Ambarella (AMBA), Bed Bath & Beyond (BBBY) – HP, Ambarella, Bed Bath & Beyond And Other Big Losers From Wednesday

U.S. stocks closed lower with the Dow Jones dropping around 280 points on Wednesday. Here is the list of some big stocks moving lower in the previous session.

• Daktronics, Inc. DAKT dropped 22.1% to close at $3.20 after the company reported worse-than-expected Q1 EPS and reported a 6.3% year-over-year drop in orders.
• Bed Bath & Beyond Inc. BBBY shares fell 21.3% to close at $9.53 after the company issued Q2 sales guidance below analyst estimates and guided a Q2 comparable sales decline of approximately 26%. The company also announced cost optimization plans, which include job cuts and a discontinuation of three of its nine labels. Additionally, the company filed for a stock shelf offering.
• Ambarella, Inc. AMBA dropped 19.7% to close at $67.88 after the company reported Q2 earnings results and issued guidance. Summit Insights Group downgraded the stock from Buy to Hold.
• Big Lots, Inc. BIG dipped 14.6% to settle at $20.57. Big Lots recently reported better-than-expected Q2 EPS and sales results.
• JOANN Inc. JOAN dropped 10.7% to close at $7.10 after B of A Securities downgraded the stock from Neutral to Underperform.
• PVH Corp PVH shares tumbled 10.5% to settle at $56.25 as the company reported a decline in Q2 earnings, announced job cuts and issued weak outlook. The company said it now sees revenue dropping this year, versus a prior forecast projection for a gain. PVH also announced the resignation of Trish Donnelly, CEO of PVH Americas & Calvin Klein Global.
• TAL Education Group TAL declined 8.4% to settle at $5.78.
• Chewy, Inc. CHWY dropped 8.2% to close at $34.33 after the company reported worse-than-expected Q2 sales results.
• HP Inc. HPQ fell 7.7% to close at $28.71 after the company reported weaker-than-expected sales results for its third quarter and lowered its full-year earnings guidance.
• Grab Holdings Limited GRAB fell 6.9% to close at $2.85.
• IHS Holding Limited IHS declined 6.5% to settle at $6.48.
• Novavax, Inc. NVAX fell 6.2% to close at $33.04 in possible reaction to competitor Moderna receiving FDA authorization for emergency use of its Omicron-targeting COVID-19 booster. Pfizer and BioNTech were also granted Emergency Use Authorization for their BA.4/BA.5-adapted Bivalent COVID-19 booster.
• Best Buy Co., Inc. BBY declined 5.6% to settle at $70.69. Morgan Stanley maintained Best Buy with an Equal-Weight and lowered the price target from $82 to $80.
• Best Buy recently reported better-than-expected Q2 EPS and sales results.
• The Gap, Inc. GPS dropped 5.5% to settle at $9.14. Cowen & Co maintained Gap with a Market Perform and lowered the price target from $12 to $10.