Midday Market Movers: WWE, Bed Bath & Beyond, Costco and More

After WWE announced that founder Vince McMahon is returning to its board of directors and that the company is exploring strategic moves, its stock surged 21%. McMahon stepped down as CEO last year after an investigation into sexual misconduct, but has remained majority shareholder. The Wall Street Journal reported that McMahon is returning to pursue a potential sale of the business.

R1 RCM's shares soared more than 11% after the company raised its revenue outlook for 2023. The company also reaffirmed its projection for full-year 2022, giving investors confidence in its long-term prospects.

Costco Wholesale's shares rose by more than 6% after the company reported strong sales figures for December. Costco posted net sales of $23.8 billion in December 2022, an increase of 7% compared to the previous year. Evercore ISI also added Costco to its "fab five" list, saying it is a defensive stalwart.

First Solar's stock prices rose by more than 4% after Wells Fargo upgraded its rating to "overweight." The investment bank cited Europe's energy crisis and the Inflation Reduction Act in the United States as reasons why demand for solar energy is likely to increase.

Bed Bath & Beyond shares plunged 20% after the retailer warned it was running out of cash and was considering bankruptcy. This prompted KeyBanc to cut its price target by 95% to 10 cents per share from $2.

Tesla's shares rose by 0.9% after falling to their lowest level in roughly two years earlier in the day. The company lowered prices for its Model 3 and Model Y vehicles in Asia.

Shares of Silvergate Capital, a crypto-focused bank, fell 13% on Thursday, adding to its 42% loss from the previous day. JPMorgan downgraded SI to neutral from overweight, citing Silvergate's worse-than-expected deposit outflows and calling into question the company's long-term profitability.

Greenbrier Companies' shares fell more than 13% after the company's latest quarterly earnings missed analyst estimates. Although revenue beat expectations, CEO Lorie Tekorius said higher costs for outsourced parts and materials shortages hurt manufacturing margins.

Agilent Technologies' shares dropped by more than 4% after the company announced that it would be partnering with Akoya Biosciences to develop solutions for tissue analysis. Akoya's shares rose by more than 5% in response to the news.

MGM Resorts International's stock rose more than 4% after Stifel upgraded the company from hold to buy. Stifel believes that MGM will benefit from a strong recovery in Las Vegas.

Voya Financial stock gained 4.4% following JPMorgan's upgrade to overweight from neutral. The firm cited Voya's lower-risk business, ability to generate capital, and valuation as pluses.

Doximity's stock took a hit after Morgan Stanley downgraded the company to "underweight" from "equal weight." According to FactSet's StreetAccount, the investment bank believes there will be a further slowdown in growth in the healthcare digital ad space in the year ahead.