Stocks making the biggest moves midday: FedEx, Adobe, Boeing and more
FedEx received its first five of an order of 500 electric Light Commercial Vehicles (eLCVs) from BrightDrop.
Check out the companies making headlines in midday trading.
FedEx – Shares of the delivery giant slid about 21.4% after the company preannounced disappointing results for the recent quarter, citing weakness in global shipment volumes, and several Wall Street analysts downgraded the stock. CEO Raj Subramaniam said he expects the economy to enter a “worldwide recession” on CNBC’s “Mad Money” Thursday. FedEx dragged its peers UPS and XPO Logistics down about 8.3% and 4.7%, respectively.
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International Paper Co. – Shares dropped more than 11% after Jefferies downgraded the stock from hold to underperforming as the paper services industry struggles with a glut of containerboard and sliding demand.
Uber – The ride-sharing service saw shares fall about 3.6% after it said it’s investigating a cybersecurity incident. A hacker had reportedly gained control of Uber’s internal systems after compromising an employee’s Slack account, according to the New York Times.
General Electric – Shares of the industrial conglomerate sank about 3.7% after its chief financial officer said Thursday the company is still dealing with supply chain issues, which is affecting its ability to deliver products to its customers. That, in turn, is putting pressure on GE’s cash flow.
NCR – The technology provider for banks, retailers and restaurants saw shares hit a new 52-week low today after falling just above 20%. NCR’s board of directors announced the company would split into two independent publicly traded companies.
Snowflake – Shares of the cloud computing company dropped more than 6% as growth stocks led Friday’s sell-off. The decline came even as Needham initiated coverage of Snowflake with a buy rating, as the Wall Street firm sees potential new uses for its platform.
Netflix – Citi raised the price target for the stalwart streaming platform to $305 from $275 while calling it the best avenue for on-demand video services. Shares gained just over 2%.
Amazon – The e-commerce titan was down about 2.1% amid a major sell-off. UBS said it felt “good” about the company’s retail growth and profit margins.
Adobe – Adobe’s stock built on Thursday’s declines, sinking just over 3% after a slew of downgrades from Wall Street analysts. Bank of America downgraded the technology stock to neutral as it awaits further clarity on Adobe’s Figma acquisition.
Baidu – U.S-traded shares for the Chinese internet search provider fell about 2.8% despite UBS rating it a buy with an “attractive” risk/reward ratio. This follows a week of declines for the company’s share value.
FirstEnergy — Shares jumped 1.9% following an announcement that FirstEnergy CEO Steve Strah is retiring, with board chair John W. Somerhalder II to replace him on an interim basis as the board conducts a CEO search.
— CNBC’s Samantha Subin, Tanaya Macheel, Yun Li, Michelle Fox and Sarah Min contributed reporting.