United Airlines, Rite Aid, KB Home and More By Investing.com

Β© Reuters.

By Liz Moyer

Investing.com – US stocks gave up their early gains as recession fears took hold. Here are the midday movers for June 23:

  • United Airlines Holdings Inc (NASDAQ πŸ™‚ stock fell 4.8% after the carrier said it was cutting 12% of domestic flights out of Newark’s Liberty International Airport to reduce delays as the industry struggles with labor shortages amid a surge in travel demand.
  • Rite Aid Corporation (NYSE πŸ™‚ stock rose 14.8% after the drug-store chain raised its outlook, citing an increase in the usage of higher cost drugs. It expects 2022 revenue in a range of $ 23.6 billion and $ 24 billion compared with an earlier outlook of $ 23.1 billion to $ 23.5 billion.
  • KB Home (NYSE πŸ™‚ stock rose 7.7% after the home builder affirmed its 2022 outlook and reported better than expected. Executives did say they saw some slowing in the housing market.
  • Funko Inc (NASDAQ πŸ™‚ shares rose 11% after JPMorgan raised its rating on the bobblehead maker to overweight from neutral, calling the toy sector a safe haven in the current climate.
  • Occidental Petroleum Corporation (NYSE πŸ™‚ shares fell 0.9% after Warren Buffett’s Berkshire Hathaway (NYSE πŸ™‚ raised its stake. Oil stocks have been pressured by the decline in prices, with WTI falling more than 1% on Thursday to around $ 104 a barrel.

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