Check out the companies making headlines in midday trading.

Bed Bath & Beyond – Shares of the big-box retailer plunged 23% after the company slashed its revenue and earnings outlook amid supply chain challenges and inflation. Bed Bath & Beyond cited a steep drop-off in shopper traffic in August. The stock has wiped out its jaw-dropping meme-stock rally in 2021, falling over 4% on the year. Other retail stocks including Gap, Newell Brands and Bath & Body Works declined as well.

Kohl’s – Kohl’s shares sunk over 13% after Bank of America double-downgraded the stock to an underperform rating from buy, citing persistent supply chain problems. Also, the firm lowered its price target from $75 to $48 per shares.

CarMax – Shares of the used vehicle retailer tanked 11% after reporting disappointing quarterly earnings. Analysts expected CarMax to earn $1.90 per share. CarMax’s earnings were $1.72 per share. The 6.2% increase in used car sales was lower than the forecast of 7.3%.

Virgin Galactic – Virgin Galactic shares soared more than 10% a day after the Federal Aviation Administration cleared the space travel company to resume launches after concluding a probe of an incident during a flight July 11. Virgin Galactic was found to have deviated form its flight plan by the FAA. The FAA did not inform the agency about the incident as it required.

Philip Morris International, Altria – Shares of Philip Morris and Altria fell about 5% and more than 6%, respectively, after the U.S. International Trade Commission ordered the two companies to stop the sales and imports of their Iqos tobacco device. R.J. Reynolds claimed the Iqos product had infringed upon its patents. R.J. Reynolds was the opponent. This case will now be subject to an administrative review.

Lordstown Motors – The electric truck maker’s shares jumped about 7% after Bloomberg reported it’s close to a deal to sell its Ohio car factory for an undisclosed amount to Taiwan’s Foxconn Technology. Lordstown had bought the plant from General Motors less than two years ago.

McCormick – McCormick shares retreated 1.8% even after the spice maker’s quarterly earnings report beat Wall Street expectations. With revenue slightly higher than projections and adjusted quarterly earnings at 80 cents each share, the company beat estimates by 8cents. McCormick did however reduce its full year earnings outlook due to logistics and inflation.

Paychex – Payroll services company Paychex saw its share price increase about 5% after it reported strong quarterly earnings and revenue as clients’ employees began returning to in-office work. It also improved its outlook for the next year.

Nvidia, Electronic Arts – Shares of Nvidia and Electronic Arts rallied about 1.2% and 3.9%, respectively after the companies announced Electronic Arts would put more of its video games on Nvidia’s cloud gaming service.

Advanced Micro Devices – Shares of AMD gained 3% after the semiconductor company announced it would expand its collaboration with Google Cloud.

Starbucks – Shares of Starbucks fell 1.2% after Atlantic Equities downgraded the coffee chain stock to a neutral from outperform. Starbucks said that wage inflation in China and growing concerns about China could have a negative impact on its profit.

— CNBC’s Maggie Fitzgerald, Yun Li and Tanaya Macheel contributed reporting