Micron, Kohl’s, Meta Platforms and extra

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Check out the businesses making headlines in noon buying and selling.

Micron Technology – Shares of the chipmaker fell 3% after the corporate issued disappointing fiscal fourth-quarter steerage and mentioned weakening client demand will harm smartphone gross sales. The warning pulled down different chip shares, which had been among the many high decliners within the S&P 500. Western Digital and On Semiconductor misplaced 3.2% and 6.9%. Nvidia, Qualcomm and Advanced Micro Devices all pulled again by greater than 3%.

Kohl’s — The retailer’s inventory cratered 19.6% after Kohl’s confirmed a CNBC report that it had ceased talks with Franchise Group, saying that the retail atmosphere has worsened since bidding started. Kohl’s additionally reduce its outlook for the present quarter.

Meta Platforms — Meta Platforms’ shares closed down 0.8% following information that it is slicing its hiring plans for engineers because it prepares for a possible downturn. CEO Mark Zuckerberg mentioned “one of many worst downturns we have seen in current historical past” is forward, in line with a recording heard by Reuters.

FedEx — FedEx shares dropped 1.4% after Berenberg downgraded the transportation inventory and reduce its value goal, citing rising inflation pressures forward.

Intel — Semiconductor shares declined Friday with shares of Intel falling roughly 3%. Intel delayed plans to begin establishing chip factories in Ohio this month, because it waits for Congress to go laws giving a lift to the U.S. semiconductor trade.

Coupang — Coupang soared 18% after Credit Suisse upgraded shares of the South Korean e-commerce firm to “outperform” from “impartial.”

— CNBC’s Tanaya Macheel and Sarah Min contributed reporting

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