Stocks making the biggest moves midday: Cisco, BJ's Wholesale, Bed Bath & Beyond, Kohl's and more

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Check out the companies making the biggest moves midday:

Cisco Systems — Shares of the networking equipment producer jumped 5.8%. The company reported earnings after the bell on Wednesday that beat estimates. Cisco also provided a better-than-expected forecast for 2023.

Bed Bath & Beyond — The latest favored meme stock, which has surged in August, dropped over 20%. Investors appeared to be reacting to activist investor Ryan Cohen's filing that he intends to sell his entire stake in the company.

Kohl's — Kohl's shares sank about 5% after the retailer slashed its financial forecast for the year, citing inflation pressures on middle-income customers. The company expects net sales in fiscal 2022 down 5% to 6%, down from a prior range of flat to up 1%. However, Kohl's beat analysts' expectations for fiscal second-quarter profit and revenue.

BJ's Wholesale — Shares of the club retailer popped more than 7% on Thursday after BJ's reported better-than-expected results for the second quarter. The company generated $1.06 in adjusted earnings per share on $5.01 billion of revenue. Analysts surveyed by FactSet were expecting 80 cents per share on $4.67 billion of revenue. The company's comparable sales rose 7.6% year over year, excluding gasoline. BJ's was also upgraded by Bank of America to a buy from neutral.

Elanco Animal Health — Shares of Elanco shed more than 3% after the company was downgraded by Morgan Stanley. The firm shifted the stock to equal weight from overweight citing concerns about future profits.

Verizon — Shares of Verizon slipped 2.7% after MoffettNathanson downgraded it to underperform and slashed its price target. Increased competition from AT&T and T-Mobile is weighing on Verizon and will likely