN), Sunnova Energy (NOVA) and First Solar (FSLR) were upgraded to Overweight from Equal Weight by an analyst at Wells Fargo who said he was confident in the future of clean energy. Sunrun gained 2.1%, Sunnova was up 3.3%, and First Solar gained 7.8%.

Baxter International (BAX) shares dropped 7.8%. The medical equipment company said in a filing that it plans to spin off its renal care and acute therapies businesses into a publicly traded company. Shares of Baxter were downgraded to Equal Weight from Overweight by analysts at Morgan Stanley.

Tesla (TSLA) rose 2.5%. The electric-vehicle maker has slashed prices in China for the second time in three months. On Thursday, Tesla said it delivered fewer cars made in China in December than it did the prior month.

Write to Joe Woelfel at joseph.woelfel@barrons.com and Emily Dattilo at emily.dattilo@dowjones.com

(END) Dow Jones Newswires

January 06, 2023 16:16 ET (21:16 GMT)

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