In this article, we will take a look at the 10 stocks that are trending today. If you want to check out some more stocks that came into the spotlight this morning, go directly to These 5 Stocks are Trending Today.
Chinese search engine giant Baidu, Inc. (NASDAQ:BIDU), consumer electronics retailer Best Buy Co., Inc. (NYSE:BBY) and tech firm Corning Incorporated (NYSE:GLW) came into the limelight this morning.
Shares of Baidu, Inc. (NASDAQ:BIDU) and Best Buy Co., Inc. (NYSE:BBY) were spotted trading on a massive volume after their recent earnings. On the other hand, Corning Incorporated (NYSE:GLW) shares moved up after revealing its plans of building an optical cable manufacturing facility in Arizona.
Many other companies, including Bed Bath & Beyond Inc. (NASDAQ:BBBY) and Photronics, Inc. (NASDAQ:PLAB), were also trending in mid-day trading Tuesday. Check out the complete article below to see what brought these stocks into the spotlight.
10. Conn’s, Inc. (NASDAQ:CONN)
Number of Hedge Fund Holders: 12
Shares of Conn’s, Inc. (NASDAQ:CONN) fell nearly seven percent this morning after missing profit and sales expectations for its fiscal second quarter. The consumer goods retailer reported adjusted earnings of 4 cents per share, well below $1.22 per share in the corresponding period of 2021.
Revenue for the quarter fell 17.1 percent on a year-over-year basis to $346.6 million. Analysts expected Conn’s, Inc. (NASDAQ:CONN) to earn 9 cents per share on revenue of $370.23 million. If we look at its segment-wise sales performance, credit revenue decreased 6.4 percent to $66.8 million, while retail revenue plummeted 19.4 percent to $279.8 million in the quarter.
Among other updates, Conn’s, Inc. (NASDAQ:CONN) said it would postpone or eliminate certain capital investments, such as store launches, to save costs.
Speaking on the results, CEO Chandra Holt said in a statement:
“Challenging macroeconomic conditions continued to pressure consumer spending during our second quarter, which disproportionately affected year-over-year sales to our financial access customer segment and sales of our discretionary product categories. While we entered the second quarter with a cautious outlook for the remainder of the fiscal year, the retail environment has continued to deteriorate prompting us to accelerate our efforts to reduce operating costs, and lower capital expenditures as well continue to maintain conservative credit underwriting.”
9. Bed Bath & Beyond Inc. (NASDAQ:BBBY)
Number of Hedge Fund Holders: 14
Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) fell in mid-day trading Tuesday, just ahead of an investor update scheduled for tomorrow. The New Jersey-based retailer recently stated in a press release that it will conduct a conference call on Wednesday morning to offer a business update to investors.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) added that it intends to better serve customers, grow market share and improve its profitability and cash flow. Bed Bath & Beyond Inc. (NASDAQ:BBBY) will provide insight into strategies and changes it is implementing across the company to turnaround its business.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) is one of the most heavily traded stocks right now. Contrary to today’s drop, the stock gained nearly 25 percent on a massive volume of about 136 million in the previous trading session.
8. Big Lots, Inc. (NYSE:BIG)
Number of Hedge Fund Holders: 14
Shares of Big Lots, Inc. (NYSE:BIG) rose nearly five percent this morning after posting a narrower-than-expected loss for its fiscal second quarter. The Ohio-based retail company reported an adjusted loss of $2.28 per share, while analysts, on average, were looking for a loss of $2.47 per share.
In addition, Big Lots, Inc. (NYSE:BIG) generated revenue of $1.35 billion, down 7.6 percent versus the year-ago period but above the consensus of $1.34 billion. Same-store sales fell 9.2 percent, compared to analysts’ projection for a drop of 9.8 percent.
For the current quarter, Big Lots, Inc. (NYSE:BIG) expects its same-store sales to decrease in the low double-digit range. In addition, the company said it is taking measures to boost its gross margin rate and reduce costs.
7. Lucid Group, Inc. (NASDAQ:LCID)
Number of Hedge Fund Holders: 16
Lucid Group, Inc. (NASDAQ:LCID) came into the spotlight this morning after filing a shelf registration to raise up to $8 billion in capital. The shelf offering would allow the Newark-based electric vehicle (EV) maker to sell various types of securities when needed.
However, Lucid Group, Inc. (NASDAQ:LCID) will decide about the size and price of the offering at the time of sale. The latest development comes at a time when the company is experiencing production delays due to supply chain challenges.
Lucid Group, Inc. (NASDAQ:LCID) trimmed its production target earlier this month, citing logistic hurdles. The company is now looking to manufacture 6,000 – 7,000 vehicles this year, significantly lower than its previous projection of 12,000 – 14,000.
Like Lucid Group, Inc. (NASDAQ:LCID), Baidu, Inc. (NASDAQ:BIDU), Best Buy Co., Inc. (NYSE:BBY) and Corning Incorporated (NYSE:GLW), are also among the top trending stocks on Tuesday.
6. JOYY Inc. (NASDAQ:YY)
Number of Hedge Fund Holders: 18
JOYY Inc. (NASDAQ:YY) swung to a profit in the second quarter. However, its quarterly revenue fell short of estimates amid a drop in the number of paying users on its video-streaming platform. As a result, its shares slipped nearly 5 percent before the opening bell today.
The Singapore-based company reported adjusted earnings of 65 cents per ADS, compared to a loss of 1 cent per ADS in the year-ago period. In addition, JOYY Inc. (NASDAQ:YY) posted revenue of $596.1 million, down from $661.7 million in the comparable period of 2021. Analysts were called for earnings of 20 cents per share on revenue of $603.11 million.
JOYY Inc. (NASDAQ:YY) also disclosed its segment-wise sales results. Its live streaming revenue decreased to $565.2 million, from $629.6 million in the year-ago quarter. The drop was attributed to lower average revenue per paying user at BIGO. In comparison, other revenue slipped 3.8 percent to $30.9 million in the quarter.
If we explore JOYY’s key performance indicators, average mobile monthly active users (MAUs) of Bigo Live jumped 10.6 percent to 32.6 million in the quarter. On the downside, BIGO’s total paying users fell 8.1 percent to 1.45 million.
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Disclosure: None. These 10 Stocks are Trending Today is originally published on Insider Monkey.