Stocks fell Wednesday after the Federal Reserve held interest rates steady but signaled that one more quarter-point rate hike was possible this year.
These stocks were making moves Wednesday:
Klaviyo
(ticker: KVYO), a Boston-based marketing software company, started trading at $36.75, soaring 23% above its initial public offering price of $30. At the close, the stock was up 9.2% to $32.76.
Instacart
(CART) fell 11% to $30.10 after the online grocery-delivery company closed Tuesday with a gain of 12% to $33.70 in its trading debut. The stock had opened 40% above its initial public offering price of $30 and peaked at $42.95 before paring gains into Tuesday’s close.
Ford Motor
(F) was down 1.6% after Unifor, the union representing Ford’s Canadian autoworkers, reached a tentative deal with the U.S. auto maker with just hours to go before a Tuesday night strike deadline. The agreement covers 5,600 workers at Ford’s Canadian plants. American auto workers at Ford,
General Motors
(GM), and
Stellantis
(STLA) remain on strike with the United Auto Workers union threatening to broaden the strike if negotiating progress isn’t made by Friday.
ARS Pharmaceuticals
(SPRY) plummeted 56% after the Food and Drug Administration rejected the biotech’s new nasal-spray alternative to emergency allergic reaction injections like the EpiPen.
Steelcase
(
SCS
) soared 19% after the furniture company said it expects “significantly improved” adjusted fiscal-year earnings as more companies issue return-to-office mandates, adding that it sees demand levels improving “as customers seek our help to evolve their workplaces to engage, connect and work better for their employees.”
Bausch Health
(BHC) gained 8% to $8.34 after shares of the pharmaceutical company were upgraded to Buy from Hold at Jefferies and the price target was increased to $16 from $9.
Western Digital
(WDC), a provider of disk drives and flash-memory chips, rose 4% after being upgraded to Outperform from Neutral at Exane BNP Paribas.
Zebra Technologies
(ZBRA), down 6.5%, was the worst performer in the
S&P 500
after shares of the technology company were downgraded to Underweight from Equal Weight at
Morgan Stanley.
Textron
(TXT) rose 4.9% after the industrial conglomerate and NetJets, a private aviation company, announced an agreement for NetJets to buy up to 1,500 Cessna Citation business jets over the next 15 years. It was the best performer in the
S&P 500.
Coty
(COTY) gained 4.5% after the beauty product company raised its outlook for the first half and full fiscal 2024, citing “strong beauty demand, particularly in prestige fragrances.”
Pinterest
(PINS) rose 3.1% to $27.02 after executives, speaking at the social-media company’s first investor day, said they expect a compound annual growth rate over the next three to five years in the mid- to high teens, compared with guidance in the high single digits for the third quarter. The stock was upgraded to Buy from Neutral at D.A. Davidson and the price target was boosted to $35 from $25. Citi analysts also upgraded their recommendation on
Pinterest
to Buy.
Intel
(INTC) fell 4.5% after slumping 4.3% in the previous session. The stock was the worst performer in the
Dow Jones Industrial Average
for the second day in a row after the chip maker issued some cautionary comments on data center chip demand in a meeting with analysts connected with the Intel Innovation customer event. Chief Financial Officer David Zinsner said channel inventory of data center processors was taking longer to clear than it did for the company’s PC processor business. He said Intel was finding the recovery in the data center business to be “a little bit more delayed.”
Write to Joe Woelfel at [email protected]
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