Stocks making the biggest moves midday: Apple, CarMax, Coinbase, Peloton and more

cnbc.com:

Check out the companies making headlines in midday trading.

Apple — The big technology stock shed 5% following a rare downgrade by Bank of America. The bank downgraded shares of the iPhone maker to neutral and cut its price target to $160 a share from $185, citing macroeconomic challenges ahead.

CarMax — The used auto dealer's shares plummeted 23.2% after it released second-quarter earnings below analyst expectations before the bell. The company's earnings per share dropped to $0.79, down about 54% from a year ago.PG&E — Shares of the utility company were down about 1.8% after the company asked California regulators for permission to make its non-nuclear generating assets a separate subsidiary.

Coinbase — Coinbase shares slid 8% after Wells Fargo initiated coverage of the cryptocurrency company with an underweight rating and said a tough economic environment could hurt shares and profitability going forward.

Bed Bath & Beyond — Shares of the home retailer shed more than 8% Thursday after the company reported a wider-than-projected quarterly loss and a 28% decline in sales for its most recent quarter. It also reported a steep drop in sales for Buybuy Baby, which has been a bright spot for Bed Bath, against tough comparisons.

Peloton — Shares of Peloton tumbled about 15% after the company announced it will sell its equipment at Dick's Sporting Goods, a deal that marks its first brick-and-mortar partnership. Peloton has been struggling to expand its customer base and stem its losses as people return to life outside their homes, after its share price ballooned in the pandemic.

Occidental Petroleum — The energy stock jumped 1.4%, bucking the downtrend in the broader market after Warren Buffett's Berkshire Hathaway added to