Kroger is opening automated warehouses across the country to build a larger and more profitable online grocery business.
Check out the companies that made the headlines on Friday afternoon.
Robinhood – Shares in the trading app fell more than 7% after Goldman Sacks downgraded the stock to sell from neutral. In its updated outlook, the Wall Street company cited declining retail customer engagement rates, continued weakness in account growth and a limited path to short-term profitability.
WD-40 – The lubricants maker reported quarterly results that beat analysts’ expectations, sending shares up nearly 9%. WD-40 reported earnings of $1.41 per share, well above Refinitiv’s consensus estimate of $1.01 per share.
EPAM Systems – The software company’s shares rose 12.5% after EPAM Systems announced it was ceasing operations in Russia. Analysts at Stifel said in a note released late Thursday that they interpreted the decision as “positive as it removes the most visible overbalance.”
Kroger – Shares of the grocery chain jumped nearly 3% after Bank of America upgraded Kroger’s stock rating to Buy from Neutral. The firm believes that Kroger can pass on the cost of rising food prices to customers.
Target – stocks jumped 2.5% in the middle of the day. Barclays called Target on Thursday a top pick in retail, saying the stock is undervalued given its fundamental strength.
UPS – UPS shares fell about 0.8% after Bank of America downgraded the stock, citing “worsening demand.” The bank downgraded eight other transport companies, which it fears will be hurt by falling prices and slowing demand.
HP – The computer maker’s stock fell nearly 3% after UBS downgraded its rating from Buy to Neutral. UBS believes that strong valuations and weak consumer sentiment will limit upside potential for HP. The call came after Warren Buffett’s Berkshire Hathaway bought a large stake in the company this week.
– Yoon Lee and Samantha Subin of CNBC provided reporting.