Hot Stocks: BYND, EXPE fell on analyst comments; KR earnings; RDBX continues volatility

While the overall market focused on macro issues, like the economy and interest rates, a few individual stocks moved on corporate news during Thursday’s midday trading.

Kroger (KR) slipped following the release of its quarterly results. Meanwhile, Beyond Meat (NASDAQ:BYND) and Expedia (EXPE) both dropped in the wake of analyst comments.

On the upside, Redbox (RDBX) bucked the overall negative sentiment on Wall Street, continuing its recent volatility with another double-digit percentage advance.

Decliners

Kroger (KR) edged down following the release of its quarterly results. The stock dipped 1% in midday trading amid some margin concerns.

However, the decline was less pronounced than the overall market, with the S&P 500 down more than 3%. Even with the margin worries, the company topped expectations with its top and bottom lines and raised its forecast for 2022.

Meanwhile, Beyond Meat (BYND) also posted midday weakness. Shares retreated nearly 7% after BTIG indicated that the firm’s meat-substitute product came up short in a test at McDonald’s (MCD).

“Our recent franchise checks indicated the McPlant market tests at McDonald’s (MCD) were disappointing, coming in at or below the low-end of sales projections,” BTIG analyst Peter Saleh wrote.

Elsewhere, an analyst comment also weighed on Expedia (EXPE). Shares of the travel booking company dropped 7% after Citi slashed its estimates amid macroeconomic uncertainty.

Gainer

Redbox (RDBX) posted a notable advance, continuing the volatility that marked its trading recently. Shares rose 13% in intraday action, adding to a nearly 9% gain posted the day before.

However, this recent rally has only regained some of the losses posted during a 34% plunge that took place on Tuesday — itself a shift of direction following massive gains in four of the previous five sessions.

RDBX has nearly doubled since its close on June 3, climbing 94% over that span. Much of the upswing has been attributed to an apparent short squeeze.

For more on the day’s biggest winners and losers, head over to Seeking Alpha’s On The Move section.

Harry Byrne

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