Hot Stocks: BBY climbs on earnings news; AOUT upgrade; LQDA, LCID fall
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Best Buy (BBY) was among the big names in the spotlight during Tuesday's midday trading. Shares rallied after the electronics retailer beat expectations with its latest financial figures.
American Outdoor Brands (NASDAQ:AOUT) received buying interest as well. The stock soared following an analyst's upgrade.
Looking to the downside, Liquidia (LQDA) plunged on a ruling in a patent dispute. Meanwhile, Lucid Group (LCID) lost ground after filing for a potential capital raise.
Gainers
Best Buy (BBY) rallied after the release of its quarterly results, as a sales drop for the electronics retailer was not as sharp as analysts had feared. The stock posted a midday gain of nearly 3%.
The company reported Q2 earnings that topped expectations by more than 19%. Revenue also edged past projections, despite falling 13% from last year to reach $10.3B.
Meanwhile, American Outdoor Brands (AOUT) also showed intraday strength, rising 18% following a bullish turn by B. Riley. The firm raised its rating on AOUT to Buy from Neutral.
In making the upgrade, analyst Eric Wold said that much of the downside risk for the stock is now priced in. "The current valuation does not reflect the opportunity ahead with an elevated outdoor activity participant base and a brand portfolio that may be attractive to other entities," he added.
Decliners
Liquidia (LQDA) dropped nearly 26% in intraday action after an unfavorable ruling in a patent case against United Therapeutics (UTHR). A judge denied a stay request related to the case.
Lucid Group (LCID) also suffered midday selling pressure. Shares dropped 7% after the electric vehicle maker submitted a universal shelf filing that could allow it to raise up to $8B.

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