Stocks making the biggest moves midday: Alibaba, FedEx, Bed Bath & Beyond and more
Check out the companies making the biggest moves midday Tuesday:
Illumina — Shares of the biotech company rose 2.52% after Illumina said it plans to appeal a decision by the European Commission prohibiting the company’s acquisition of Grail. That decision follows last week’s ruling by a U.S. Federal Trade Commission judge in favor of the deal.
Digital World Acquisition Corp — Shares of the blank-check acquisition company, which agreed to merge with Donald Trump’s social media company Trump Media & Technology Group, plunged 12.2%. The move came on the heels of a Reuters report that Digital World Acquisition failed to secure enough shareholder support for a one-year extension to close the deal.
Bed Bath & Beyond — The beaten-down stock continued its losing streak, falling another 18.42%. On Tuesday, the home-goods retailer appointed its chief account officer as interim CFO after his predecessor, Gustavo Arnal, died by suicide Friday.
Alibaba — Shares of Chinese e-commerce company slid 3.65% after China announced new Covid restrictions in its southern tech hub of Shenzhen starting Monday, and Chengdu announced an extension of lockdown curbs. A total of 33 Chinese cities are under full or partial lockdown as the country sticks to is zero-Covid policy.
FedEx — The transportation giant slipped 2.18% after Citi downgraded FedEx to neutral from buy. The bank anticipates slower volume ahead for FedEx and cited macro headwinds and challenges in the freight industry among the reasons for the downgrade.
Rollins — The pest control stock jumped more than 6% on the back of an upgrade to outperform from sector perform by RBC Capital Markets. The investment firm said in a note that Rollins’ business model is “recession-resilient.”
NextEra Energy — Shares of the utility company rose 2.66% after Morgan Stanley upgraded NextEra to overweight from equal weight. The investment firm said the company would be “one of the biggest beneficiaries of the Inflation Reduction Act.”
Dropbox — Dropbox gained 1.46% after Bank of America initiated coverage of the stock with a buy rating. The firm cited strong free cash flow for the call.
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