Stocks rose Wednesday as Wall Street seemed to be betting on good news from Thursday’s inflation report.
These stocks made notable moves Wednesday:
Bed Bath & Beyond (ticker: BBBY) stock soared 68.6% to $3.49, a day after the beaten-down homegoods retailer posted disappointing financial results for its fiscal third quarter. A Raymond James analyst dropped coverage of Bed Bath & Beyondand wrote that “there is not enough institutional relevance for us to continue.”
Livent (LTHM) jumped 9.9% after an analyst at BofA Securities upgraded shares of the lithium company to Buy from Underperform.
Chewy (CHWY) was named a top pick for 2023 by Needham analyst Anna Andreeva. Shares for the online pet supplies retailer jumped 6.8%.
Intuitive Surgical (ISRG) shares were fell 4.2% after the surgical company posted preliminary revenue guidance below analysts’ expectations as a resurgence in Covid-19 in China negatively impacted procedure volumes.
Rivian Automotive (RIVN), the start-up maker of electric trucks, has parted ways with several of its top executives after production targets were missed over the past year, The Wall Street Journal reported. The stock gained 3.8%.
Blackstone (BX) climbed 3.2% after an analyst at Wells Fargo upgraded shares of the fund manager to Overweight from Equal Weight.
Coinbase Global (COIN) rose 1.3% after an analyst from BofA Securities downgraded shares of the crypto trading platform to Underperform from Neutral.
XPeng (XPEV) fell 0.8% after an analyst at J.P. Morgan downgraded shares of the electric-vehicle maker to Neutral from Overweight.
Stephanie McMahon, co-CEO of World Wrestling Entertainment (WWE), said she was resigning from the company following last week’s announcement from her father and former Chief Executive Vince McMahon that he was appointing himself to the board and was considering a sale of WWE. Vince McMahon had stepped down last year after facing multiple sexual assault allegations. The stock fell 0.8%.
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