Micron Platform, Kohl’s, Meta and extra

Check out the companies that make headlines in midday trading.

Micron Technology The chip maker’s stock fell about 6% after the company Issues disappointing fourth quarter financial guidance and said weakening consumer demand will affect smartphone sales. The warning dragged other chip stocks, which were among the biggest losers in the S&P 500. Western Digital and On Semiconductor both lost more than 5%. Nvidia, Qualcomm and Advanced Micro Devices all fell more than 3%.

Kohl’s – Retailer shares rise 21% after Kohl’s confirm a CNBC report that they have stopped negotiating with Franchise groupsays the retail environment has gotten worse since the bidding started. Kohl’s also cut its outlook for the current quarter.

Meta . Platform – Shares of Meta Platforms fell 2.8% after news that they cut back on hiring engineers as it prepares for a potential recession. Chief Executive Officer Mark Zuckerberg said “one of the worst recessions we’ve seen in recent history” is ahead, according to an audio recording heard by Reuters.

FedEx – FedEx shares fell 3.8% after Berenberg downgrades transportation stock and cut its price target, citing increased inflationary pressures ahead.

Intel – Semiconductor stocks fell on Friday with shares of Intel down more than 3%. Intel delayed plans to start building chip plants in Ohio this month, because it’s waiting Congress Passes Law to Boost U.S. Semiconductor Industry.

Coupang – Coupang rose 11.7% after Credit Suisse upgraded shares of the Korean e-commerce company to “outperform” from “neutral”.

– CNBC’s Tanaya Macheel and Sarah Min contributed reporting

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