Stocks fell Thursday and bond yields rose as headline consumer prices rose in September slightly more than expected.
These stocks made moves Thursday:
Ford
(F) was down 2% after the United Auto Workers union called a strike at the auto maker’s Kentucky Truck Plant in Louisville. With nearly 9,000 workers, the Kentucky plant is Ford’s largest in the world. The union said the surprise move marked a “new phase” in its ongoing strike.
Delta Air Lines
(DAL) reported third-quarter adjusted earnings of $2.03 a share, beating analysts’ estimates of $1.95 a share and revenue of $14.6 billion beat forecasts of $14.5 billion. The carrier adjusted its fiscal earnings view, saying it expects adjusted earnings in 2023 of $6 to $6.25 a share. The stock fell 2.4%.
Walgreens Boots Alliance
(WBA) was up 7% after the global pharmacy chain’s fiscal fourth-quarter adjusted earnings missed estimates and the company issued a forecast for fiscal 2024 below Wall Street expectations. The misses might not matter much since
Walgreens,
after years of underperformance, announced the appointment of industry veteran Tim Wentworth as its new CEO late Tuesday.
Fastenal
(FAST) jumped 7.5% after the industrial distributor’s third-quarter earnings topped forecasts. The stock was the best performer in the
S&P 500
on Thursday.
Hormel Foods
(HRL) was the S&P 500’s worst performer, falling 9.8% after the food maker issued some long-term financial targets at an investor presentation.
Birkenstock
(BIRK) was down 6.6% to $37.56 following its disappointing trading debut. The German shoe maker’s initial public offering was priced at $46 a share, and the stock opened Wednesday at $41, down 11% from the IPO price.
Beyond Meat
(BYND) fell 5.9% to $8.32 after
Mizuho
downgraded shares of the plant-based food maker to Underperform from Neutral and reduced its target price to $5 from $12.
Domino’s Pizza
(DPZ) earned $4.18 a share in the third quarter, beating analysts’ estimates of $3.31, but revenue of $1.03 billion fell from a year earlier and missed forecasts of $1.05 billion. The stock fell 1%.
Target
(TGT) rose 1.7% to $110.80. Shares of the retailer were upgraded to Buy from Neutral at
BofA
and the stock’s price target was raised to $135 from $120.
Write to Joe Woelfel at [email protected]
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