GIS - Hot Stocks: BBBY plunges on earnings CEO change; GIS sets high; TWOU rallies; BKNG hits 52-week low

Stocks ended a choppy session with a mixed performance on Wednesday. Meanwhile, continued worries about an eventual recession pushed Treasury yields sharply lower.

While overall trading on Wall Street remained cautious, 2U ( TWOU ) saw a substantial rally on the session. Shares advanced by nearly a fifth following reports of a takeover offer.

General Mills ( GIS ) also made the list of standout gainers. Shares of the packaged food maker reached a 52-week high following the release of strong earnings figures.

Quarterly results had the opposite impact on Bed Bath & Beyond ( NASDAQ: BBBY ). Weighed down by a weak report and a change in its top executive, the stock lost almost a quarter of its value.

Meanwhile, renewed concerns about the travel industry weighed on Booking Holdings ( BKNG ), which fell to a new 52-week low.

Standout Gainer

Shares of 2U ( TWOU ) jumped after the educational technology firm received a buyout offer, with the stock soaring 17% on the session.

According to The Print, India-based online education provider Byju has submitted a bid worth about $15 per share in cash. The total value of the offer tops $1B.

TWOU closed Wednesday's trading at $10.92, a gain of $1.62 on the session. In recent weeks, shares have come off a 52-week low of $7.28 set earlier this month.

Still, even with the M&A speculation, the stock remains sharply lower over the past year. TWOU has fallen about 74% since the same time in 2021.

Standout Loser

Disappointing earnings and a major leadership shake up sparked selling in Bed Bath & Beyond ( BBBY ). The home products retailer saw its stock plunge almost 24% after announcing the departure of its CEO .

The company revealed that chief executive Mark Tritton will step down from his position, with independent board member Sue Gove taking over on an interim basis. The firm also named a new chief merchandising officer.

The C-Suite change came as the company revealed a wider-than-expected loss for Q1, with sales that tumbled 25% from last year. Gross margins also contracted significantly.

The news sent BBBY lower by $1.54, with the stock finishing the session at $4.99. During the day, shares also reached an intraday 52-week low of $4.90.

Friday's retreat was part of a longer-term downtrend for the stock. While it saw a recovery attempt during late February and most of March, the stock has been steadily retreating over the past three months.

All told, BBBY has dropped 85% over the past year.

Notable New High

The release of quarterly results allowed General Mills ( GIS ) to set a new 52-week high. Shares of the packaged food maker also received support from a raised dividend, ending the session higher by more than 6%.

Best known as the maker of cereals like Cheerios and Chex, GIS reported a quarterly profit that beat expectations by more than 10%. Sales also exceeded projections, rising 8% to $4.89B.

The company navigated a difficult inflationary environment during the quarter, featuring "double-digit input cost inflation" and "supply chain deleverage." As a result, the company faced gross margin contraction.

GIS also raised its dividend by 6%.

Based on the earnings report, GIS rallied $4.43 to close at $74.72. The advance added to a recent upswing, with the stock pushing above its previous 2022 closing peak. Shares, which have climbed about 11% year to date, also established a new intraday 52-week high of $75.

Notable New Low

Worries about the health of the travel sector re-emerged on Wednesday, pulling down shares of Booking Holdings ( BKNG ). The stock dropped about 1.5% on the session, reached a new 52-week low.

Morgan Stanley lowered estimates on cruise operator Carnival, saying the bear case for the stock could see shares fall to $0. Amid this environment of concern for the sector, which has recovered dramatically from its COVID lows but currently faces the prospects of a cooling economy, a host of other travel stocks dipped. This included Expedia ( EXPE ) and Tripadvisor ( TRIP ), which fell by nearly 2% and 3%, respectively.

For BKNG, the downward pressure took the stock to an intraday 52-week low of $1,760. It recovered a bit by the close, ending the session at $1,810.33, a retreat of $28.09. TRIP also set a fresh low, while EXPE remained off a nadir reached last week.

For more of the day's biggest winners and losers, head over to Seeking Alpha's On The Move section .

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