Starbucks — Shares rose 5.5% after the coffee company upped its long-term financial outlook on Tuesday, predicting double-digit growth in revenue and earnings per share as it makes modifications to its shops.
Nikola — Nikola rose 6.8% after BTIG upgraded shares to buy from neutral, citing the electric vehicle company’s “well-positioned” position to benefit from truck decarbonization.
Nucor — Shares fell 11.3% as the steelmaker issued poor third-quarter earnings outlook, predicting earnings of $6.30 to $6.40 per diluted share.
Twilio (Twilio Inc.) — Twilio stock climbed 10% after the business announced plans to lay off 11% of its workers, according to a filing with the Securities and Exchange Commission. The layoffs are part of a larger reorganisation plan to improve operating margins, cut operating costs, and increase selling capacity, according to the cloud communications software business, which aims to be profitable by 2023.
Moderna — According to Reuters, Moderna rose 6.2% after CEO Stéphane Bancel stated that the company is willing to deliver Covid-19 vaccines to China.
APA, Coterra Energy — Shares of energy businesses have risen in tandem with increased oil prices. Coterra Energy and APA both increased by 7.2% and 6.7%, respectively.
Coty — The beauty company’s stock jumped 3.3% after Bank of America restarted coverage with a buy rating, citing a “turnaround tale.”
Johnson & Johnson – The health-care business’s stock increased 2.1% after the company announced a $5 billion stock repurchase programme. The action comes ahead of the 1% tax on buybacks imposed by the Inflation Reduction Act, which takes effect in 2023.
SoFi Technologies — The consumer finance app’s stock gained 5.8% after Bank of America upgraded it to buy from neutral, citing the end of the student loan payment moratorium. SoFi’s high-profile NFL-aligned marketing initiatives, according to the bank, are good for boosting user growth and engagement.
Block — The payment stock fell 1.5% after Evercore ISI downgraded Block to underperform from outperform and lowered its price target, citing the company’s rising issues.
CSX, Union Pacific — Both stocks fell on Wednesday as railroad businesses braced for a possible strike that may disrupt service. Union Pacific was down 3.7%, while CSX was down 1.1%.
Merck — Shares rose 1.6% after Berenberg raised Merck from hold to buy in a Tuesday note, saying the pharmaceutical stock is a great “low-risk” alternative in its industry.