Walmart, Shopify fall; 3M, GE rise
Stocks that traded heavily or had substantial price changes Tuesday:
Shutterstock Inc., down $4.68 to $54.40.
The stock images and video provider posted second-quarter sales and profit that missed Wall Street expectations.
Walmart Inc., down $10.04 to $121.98.
The retail giant cut its profit outlook, saying rising prices for food and gas are forcing shoppers to cut back on higher-margin goods.
3M Co., up $6.63 to $140.75.
The maker of Post-it notes reported second-quarter earnings that beat Wall Street’s forecasts and said it will spin off its health care business.
General Electric Co., up $3.15 to $71.51.
The industrial conglomerate’s strong results were fueled by strong sales and improved margins at its aviation business.
Hubbell Inc., up $8.55 to $204.08.
The seller of lighting fixtures delivered second-quarter earnings and revenue that exceeded analysts’ forecasts and raised its full-year guidance.
Shopify Inc., down $5.16 to $31.55.
The online store will cut about 1,000 employees as it reckons with an unexpected sales downturn after pandemic-fueled growth.
Aaron’s Co., down $2.37 to $13.13.
The Atlanta-based lease-to-own appliance store lowered its profit guidance and warned it expects inflation to hurt demand.
Coinbase Global Inc., down $14.14 to $52.93.
The cryptocurrency trading platform is facing a Securities and Exchange Commission probe over its cryptocurrency listings, according to a report.