Check out the companies making headlines in midday trading.
Micron Technology – Shares of the chipmaker fell 3% after the company issued disappointing fiscal fourth-quarter guidance and said weakening consumer demand will hurt smartphone sales. The warning pulled down other chip stocks, which were among the top decliners in the S&P 500. Western Digital and On Semiconductor lost 3.2% and 6.9%. Nvidia, Qualcomm and Advanced Micro Devices all pulled back by more than 3%.
Kohl’s — The retailer’s stock cratered 19.6% after Kohl’s confirmed a CNBC report that it had ceased talks with Franchise Group, saying that the retail environment has worsened since bidding began. Kohl’s also cut its outlook for the current quarter.
Meta Platforms — Meta Platforms’ shares closed down 0.8% following news that it’s cutting its hiring plans for engineers as it prepares for a potential downturn. CEO Mark Zuckerberg said “one of the worst downturns we’ve seen in recent history” is ahead, according to a recording heard by Reuters.
FedEx — FedEx shares dropped 1.4% after Berenberg downgraded the transportation stock and cut its price target, citing rising inflation pressures ahead.
Intel — Semiconductor stocks declined Friday with shares of Intel falling roughly 3%. Intel delayed plans to start constructing chip factories in Ohio this month, as it waits for Congress to pass legislation giving a boost to the U.S. semiconductor industry.
Coupang — Coupang soared 18% after Credit Suisse upgraded shares of the South Korean e-commerce company to “outperform” from “neutral.”
— CNBC’s Tanaya Macheel and Sarah Min contributed reporting