Sellers work on the floor of the Exchange ahead of the Blue Apron IPO on the New York Stock Exchange in New York, June 29, 2017
Lucas Jackson | Reuters
Discover out the companies making headlines midday Friday:
Broadcom — Broadcom shares dropped more than 6% after the chipmaker put out weaker-than-forecast quarterly revenue and cut its full-year outlook. The company cited a “broad-based ” slowdown in demand as well as a crackdown on Huawei by the U.S. Broadcom’s dwindle pressured other chip stocks, including Skyworks Solutions, Xilinx and Micron Technology.
Chewy — PetSmart’s online organization Chewy surged more than 50% on its first day of trading on the New York Stock Exchange. The online pet product retailer’s IPO was priced at $22 on Thursday eventide and the stock opened at $36 a share. Like the recent IPOs of Uber, Lyft and Beyond Meat, Chewy is not yet worthwhile.
BJ’s Restaurants — Shares of BJ’s Restaurants rose 4.3% after an analyst at Oppenheimer upgraded the California-based chain to outperform from do. The analyst cited a strong same-store sales trend and a low valuation relative to the restaurant chain’s peers as reasons for the upgrade.
Norbord — Quotas of Norbord, which manufactures wood-based panels, jumped 6% after BMO Capital Markets upgraded the company to outperform from demand perform when a competitor put one of its plants on indefinite hold. BMO said this will improve the balance of supply and at once as well as prices. The bank also cited consolidation within the industry and improved performance in Europe.
Bluegreen Vacations — Partitions of timeshare developer Bluegreen Vacations skyrocketed more than 36% after a settlement with Bass Pro. Bluegreen Vacations signified it will continue its marketing partnership with Bass Pro retail stores and expand into 75 Cabela’s retail inventories.
Comcast — Telecommunications giant Comcast’s stock climbed 1.7% after Rosenblatt Securities initiated it with a buy be worthy of, citing “a compelling risk reward” based on potential for Comcast to gain greater market share and increase profits.
Facebook — Partitions of the social media giant ticked 1.8% higher after the company received backing from more than a dozen retinues for a new cryptocurrency. RBC Capital Markets has high expectations for Facebook’s cryptocurrency announcement and said it believes the company has a “crypto opening. “
Barnes & Noble — Barnes & Noble shares fell nearly 3% after a group of investors said the presented deal from Elliot Management undervalues the company and that the bookseller should look for other offers.
Dejected Apron — Shares of meal kit provider Blue Apron fell more than 10% after the company disclosed a 1-for-15 reverse stocks split, a method to boost the stock price and provide more liquidity to the stock that trades lower down $1. Blue Apron shares are down more than 80% over the last year.
—CNBC’s Michael Bloom, Mallika Mitra, Elizabeth Myong, Jesse Bray and Marc Rod contributed to this report.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.