Midday Stock Moves include FedEx, Adobe, Boeing, and others.


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FedEx – The delivery giant’s stock dropped roughly 21.4% after the business published poor results for the most recent quarter, citing decline in global cargo volumes, and numerous Wall Street analysts downgraded the stock. On CNBC’s “Mad Money” on Thursday, CEO Raj Subramaniam predicted that the economy would face a “global recession.” FedEx dragged down its competitors UPS and XPO Logistics by around 8.3% and 4.7%, respectively.

International Paper Co. – Shares fell more than 11% after Jefferies downgraded the company from hold to underperforming, citing the paper services industry’s containerboard surplus and decreasing demand.

Uber – Shares of the ride-hailing service fell 3.6% after the company announced it is investigating a cybersecurity problem. According to the New York Times, a hacker got access to Uber’s internal systems after hacking an employee’s Slack account.

General Electric – The industrial conglomerate’s shares fell 3.7% on Thursday after its chief financial officer stated that the company is still struggling with supply chain challenges that are impacting its ability to deliver products to consumers. As a result, GE’s cash flow is under pressure.

NCR – Shares of the technology supplier for banks, shops, and restaurants fell over 20% today, setting a new 52-week low. The board of directors of NCR stated that the firm would be divided into two distinct publicly traded entities.

Extra Space Storage’s stock dropped roughly 1.3%. Earlier in the day, the business announced a $590 million acquisition of competitor Storage Express.

Apple – Despite KeyBank’s Friday statement that Apple shares are still a smart buy, the technology giant was down roughly 1.1% during Friday’s sell-off.

Tesla – Shares of the electric vehicle manufacturer fell around.1% on Friday, despite Morgan Stanley predicting that the company will gain from the Inflation Reduction Act.

Snowflake – Shares of the cloud computing business fell more than 6% on Friday, as growth stocks led the sell-off. The drop occurred despite the fact that Needham launched coverage of Snowflake with a buy rating, indicating that the Wall Street firm sees potential new uses for its platform.

CrowdStrike – Despite MKM calling the cybersecurity company a buy and stating that it is in a “league of its own,” the stock was down more than 4% as a result of the sell-off.

Citi increased its price objective for Netflix to $305 from $275, describing it as the finest conduit for on-demand video services. The stock increased by slightly more than 2%.

Amazon – During a massive sell-off, the e-commerce behemoth was down approximately 2.1%. UBS said it was pleased with the company’s retail growth and profit margins.

Adobe – Following a flurry of downgrades from Wall Street analysts, Adobe’s shares fell slightly more than 3% on Friday. Bank of America lowered the technology stock to neutral as it expects further information on Adobe’s acquisition of Figma.

Baidu – The Chinese internet search provider’s US-traded shares plummeted roughly 2.8% despite UBS rating it a buy with a “attractive” risk/reward ratio. This comes after a week of losses in the company’s share price.

FirstEnergy — Shares rose 1.9% following the announcement that FirstEnergy CEO Steve Strah is departing, with board chair John W. Somerhalder II to serve as an interim replacement while the board conducts a CEO search.

Boeing – The aerospace corporation best known for its commercial planes fell 3.7%. The business announced on Friday that it intends to sell some of its 737 Max jets destined for China.


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