By Liz Moyer
Investing.com — U.S. stocks gave up their early gains as recession fears took hold. Here are the midday movers for June 23:
United Airlines Holdings Inc (NASDAQ:UAL) 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:RAD) 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:KBH) stock rose 7.7% after the home builder affirmed its 2022 outlook and reported better than expected quarterly results. Executives did say they saw some slowing in the housing market. Funko Inc (NASDAQ:FNKO) 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:OXY) shares fell 0.9% after Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) raised its stake. Oil stocks have been pressured by the decline in crude oil prices, with WTI falling more than 1% on Thursday to around $104 a barrel.
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