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Midday movers: Lumen, Bed Bath & Beyond, Alphabet and more

By Liz Moyer

Investing.com -- Stocks were falling on Wednesday as investors pondered the Fed's next move on interest rates. Here are the midday movers for Feb. 8.

  • Lumen Technologies Inc (NYSE:LUMN) stock fell 22.5% after the cloud network company issued a profit outlook that was lower than expectations. It expects adjusted 2023 profit of $4.6 billion to $4.8B versus expectations for $5B.
  • Bed Bath&Beyond Inc (NASDAQ:BBBY) shares fell more than 10% after the struggling home goods retailer announced it had completed the first phase of its stock sale, raising $225 million from a group of investors.

  • Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) shares fell 7.7% after the Google parent demonstrated its generative artificial intelligence technology called Bard, which will be part of its Bing search engine, as Silicon Valley rushes to embrace AI.

  • Uber Technologies Inc (NYSE:UBER) stock rose 3% after the ride-hailing app beat estimates for the recent quarter and said it was improving its competitive position in important markets.

  • Tesla Inc (NASDAQ:TSLA) shares were up 2% after President Joe Biden's State of the Union speech, which highlighted green energy efforts such as the encouragement of electric vehicles. Other EV makers rose, too, including shares of Rivian Automotive Inc (NASDAQ:RIVN), up 1% and Lucid Group Inc (NASDAQ:LCID), up 1.1%.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.